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600,000 Romanians, affected by the Spanish real estate crisis

de Radu Rizea
Vineri, 18 iulie 2008, 9:25 English | Regional Europe

The economy of Spain goes through one of the most serious crisis ever recorded. Authorities avoided to admit this fact, but economic indicators point at a stagnation in the economy growth process. The real estate crisis in the country affects, among others, the tens of thousands of Romanian workers in Spain. Many of them think about returning home, since they failed to find jobs during the past few months and are already living on their savings.

The international financial crisis, the rising oil price and the modest growth of the US and German economies are just a few factors that aggravated the situation in Spain. In Castellon, where an important Romanian community lives, there were no new construction projects to employ them for months already. There are over 600,000 Romanians working in Spain at this moment. Many of them took credits from Spanish banks to buy homes and now they can't sell their properties to return home.

Spanish Economy Minister Pedro Solbes admitted on Wednesday that this is one of the most complex crisis Spain ever got to face, saying that the international crisis and the oil price contributed to the worsening of the economic situation.

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