Re: Re: Who do Spaniards blame for Spain’s property market crash

mark wrote:
There is an interesting debate going on amongst readers of the Spanish daily ‘El Pais’ at the papers website on who is to blame for Spain’s property market crash. I’ve translated a few of the comments, which you can read here:

Something else I’ve been meaning to point out for ages: When I talk to ordinary Spaniards about all the problems in the property market, like over-development, illegal building, corruption, land grabs, and what have you, they are just as appalled as anyone. Many of them are suffering the consequences.


Mark I quite agree with what you say, the average Spaniard is dramatically caught up in the crisis. There seems to be no one reason/cause that the Spanish blame for the crisis. They moan about the banks, the government,but seem oblivious to the fact that it was a boom that was allowed to go on for too long by a government that seemed preoccupied by gay and women´s rights. Zapatero/Solbes should have slowed down lending a long time before, but of course there was a general election to be won ,so all the bad news was hidden and the boom was allowed to go on.

I think a lot of the immigrants will be caught up in the crisis , many were encouraged to take out loans,mortgages and now the chickens are coming home to roost. I was talking to an Ecuatorian lady yesterday , she is at her wits end she can´t find work, her dole money finishes soon, she has to provide for an elderly mother and a young daughter, she wants to sell and pay off her large mortgage; but realises there are no buyers. She just does not know what to do, I warned her to be very careful about these refinancing schemes, which cut immediate costs but are a millstone for decades.

It seems on talking with Spaniards that Zapatero still is quite popular, this is in stark contrast to the UK where Bliar/Brown are so detested. Even though I have lived in Spain for a long time , I still find it difficult to make out how they tick. Spain is a new democracy, complaining in public has only been tolerated for the past 33 years, perhaps they still do not trust foreigners . Franco for many years built up a hatred of all things foreign in the Spanish mind. It would make a fascinating debate to compare the Northern European mind/character with the Mediterranean /PIGS character.

I cannot say who the Spanish blame for their problems, rather like asking 9 economists for an opinion one with end up with 10 different ones.