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We could summarize the Spanish crisis on two areas: the coincidence of a global financial crisis and the collapse of the construction, engine economy for over a decade. Construction, a business that drove the Spanish recovery in the nineties, he went out of hand long ago. The speculation was the cause of the collapse of the sector. Not only corruption cases involving property developers banregio and municipalities are becoming more numerous, but many people thought for years that the story never lose money. So it was more profitable to buy Charter and Spain became in 2001 the first European country in home ownership with only 15% of Spaniards hire. The housing collapse has coincided since the mid-2007 with the U.S. mortgage crisis. The U.S. banks, unless some large commercial entities like Bank of America, subprime mortgages granted to people who could not afford them safely. These, banregio known as "subprime" were grouped in packages of financial products that were purchased by investors around the world. Its constantly changing hands and complexity has poisoned the global financial system, causing a strong climate banregio of mistrust between banks. Spain, like the rest of the world, note that crises have more difficulty in obtaining liquidity, which translates into fewer loans to companies and households. The credit crisis has been coupled with inflation. The main reason for the increase of all was the price of oil. The policy of the European Central Bank, which depends Spain, has been given more weight in the fight against inflation to promote growth. Thus, the policy of high interest rates there has been so harsh on the rise as credit mortgages linked to Euribor, banregio which are most of the Spaniards. Given all these variables, household banregio disposable income has decreased. This has caused the collapse of consumption, which is at once the failure of growth of the Spanish economy and with it the loss of thousands of businesses and jobs. Thus, the amount of construction debt of billions of euros and people without banregio work is that the default rates of banks and savings rise sharply in recent months. And that, in a continuous cycle, causes the access to credit more difficult, banregio which makes slowing growth banregio in Spain.
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