Originariamente Scritto da
robert jordan
Spain’s house of cards has started tumbling down
http://www.ft.com/cms/s/0/631e937e-b...nclick_check=1
in sostanza, il settore immobiliare spagnolo, che e' stato il motore della crescita, e' in profonda crisi:
First, it has become quite clear that the heavily indebted business model that has been behind the spectacular rise in Spanish property companies will simply cease to function in the current environment. And the problem in Spain is all the greater given that during the past five years or so
the country has been building about 800,000 homes a year – that is the combined annual total of France, Britain and Germany.
The Spanish building industry now expects the number to fall to about 450,000 a year until 2013. As a result, it is also warning of
some 400,000 job cuts in the sector, which has accounted in the recent past for about 7.5 per cent of Spanish gross domestic product. As for house prices, these have increased 280 per cent between 1997 and 2006 and are now starting to fall back for the first time in a decade.