That Was the Week That Was in America, Britain and Europe as banks and institutions imploded, changing from “Rock solid” to “Rocked solid” overnight and generations of tax payers being committed to picking up the tab for the greed, avarice and stupidity of the out-of-control finance sector.
It unfolded like a John Cleese inspired sketch on the famous Sixties satirical review of the same name. Farce descended into a blame game among banks, regulators and politicians with names beginning with “B”, who have run up the biggest-ever deficits in their national exchequers.
Can’t bank on bankers any more, can’t trust Governments to look after us, or their own political party’s coffers, in the case of Britain’s Labour. TWTWTW ended with magical flash and a bang to mark the arrival of a wizard carrying a £1 million cheque to boost the finances of the Labour Party.
No sign of that level of magic for the ordinary property owners in the US and UK, although Spanish housebuilders in Spain did get EUR 3 billion to help them finish off thousands of villas and apartments under construction along the Costas.
It’s all been enough to get folks thinking about the golden beaches, cool mountains, sangria & tapas of Spain, where, because the banks have been banned by joining in the financial excesses, life is a little more certain. Banks have little exposure to junk mortgages and their reserves remain respectable.
Spanish tourism and construction produced a buoyant economy was once Europe's envy and the country has managed to avoid the worst of the financial turmoil. However, following the collapse of the construction boom that drove a decade of economic growth, Spain is lumped with stagnant growth, 10.7 percent unemployment and inflation at nearly 5 percent.
Oh, and there are also thousands of completed villas and apartments overlooking hot beaches, cool mountains or the swimming pool shared with the neighbours. Developers and local builders are rattling the door keys and promising free cookers, fridges, flatscreen TVs and a houseful of furniture.
Likewise Spanish banks have got many keys - of properties they have repossessed and are also working hard to help the hard-press owners of Must Sell property sell in advance of possible repossession.
Just as big name banks were sold off on the cheap with Governmental encouragement and taxpayers future contributions, it makes sense to grab a property bargain in Spain that helps take us away from the UK’s crazy money machinations - frequently or permanently…
A good source for these bargains is www.PropertyInSpain.net and they have some with that rarest of the rare, the 100 percent mortgage and others requiring only £15,000 deposit. There’s the proof that the Wizard’s magic can work in Spain as well – after all, don’t we all wish we could become Spanish property owners on the cheap?
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