“The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group.” – Franklin D Roosevelt [Source: Think Exist]
Wednesday, 6 June 2012
Real Estate Debt Threatens Spain's Economy
Real estate developments stand as empty and unfinished 'ghost' projects across parts of the Spanish capital Madrid. Spain got rich on cheap credit when it joined the euro, which also fueled a property boom at the time. But that collapsed in 2007. Many property developers went bust and their building loans became bad debts for the banks. And these debts are so big that they may force Spain itself into insolvency. Al Jazeera's Jonah Hull reports from Sesena, Spain.