Low interest rates and lending without collateral were great in Spain - has led to an unprecedented building boom - just like in the U.S.. The man who earned it before anyone else, is Florentino Perez. The Madrid-born engineer road was long considered a kind of King Midas of the Spanish economy.
Pérez bought 28 years ago, "passing" and President of Real Madrid, for the symbolic price of one peseta, the bankrupt construction company Padrós. From this he formed the construction giant ACS, is now the majority shareholder in Essen traditional company Hochtief. Despite nine billion euros of debt ACS will acquire in the coming months Hochtief papers. In our own country, the order situation has collapsed.
Three years after the bursting of some 700,000 newly-built houses and flats for sale. Most of them on the coasts, in the Canaries or the Balearics. With the end of the building boom began the decline of the economy. Spain fights since then, with a record unemployment. According to the statistics agency INE, the rate was 20.89 percent in the second quarter. Especially young people it hits. Thus, every second from Madrid under 25 without a job. This is kriselte in the Spanish economy is so important for the tourism industry.
It accounts for approximately eleven percent of the gross domestic product. But in 2009, the industry revenue totaled only € 73.6 billion - after almost 80 billion euros in 2008. This year, the tourists seem to return. The revenue from business with visitors from abroad increased in the first five months of 2011 by eight percent. A trend can be read out of it but not yet. Most important is the business in the third quarter of the year.
The city's financial system in Spain kriselt: Just recently, the Spanish savings bank Caja Mediterraneo (CAM), which sits on a mountain of unsold holiday objects on the coast around Benidorm, has been filed by the central bank under state control. To avoid a last-minute payment default, the Bank has injected € 2.8 billion. The CAM is one of five Spanish "cajas", which rattled recently by the EU stress test. Calculations by Boston Consulting slumber in Spain's financial sector is still real estate risks by at least 35 billion euros.
The central bank has set the savings banks a deadline until September, so as to acquire the stock market or with the help of investors' capital. € 15 billion are needed. Without the state's money will go but probably not. Since all experts agree.
Pérez bought 28 years ago, "passing" and President of Real Madrid, for the symbolic price of one peseta, the bankrupt construction company Padrós. From this he formed the construction giant ACS, is now the majority shareholder in Essen traditional company Hochtief. Despite nine billion euros of debt ACS will acquire in the coming months Hochtief papers. In our own country, the order situation has collapsed.
Three years after the bursting of some 700,000 newly-built houses and flats for sale. Most of them on the coasts, in the Canaries or the Balearics. With the end of the building boom began the decline of the economy. Spain fights since then, with a record unemployment. According to the statistics agency INE, the rate was 20.89 percent in the second quarter. Especially young people it hits. Thus, every second from Madrid under 25 without a job. This is kriselte in the Spanish economy is so important for the tourism industry.
It accounts for approximately eleven percent of the gross domestic product. But in 2009, the industry revenue totaled only € 73.6 billion - after almost 80 billion euros in 2008. This year, the tourists seem to return. The revenue from business with visitors from abroad increased in the first five months of 2011 by eight percent. A trend can be read out of it but not yet. Most important is the business in the third quarter of the year.
The city's financial system in Spain kriselt: Just recently, the Spanish savings bank Caja Mediterraneo (CAM), which sits on a mountain of unsold holiday objects on the coast around Benidorm, has been filed by the central bank under state control. To avoid a last-minute payment default, the Bank has injected € 2.8 billion. The CAM is one of five Spanish "cajas", which rattled recently by the EU stress test. Calculations by Boston Consulting slumber in Spain's financial sector is still real estate risks by at least 35 billion euros.
The central bank has set the savings banks a deadline until September, so as to acquire the stock market or with the help of investors' capital. € 15 billion are needed. Without the state's money will go but probably not. Since all experts agree.
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