Words: Ashley Rigg

Published: 27th August 2009

Spanish minister blames everyone but himself

Spanish Property Insight reports that Spanish minister of employment Celestino Corbacho is blaming Spain’s property crash on bank greed.  Specifically he blames lending practices and the 120% mortgages that encouraged over-building during the boom and 1 million properties built for the overseas market than now lie empty.

He conveniently fails to mention lax planning laws and the cosy relationships that some local government officials developed with the construction industry.

Full story on Spanish Property Insight

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