I think the pension debate is a bit off topic and for another forum. However the bank guarantee in Spain was decided by the government to become a law. If the government had then written the guarantee in a water tight way and not let the banks and builders do it we would not have the problems we see in some parts of Spain now.
In my opionion the easier it is written the harder it would have been for the banks to refuse to pay up. The more complicated something is, the easier it is to find a loophole.
All the guarantee needs to say is
Builder A will deliver to Client B the property C with LFO on X date for X price. If its not delivered, Client B is entitled to money back plus interest or to accept delay and be paid daily compensation. Any modifications to dates etc are for client B to authorise in writng.
And yes maybe a couple of other things need to be added but in general it could be so easy for the banks etc to clean up their act, …..but will they??