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Spain.. A moment of clarity on my part
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MacMickster wrote: »No, I don't think that it is the moment to buy in Spain.
House prices certainly have much further to fall so I certainly wouldn't want a 100% mortgage on an interest only basis.
This is a just a case of the banks trying to get otherwise unsellable repossessed properties off their books.
not unsellable,some very desirable,they just want the debt off their books
thats where we see things differentI
MOJACAR0 -
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Graham_Devon wrote: »It's £82bn now
So your assumption was right, double it and add some more!
Maybe as a starter, yes! :whistle:There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
[QUOTE=hartcjhart;53674357
not unsellable,some very desirable,they just want the debt off their books
thats where we see things different[/QUOTE]
I've heard there going to try DropPriceTV in the UK in an attempt to clear their books.0 -
vivatifosi wrote: »What struck me was the extent to which extended families were helping each other. Cousins staying together because one had lost their house, or relatives pooling together to help one of their number. I couldn't help wondering what would happen here in that situation, given that we don't have such strong extended family structures.
It's a cultural thing, and it's prevalent in southern Europe. The latest figure of unemployment in Greece is 21.9%. In Spain it's 24.4% and it has been north of 20% for quite a long time, longer and worse than Greece.
http://www.tradingeconomics.com/greece/unemployment-rate
http://www.tradingeconomics.com/spain/unemployment-rate
Families helping each other where the state has failed them is probably what keeps these societies from violent revolt.
What strikes me most is that banking (as an industry) still hasn't got a safety culture yet. Aviation is a for-profit industry too, but you don't see (reputable) airlines skimping on maintenance.homelessskilledworker wrote: »Are the main politicians and Bankers in this together in someway. We have been constantly being told that WE MUST bail these bankers out at any cost, they are too big to collapse, that life just will not go on without them.
We all seem to be on our backs belly side up allowing £100's Billions to go to failed banks with hardly any questioning.
This all stinks!!
Why? Because -at least in the western world- they are sufficiently regulated and because they know that if they start cutting corners in safety, planes will start falling from the skies and this will come back and bite them in the a**. Not good for business!
Banks have not yet learned their lesson. And if anything, now their irresponsibly risky behaviour is being rewarded by governments. They take wilder and wilder bets, if they succeed huge profits await them. If not, no problem as the taxpayer will foot the bill.
Another interesting read:
Spain's savings banks' culture of greed, cronyism and political meddling
and a report from Transparency International:
Money, Politics, Power: Corruption Risks in EuropeYou wanna hear about my new obsession?
I'm riding high upon a deep recession...0 -
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What strikes me most is that banking (as an industry) still hasn't got a safety culture yet.
Banking has changed.
What you need to realise is that time is required to change the events of the past. There's no quick fix. More of a gradual tightening of the screw. As people too will have to readjust to a new financial climate.0 -
It's the nature of a bank's business that it plays with its creditors' money, because taking deposits is what we have banks for. We expect them to do something "safe" with our money, but there isn't anything safe.What strikes me most is that banking (as an industry) still hasn't got a safety culture yet.
Building societies have always claimed to be as safe as houses. But if the English property bubble bursts, how many building societies are bust?"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
What strikes me most is that banking (as an industry) still hasn't got a safety culture yet. Aviation is a for-profit industry too, but you don't see (reputable) airlines skimping on maintenance.
Why? Because -at least in the western world- they are sufficiently regulated and because they know that if they start cutting corners in safety, planes will start falling from the skies and this will come back and bite them in the a**. Not good for business!
Where there is a culture of paying people more to sell financial "products" than the people who design and maintain aeroplanes there is a problem with values perhaps. Things have changed a lot I know but perhaps the culture is still there to a certain degree.0 -
Since the bailout takes the form of a loan to the Spanish government, pushing the deficit through the roof, economists are now predicting that Spanish bond yields will rise, and the government will then need a further bigger bailout as a result of this one.worldtraveller wrote: »Maybe as a starter, yes! :whistle:
Like I said, the Germans still don't understand that the point is to support credit ratings."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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