A sad state of affairs

THE Spanish government is caught in a no win situation in the case of the rising number of home evictions which are taking place almost on a daily basis. The government has come under pressure from both the media and large sections of the Spanish public to try and stop people being forced from their homes because they have failed to honour their mortgage payments. This sad state of affairs was clearly evident in the case of the couple who committed suicide after they received an eviction notice in Calvia. I think the best way, is for the government to mediate between the banks and home owners who are facing eviction. I am sure that a compromise deal can be reached. After four years of recession and record unemployment it is quite obvious that thousands of people across the country are in a desperate financial state. Homes which were bought during the property boom of five years ago are only worth a fraction of their initial value now and many home owners are faced with negative equity. At the same time the banks have thousands of unwanted property on their books. We are obviously living in difficult times but there is no quick fix solution. The banks can be accused of lending too much money on property and this problem has come home to roost. Spanish Prime Minister Mariano Rajoy doesn´t have a magic wand and this sad state of affairs only underlines the fact that Spain is in deep financial trouble.