SPANISH GOVT THROW DEVELOPERS A €3BN LIFELINE

Spanish Prime Minister Jose Luis Rodriguez Zapatero has announced his government’s intentions to provide developers with a €3billion lifeline to help certain companies survive the economic downturn across the country. Speaking at a press conference on Wednesday, Zapatero outlined his plans amidst severe criticism of his government’s handling of the country’s economic situation, which has left over 2.5 million people unemployed – the majority from Spain’s once booming property sector. Under the plan, the government would provide struggling developers, unable to raise finance due to the large amounts of unsold stock and the credit crunch, financial assistance on the condition … Continue reading SPANISH GOVT THROW DEVELOPERS A €3BN LIFELINE