Reply To: Spanish economy is going down the drain

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@ralita wrote:

“Sadly, it was British and Irish property investors who spread the speculative disease to Spain”

Good – you are starting to get to grips with the biggest problem that Spain has [on the costas]

@ralita wrote:

Dont’t you recognize yourself among the disease spreaders?

NO I DON’T!! I have not been a speculator. I live here 24/7/365. I love the Spanish lifestyle. I own my property outright and am not worried about any downturn in property prices or any credit crunch. If the Spanish property market fell by 90% tomorrow, I would not give a damm. So what, my home would only be worth 100,000€ but what will not change is that it is a 420 metre villa on 1,500 metres with pool..etc, etc. I have a lifestyle and that will never change whatever the value of the house.

You started this thread by posting a link to an article and your posting was the first I have seen you make with any value on this forum. You should be congratulated for finding such a well-written, well researched, informative and informed article. I actually thought you had got to grips with the fact that Spain has a better economy and lifestyle than the UK will ever have. But I was wrong. Problem was, you took the article and tried to turn it on its head. As I said before, I really do think you should read articles like this and learn from the message that they give.

YOU POSTED THE LINK, but did you read and understand it? Let’s pick out a few of the points raised and the responses given by informed people.

The Spanish Government has announced plans to spend €10 billion (£8 billion) a year in an economic stimulus package intended to soften the blow of a looming housing crisis.

The Spanish Government has vowed to prime the pump by spending its budget surplus on public works, such as high-speed rail. It has also confirmed plans for a €400 rebate to taxpayers from July, which it said would boost the fiscal stimulus. BBVA estimates that it could be worth about 1 per cent of GDP.

The Government also points out – and analysts mostly agree – that the country’s financial system is solid.

Spanish banks are large, well capitalised and, because of close oversight by the country’s central bank, largely avoided stuffing themselves with bad-quality debt

If Spain is spending ist’s budget surplus to get out of trouble, they cannot be in as much trouble as we in the UK are, because we have NO surplus to spend, or tax rebates to send out. We only have a government committed to taxing everyone more, including the lowest income earners and spending it all on more half baked ministerial initiatives

Interesting idea; 1.7% – 1.9% GROWTH sensationalised as a recession and pre-cursor to the ‘doomed’ Euro! (yawn).

Living here in Spain and being an employee in one of the big Spanish banks, I can assure that I have never heard on tv, press or seen any specific research that hints that Spain could be leaving the Euro. That’s gratuitous anti Euro campaign that may be interesting for those countries who are not in the Eurozone, but once you are in, let me remind you that there’s nothing to debate!

It seems to me ralita that you have this habit of posting links to the forum with no understanding of their meaning. The above quotes are not mine; they are extracted from the link YOU POSTED. It is you that has given this forum a set of facts that state so clearly that Spain will be in a better position to get through the world recession than the UK!

I do not know of any high street bank in the euro zone that has gone to the wall this year. I know only one bank that has been bailed out by £24bn of taxpayer’s money illegally (a state subsidy that constitutes unfair competition). Where was that? I think that was the UK and the UK taxpayer’s money. I suppose we can look at the corruption in the UK where £24bn of tax payers money has been poured into a “bank?” where a Guardian examination of Northern Rock’s books has found that £53bn of mortgages – over 70% of its mortgage portfolio – is not owned by the beleaguered bank, but by a separate offshore company.

I really fail to see how you can post a link to an article that clearly states that the UK has more problems within it’s economy than Spain then try to justify it as a reason why Spain has problems!! This was your link that you clearly misinterpreted and then you dare to suggest that other people do not understand the clear statements of your posted link or that they learn to read before posting here?