Wednesday, January 9, 2008

Costa del crash

Spain sees credit surge brought to rude halt

“I’ve been a bank manager for 28 years and I have never lived through a situation as dramatic as this,” says the branch manager of a regional savings bank, who asked not to be named. “House prices in this town have fallen by 20 per cent, there is no demand, and no mortgage finance. Savings banks have cut off funding. Before the credit crunch, I used to do 12 mortgages a month. Since August, my branch has approved only one new loan.”

Posted by cheekie charlie @ 12:48 PM (514 views)
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One thought on “Costa del crash

  • “To reassure business voters, Pedro Solbes, Spain’s respected finance minister, has been persuaded to serve a second term if Mr Zapatero [the Prime Minister] is re-elected.”

    Too bad Tony Blair didn’t hang on til the next election. We might have seen quotes like: “To reassure voters, Gordon Brown has been persuaded to serve a fourth term.”

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