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Unfinished buildings due to the crisis in A Coruña.. The residential real estate bubble saw real estate prices rise 200% from 1996 to 2007. [19] [20]€651 billion was the mortgage debt of Spanish families in the second quarter of 2005 (this debt continued to grow at 25% per year – 2001 through 2005, with 97% of mortgages at variable rate interest).
Debt of Spain compared to eurozone average since 1999. Spain had a comparatively low debt level among advanced economies prior to the crisis. [153] Its public debt relative to GDP in 2010 was only 60%, more than 20 points less than Germany, France or the US, and more than 60 points less than Italy or Greece.
Spanish consumer debt tripled in less than ten years. In 1986, debt represented 34% of disposable income, in 1997 it rose to 52%, and in 2005 it came to 105%. In 2006, a quarter of the population was indebted with maturities of more than 15 years. [ 23 ]
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First came Greece, which threatened Europe's economy with its staggering 130% debt-to-GDP ratio. Now comes Spain, which also seems to be contributing to the debt crisis in Europe. Unlike Greece ...
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s that made it difficult or ...
Ireland's bailout has not quieted fears of a European sovereign debt crisis -- indeed, worries about national defaults are spreading. Investors have punished Europe's markets since the E.U. and ...
The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2007–2008 financial crisis; international trade imbalances; real-estate bubbles that have since burst ...