Raisethefist.com: Spanish Are In Some Deep Trouble Again
Spanish Are In Some Deep Trouble Again
by anonymous Fri Jun 8 22:50:41 PDT 2012
Spain's banking sector is facing up to years of bad investments, largely in real estate, which was buoyed by cheap credit and the country's sunny climate.
Its housing boom-times of 2002 to 2008 were fed, in part, by retired north Europeans buying up second houses in places such as Valencia and Murcia, according to political scientist Julio Embid, of think-tank Fundación Alternativas.
Families also bought up expensive houses with long mortgages during this time, he said. When the economy collapsed in 2008, people lost their jobs -- and with them their homes.
putrefaction
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