Oct 29
The Credit Crunch in Spain
bankrupt banks construction credit crunch economy spain spanish tax unemployment a
bankrupt banks construction credit crunch economy spain spanish tax unemployment a
A few days ago the Financial Times published an in-depth report on the economic situation in Spain. I was so impressed by the article that I have written a brief synopsis of the most important points, as I think it made very interesting and surprising reading.
The downturn in the Construction industry has doubtlessly raised unemployment and caused building firms to go bankrupt, however the situation is not entirely gloomy. Mr Casanueva, who heads JP Morgan Chase in Spain and Portugal is reported as saying, “there’s no reason for a rebound. So the probable scenario is a stable, low-growth situation for several years.”
