Instead of mass foreclosures and bankruptcies, southern Europe would do well to follow Iceland’s example
As recession deepens across southern Europe, stories abound of indebted firms and households being forced to hand over ownership of their assets to their creditors.
For example, a recent report in Der Spiegel tells of a Spanish bank that evicted from his home a now unemployed man, previously earning less than €1,000 a month. The bank had happily lent him €240,000. Continue reading