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At last a Spanish government minister admits the truth, very good article from Ambrose Evans-Pritchard Very interesting to read the comments from Telgraph readers, in general very similar tone to posters on here.
I have tried to put the link oh here with my posting but do not think I have done it correctly so that people on here can log in directly, could some wizard please tell me how to do it. Thanks in anticipation.
The link is;
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/17/cnspain117.xml
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The two banks with most exposure to the Martinsa-Fadesa are Caja Madrid, at €900m, and Banco Popular, at €400m. Goldman Sachs has issued “sell” recommendations on a clutch of Spanish banks, including Bankinter, Banco Popular and Banco Sabadell, warning that the sharp turn in the credit cycle could prove worse than the recession in the early 1990s. “The consumer is more leveraged today than in any of the previous cycles,” it said.
The ratings agency Standard & Poor’s has not yet taken a decision on whether to downgrade Banco Popular and Caja Madrid
There are many people that I know who have Bank Guarantees from Banco Popular. When a certain appeal case was “reviewed” recently by a Judge in Madrid, he found in favour of the bank. At the first hearing, the Judge ordered that these people should have their deposits returned. I am sure the above situation is having an effect on why these people, who have been treated so badly by the developer who built illegally (no LFO) are losing their cases. They do not want to further damage the bank in question. Just my opinion.
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Claire wrote:Quote:The two banks with most exposure to the Martinsa-Fadesa are Caja Madrid, at €900m, and Banco Popular, at €400m. Goldman Sachs has issued “sell” recommendations on a clutch of Spanish banks, including Bankinter, Banco Popular and Banco Sabadell, warning that the sharp turn in the credit cycle could prove worse than the recession in the early 1990s. “The consumer is more leveraged today than in any of the previous cycles,” it said.
The ratings agency Standard & Poor’s has not yet taken a decision on whether to downgrade Banco Popular and Caja Madrid
There are many people that I know who have Bank Guarantees from Banco Popular. When a certain appeal case was “reviewed” recently by a Judge in Madrid, he found in favour of the bank. At the first hearing, the Judge ordered that these people should have their deposits returned. I am sure the above situation is having an effect on why these people, who have been treated so badly by the developer who built illegally (no LFO) are losing their cases. They do not want to further damage the bank in question. Just my opinion.
You could well be right,it seems Spain is run for big companiies ,banks. lawyers, etc. Telefonica /Movistar treat the public like dirt and get away with it, every week I read or hear that this company or that has to guarantee such and such in its service, but nothing ever happens. In the Valencia region something like 67 % of the charges on loans, mortgages etc from bank were incorrect, no need to tell you dear reader in whose favour these errors were for, in case you are in doubt it was the bank every time.
Many are now being sucked into cutting their monthly outgoings by rescheduling their loans, what the poor devils are not told are the true interest rates applied and that they will have to pay for most of their lives. I am not being anti Spanish, there are plenty of cases of cons by banks , utlility ,banks, pension advisers and other companies in the UK.The judges do seem to favour large companies in a totally unfair way, I have always believed the law to be an ass. In Spain it does seem to be straight out of a Dicken´s novel, unfortunately the title “Bleak House “comes to mind, which sums up the lot of many an honest expat .
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