Spain is now a very different country from Spain, many of us have lived and visited in the last ten years. In fact, the experts looked at the collapse of a sustainable economy based on lending, real estate speculation, and from Spain before the fall of 2008. But what is the reality and the future of the European Union, once called a success story?
Spain always had potential, low population density compared to the peoples of the great land mass, and the hottest of the yearWeather in Europe. This ran through the massive growth of what once rural place as a new, dynamic economy in late 1990.
What do you do this "boom" was speculation and stability of the Spanish economy, as it has adopted the euro, and united the relatively low cost labor of the workers from central Spanish fully into the European Union.
In this capacity, boom, fueled and home ownership development without end of the famous coast of Spain,the creation of what many saw as an endless jungle of concrete on the beach. Property prices jumped in, as well as the ease of credit, which often are guaranteed and risky as the "subprime mortgage market" game in the United States.
Only a few speculators eager to cash in the lucrative business of selling "Spanish dream" of home first and second, noted that as property prices rose because the market is actually flooded with new buildings empty. Banks have begun to give home loans to anyone with an income, evenConsideration of "generational estate loans."
Andalusia is one example. Many places do not earn more than 600 euros a month, in fact, most of the people working in Spain, received the lowest wages in the former Western Europe. But they were encouraged to buy a "home", and a new car - if he could not afford to rent a room in their salary.
Increased cost of living, low wages, and killed the dream of many Spanish for foreigners such as the lack of any workplace. Beforedemonstrated current unemployment crisis, young Spaniards in Madrid, referring to the fact that they do not live on 600 euros a month. Expats cash in the boom, often sold on buying a property in Bulgaria and South Africa, Spain, based on estate agents transported.
Corruption have contributed to the economy. Before the fall of 2008 Spain had the sad fame of three former major in the prison at the same time, and the local police chief. All have contributed to a mini-boom in Marbellaat the expense of yours "" encouraged speculators to public land, and awarding possession of illegal documents. This damage to kill the faith in Spanish property.
After breaking the housing boom, the Spanish, the work to earn enough to get a monthly pension, or pay the mortgage to cover costs particularly in the sub-prime mortgages. Nearly 50% of Spanish young people are unemployed, many are now dependent on support from their families. Of gas in Spain, the highest official unemployment rateEurope.
Economists knew development in Spain was not portable, and ready to burst. Once the European Union is providing Business ran many small businesses, the mainstay of the Spanish economy is closed, leaving the city and inner-city full of job vacancies in Spain, adding to concerns.
There are no agents to survive this current crisis, Spain has a future but a business that depends on a committee, must be positive in order to sell a product. That is whatactually went wrong with Spain.
Many banks, local governments and companies are starting to sell the dream, even if the economic fundamentals were wrong. A banking sector, 100% mortgages to people whose wages barely cover basic living expenses is given, is not sustainable.
And there are those who sell or myth of Spain, despite the dependence on nations to sell thousands of properties empty, without a country before a falling populationnatural resources and a declining industry.
The future of Spain is in tourism, but with competition from cheaper destinations such as Bulgaria, Thailand and even Turkey. The National Tourist Board to attract Asian tourists, but remember that Asia has the beaches and Asians prefer cities or places like Bali and Phuket to visit - the areas that Spain can not compete with.
The economy of Spain led the debt was the result of corruption, greedy speculators, developers looking foreasy money, and consumers who have believed in error. Economy with a waiter earning minimum wage would have two houses, and a new car is gone.
A rose developments in Spain, agriculture Nations, the products of nature cultivated citrus can, and in colder regions of vegetables. But a modern country, deflated by a debt crisis in 2010, the faces of real estate prices, and restructure its debt may survive and re-model the strategy of economic base to win.
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