The Economic Crisis. The Banks, Heroes, or Villains?

The economic crisis has been caused worldwide by the irresponsible and greedy banks and, if so, how to recover contribute to global efforts, from many parts of the world seems obsessed since the Great Depression of cheap nfl jerseys 1920, s? I can only comment on events in Spain, because this is where I live, but the response of banks in Spain seems to vary from bank to bank.

It is clear that Spain is suffering a particularly painful recession with higher unemployment in Europe, so many people came to a dramatic reduction in their income and their ability to pay its financial obligations to the hire purchase and mortgages that were taken during the day, experienced the abundance.

Now the Council is that someone should be in financial difficulty as soon as possible to discuss your financial situation has changed w

ith their bank, or the holder of their loan, or mortgage in order to agree a new package of repayment terms that reflects their changed circumstances. How are they fairing?

I have a colleague that works in the financial sector in Andalucia, well actually the Costa Del Sol, an area that is probably at the epicentre of the financial meltdown here in Spain and it seems that the helpfulness, or willingness of banks in agreeing new and affordable packages that reflect their clients changed circumstances varies from bank to bank, or from very helpful to an almost Ostrich type reaction of aloof disinterest.

This seems to me very strange, has not the banking system received huge government help and bailouts and should they not have a moral obligation to at least try to accommodate those clients that are trying their best to fulfil their financial obligations and not lose their houses?

One of the reasons for the huge levels of unemployment here is Spain can be traced back to the totally unsustainable housing boom and the huge stock of unsold flats and houses (again supported by the banks making available the finance), so quite clearly the repossession of homes should only be considered by the banks as a last resort and if all other options have failed. The very last thing Spain needs right now is for the market to be flooded with cheap repossessed houses, but that is what is happening!

Perhaps it would be useful to produce lists of those banks that are trying their hardest to help find a means for their clients to repay their debts, through extended periods of payments, or other means and those banks that seem to be both rigid and un-flexible in their attitude and would seem to prefer the repossession option to trying to find alternative payment methods for their clients.

Unfortunately the banks taking the latter course of action are in effect worsening the crisis for eve nfl jerseys ryone in Spain, so it would seem clear that whilst some banks are heroes, others are villains and perhaps knowing who are the good guys in this situation and who are the bad guys could be helpful information for those people struggling right now.

Terrence Aubrey

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