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1.Market Observations

30 July 2012 (The Age) – The bubble of Spain’s recent ‘golden age’ seems about ready to burst

[COMMENT: A great background story with details about how Spain got into the financial mess it’s currently in – lavish overspending.]

(30 July 2012, The Age, p7, Nick Meo, Valencia)

The large cities spent billions on lavish buildings in the good times, but debt now threatens jobs and the future for many.’

‘ON THE way to the docks in Valencia, past rows of dreary blocks of flats, is a fabulously expensive opera house built to get the Spanish city noticed, no matter the price.’

‘The glimmering centrepiece of the City of Arts and Sciences cultural complex was supposed to rival the Guggenheim Museum in Bilbao or the cityscape of Barcelona.’

‘Completed in 2005 at a cost of €1.1 billion, it seemed expensive at the time, but it is only now that Valencia understands the true price of architect Santiago Calatrava’s bold vision. The city, Spain’s third biggest, is so mired in debt that last week it had to turn to Madrid for a €2 billion ($A2.35 billion) bailout – setting a precedent for other Spanish regions.’

Read more at TheAge.com.au

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