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Real estate debt threatens Spain's economy

2012-06-06 29 Dailymotion

Real estate developments stand as empty and unfinished 'ghost' projects across parts of the Spanish capital Madrid.<br /><br />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. <br /><br />Many property developers went bust and their building loans became bad debts for the banks. <br /><br />And these debts are so big that they may force Spain itself into insolvency.<br /><br />Al Jazeera's Jonah Hull reports from Sesena, Spain.

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