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Bubble Bursts To Leave Spanish Ghost Towns

Jun 4, 2012

Spain's property bubble has burst leaving behind ghost towns of half-built buildings, while the banks have been left with toxic property investments - and now need public money to bail them out. Sky's Jason Farrell reports from Madrid

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Added: Jun-4-2012 Occurred On: Jun-4-2012
By: gemini
In: Regional News
Tags: euro, crisis
Location: Spain (load item map)
Marked as: approved
Views: 1299 | Comments: 22 | Votes: 1 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • Ha serves them fucking right after they passed laws that local authorities could seize land owned by foreigners with no compensation to build on if the land was near or bordering on planned development many Brits and german and others had their long term homes seized and demolished for shit like this fuck them greedy cunts hope they go bankrupt.

    Posted Jun-4-2012 By 
    anglosaxonwarlord (13598.74)  
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    • @anglosaxonwarlord I was just going to say the same they treated foreign property investors like cunts and now they are paying the piper.

      Posted Jun-4-2012 By 
      Bill Carson (801.24)  

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    • @Bill Carson A mate of mine mother was forced of her villa they had lived there for 30 years and one day some local developers said your place is in the way and were taking it and theres fuck all you can do and there was they were forced of withing months and had to come back to the Uk to live with my mate no compensation fuck all ,it was all for this property boom cunts.

      Posted Jun-4-2012 By 
      anglosaxonwarlord (13598.74)  
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    • Comment of user 'PeopleHater' has been deleted by author!

    • @anglosaxonwarlord I remember the tv prog Homes from hell , people had bought homes and the Mayor decided that a new road was needed and the house owner would have to pay a 150,000 euros and lose half their land for the privilige.

      Posted Jun-4-2012 By 
      Bill Carson (801.24)  

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    • yeah very sad happened to many people lost everything for the local towns the local banks and developers to make money and now their all banckrupt the developers the local towns and banks.

      Posted Jun-4-2012 By 
      anglosaxonwarlord (13598.74)  
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  • Comment of user 'PeopleHater' has been deleted by author!

  • As long as banks forclose on their clients they should receive no public money.

    Posted Jun-4-2012 By 
    Captain Canuck (1389.52)  

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  • I cant believe we put up with this. The banks gamble with our cash, and when they lose they get bailed out, the customers still lose their money and all the executives get bonuses that makes the average yearly salary look like a pittance. Then we elect the same parasites again and again. fuck.

    Posted Jun-4-2012 By 
    oldboy6o4 (210.10)  

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  • ITS A BUYERS MARKET!!

    Posted Jun-4-2012 By 
    SubhumanContinent (154.70)  
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  • Global depression. It's on the way. Get ready lads. This will be worse than the Great Depression.

    Posted Jun-4-2012 By 
    Triode (464.60)  

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  • Slight distribution of wealth problem

    Posted Jun-4-2012 By 
    Nunt (46.00)

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  • how many times did i said watch it coming.

    Posted Jun-4-2012 By 
    jazzo1972 (107.80)  

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  • I've always been amazed that people really thought real estate could just keep increasing in value without limit. When a two bedroom bungalow costs $400,000 or more in Toronto, something has to give. It's the same everywhere. People buy a home for $300,000, keep it for five years and expect to double their money.

    I'm afraid many things have become too expensive and we're going to see an unprecedented number of bubbles bursting. In the end it will be a good thing, but it's going to be one More..

    Posted Jun-4-2012 By 
    Captain Canuck (1389.52)  

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  • Is anybody surprised?? I mean, a monkey with a crystal ball could have seen this one coming

    Posted Jun-4-2012 By 
    seanwoody716 (207.20)  

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  • coming to a town near you

    Posted Jun-4-2012 By 
    k-doe (8747.82)  

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  • good time to open some bars, people drink when they're stressed and feeling down and they drink when they're happy to celebrate.

    Posted Jun-4-2012 By 
    MANNY_FAC3S (24.10)  
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  • Comment of user 'loslaynes' has been deleted by author!

  • I live in spain in the first part of the last decade. I saw prices soaring and I remember 20-years before that I could have bought a piso (flat) with my income that I had. I left in November 2004 and while my wife was wanting me to return or at least buy a place, I didn't want nothing to do with what by 2009 was a toxic dump of a housing market. Now that Spain continues to be screwed into a depression of an extreme nature, I glad I don't live there. I feel much sorrow for my wife's family member More..

    Posted Jun-4-2012 By 
    loslaynes (62.62)

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  • Keep trusting the banks you, 'sheeple', this is coming to North America, mark my words! Buy Gold/Silver and bury it, dig it out when times get tough, you will be fine, while those that believed in the banking system will be DOOMED!!!

    Posted Jun-4-2012 By 
    velocity73R (328.10)  

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