I asked before if anyone had a Spain update

[Spartacus]

last we heard, Spain was selling its Gold to stay one step ahead of armageddon and it has not been easy to find updates

http://www.bloomberg.com/apps/news?p...xSc&refer=home

[renewable]

Re: I asked before if anyone had a Spain update

This is a British news clip about Spanish property from 6 months ago:
http://www.burbuja.info/inmobiliaria...ad.php?t=31954
(on a Spanish property bubble website)

"Spain technically bankrupt" - Bloomberg video from a couple of months ago:
http://uk.youtube.com/watch?v=D82SYeN_HSs

Reuters article 28th November: More Spanish property firms face uncertain future

Few days ago: Housing starts down 40% as falling sales begin to hurt

[touchring]

Re: I asked before if anyone had a Spain update

So much for the decoupling, the greatest liar spread by the media.

[renewable]

Re: I asked before if anyone had a Spain update

Latest Spain Update: Spain fears property meltdown as Colonial value plummets by 40%

Fears of a property meltdown in Spain were renewed yesterday after shares in the country's second-biggest real estate firm, Colonial, were suspended. The company had lost 40 per cent of its value in two days and more than half of its board members, including its billionaire chairman, were forced to resign.

[jmdpet]

Re: I asked before if anyone had a Spain update

Update from the FT:

http://www.ft.com/cms/s/0/5e43160a-b...0779fd2ac.html

“I’ve been a bank manager for 28 years and I have never lived through a situation as dramatic as this,” says the branch manager of a regional savings bank, who asked not to be named. “House prices in this town have fallen by 20 per cent, there is no demand, and no mortgage finance. Savings banks have cut off funding. Before the credit crunch, I used to do 12 mortgages a month. Since August, my branch has approved only one new loan.”

He says that for the first time, clients are handing in the keys of their homes and walking away from their debt problems. “With the fall in house prices, families are giving up. They don’t see the point of struggling on with their mortgage payments.” Repossessions, he says, are on the rise.