Re: Re: IMF arrives in Spain



They reckon the stock held by banks and promotors of unsold properties has been exagerated:

…According to the calculations made by the construction management president Seopan, David Taguas, there are currently around 350.000 properties in stock pending a sale in the hands of promotors and banks. He said “It is a lot and it is a bad situation, but not as bad as it appears, as once things get back to normatlity, this is the equivalent of what would be a years demand of property for sale in a normal year”.

He quoted on TVE (Spanish TV), he has assured everyone that “the stock figures of unsold flats that are in the hands of promotors and banks, has been exagerated”. “The problem lies with the ones the banks hold” he added. Taguas considers that the “Special Infrastructure Plan” (PEI) put in place by the “Ministerio de Fomento” “can offset the effects of the budget reduction for public works” and believes that while “there are difficulties in financing the plan,” “between everyone we can pull through this situation” and that is what will mitigate the effects of adjustment in public investment”

roughly translated….