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Idealista.com CEO Jesus Encinar weighs in on Spain's housing collapse.
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Much like the floor of the New York Stock Exchange that they want to show you really quite cal.
A global markets as we just -- not too long ago in the Asian markets -- higher London Frankfurt and Paris in particular the German market actually -- in in some gains all of this of course as we still continue to worry about Spain we still continue to worry about Italy.
And the G-20 summit just ending -- -- Merkel the -- the ball down in Mexico it's got a lot of pressure on her shoulders right now.
A some humiliating on quite often hear fox business for our markets coverage -- Europe is Ashley -- this crisis is certainly.
Affected US markets actually you're in Madrid now as you continue to focus now on the crisis in Spain what are you learning.
Let's say a lot says -- we know -- Greece is trying to stay afloat but what about Spain we know it's been promised -- to 125.
Billion dollars.
For -- shaky banking system but there are those who fear.
And the markets apparently that Spain Clinton need.
A full blown to bail out.
If that was the case Spanish leaders say well now that's not the case but these are the same Spanish politicians is that the banks didn't need any help them and apparently they do.
But the big issue here is the collapse of the housing market in its wake we have a pilot.
Bad loans and an unemployment rate close to 25%.
I spoke with the Kyoto of a real estate website right here in Madrid who told me that -- politicians.
And the ECB ignored all of the warning signs.
It would look at what happens -- -- -- few years.
I think love is the main problem loans -- -- the on the European us and for about -- keeping dangerous -- force so low for so many years.
It is he was Blakely.
You know how come realists about local canal for years.
But nobody wanted to see that Red Bull but didn't want to see them -- that Slovakia want to see.
Everybody was really happy making money.
You know it's -- a one point -- and there's a third of the income on this -- states develop a lot of money so.
You know why you felt -- hundred yes kids doing this conflict in the bubble.
Obviously when you have such a huge -- -- -- of the aftermath is Timothy.
And by all accounts the housing market here is gonna continue to full for some time to come in the meantime we're waiting to find out whether they EU.
They give some extra help in the form of extra rescue money to both Spain.
And -- from that bailout fund of the EU operates -- have to follow that carefully general back to you ash that's a lot force of course from Madrid Spain -- to.
