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Cheep
Holidays
Cheep Holidays In 2008/ 2009 the credit crunch and world recession
manifested itself in Spain through a massive downturn in the property
sector. Fortunately, Spain's banks and financial services Cheep
Holidays avoided the more severe problems of their counterparts
in the USA and UK, due mainly to a stringently enforced conservative
financial regulatory regime. The Spanish financial authorities had
not forgotten the country's own banking crisis of 1979 and an Cheep
Holidays earlier real estate precipitated banking crisis of 1993.
Indeed, Spain's largest bank, Banco Santander, took part in the
UK government's bail-out of part of Cheep Holidays the
UK banking sector. [63]
A European Commission forecast had predicted Spain would enter
a recession by the end of 2008.[64] According to Spain’s Finance
Minister, “Spain faces its deepest recession in half a century”.[65]
Cheep Holidays
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