Caja Castilla La Mancha: Spain’s answer to Northern Rock
A Spanish Northern Rock
The guessing game as to which Spanish financial institution would be the first to do a “Northern Rock” is over. Last Saturday the Bank of Spain stepped in to bailout Caja Castilla La Mancha (CCM), a regional savings banks from the Castilla La Mancha region, providing the bank with 9 billion Euros of government-backed guarantees, and kicking out the top management.
Spain has been very naughty says EU Parliament
This morning the European Parliament voted on a report slamming Spain for all manner of evils in the country’s property sector.
The report, by Danish MEP (Greens) Margrete Auken, paints a depressing picture of developers and corrupt politicians trampling over private property rights and the environment in pursuit of their own enrichment, whilst the authorities look the other way.
Spanish coast gets it in the neck
I read in the Spanish daily ‘El Pais’ that Spain’s once beautiful coastline – arguably the country’s main tourist asset – disappeared under cement at the fastest rate ever during the credit-fuelled property boom of recent years, now turned to bust.
Building paradise in Valencia