[rt21]

Seems the economic downturn and credit crunch in Spain is beginning to bite. Just like the UK I suppose

see link below

http://www.bloomberg.com/apps/news?pid=20601206&sid=aUwJmHMs.VHg&refer=realestate

Richard

[mike]

@rt21 wrote:

Seems the economic downturn and credit crunch in Spain is beginning to bite. Just like the UK I suppose

see link below

http://www.bloomberg.com/apps/news?pid=20601206&sid=aUwJmHMs.VHg&refer=realestate

Richard

There must be a significant number of these loans in the UK and it will be interesting to see how they go after people. I imagine the Spanish government will ask for restraint when chasing Spanish citizens for money but they can’t really ask the same for foreigners. Would they care?

On the other hand, I assume that the Spanish banks will have to recover their debtors through the British courts, could those who feel they have been cheated argue this successfully in the British courts? That would be very interesting.

[Anonymous]

“I imagine the Spanish government will ask for restraint when chasing Spanish citizens for money but they can’t really ask the same for foreigners. Would they care? “

The foreigners will be treated as being greedy & be thought as speculators. Besides this is perfectly, legal & legitimate grounds to cream off the equity that the foreigners have invested when they bought a property in the first place.

[Author]

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