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THE BIG PICTURE Euro And Bank Flight

Category: Real estate, Posted:29 May 2012 | 06:29 am

Mattresses all over the continent seem to be growing these days given the most recent bank runs in Spain.
Nervous Greeks and now Spaniards are increasingly worried about both the stability of the Euro and safety of financial institutions.
A growing crisis in Spanish banks which had been heavy lenders during the property boom is not only a domestic issue but could hit UK institutions as well.
While the pound is thought to be a hedge on the Euro, UK banks have substantial debt in Spain, so a domino effect is not out of the question.
In Asia, we are all reminded of a number of banks, which fell over during the contagion of 1997.
What this means for global property is unclear but certainly debt in many markets is only going to get tighter and tighter.
While cash is king and for some buyers this represents opportunistic purchases, for the broader market the current news is not a good sign of things to come.

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