Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
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.
