Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Spain and UK seem to be competing for biggest fall in ’09 › Reply To: Spain and UK seem to be competing for biggest fall in ’09
Interesting to see that 77% think Spain will have the biggest crash and only 23% expect the UK to be the biggest loser.
Despite the UK having to borrow enormous amounts from the IMF and Brits having the largest personal debt on the planet, UK banks with huge toxic debt, and the high street slowly dissapearing, it appears the members of this forum have great confidence in the UK economy. Car manufacturing closing for months on end, property prices dropping at a similar rate to Spain and banks directors about to take some large bonuses. To me, the UK seems about at the bottom.
Spain, has it’s problems we admit, but managed to dump most of it’s toxic debt at the door of the ECB. Spanish banks are fairing better than British ones, even swallowing UK banks up at bargain prices. Spanish personal debt is much lower than UK debt and the Spanish treasury had a large surplus going into the recession compared to the UK having several years of shortfall.
Apart from Estate Agents offices and a few bars, most of Spains high streets are relatively unscathed.
If the majority opinion is here is to be proven right, what areas of Spains industrial and financial sectors will start to crack first.?