Tourism is now bigger than construction was during the real estate bubble.
It’s not just the weather that’s heating up in Spain’s second city.
Where Did All the Workers Go?
Will Spain’s central government blink (again)?
“You could sell ten flats in a day” to Chinese on real estate excursions.
Markets are still complacent.
Only two things keep these banks alive.
What would a disorderly bank collapse in Spain and Italy have done?
Organized criminals from Russia are subletting apartments to tourists, as locals struggle with soaring rents.
Liberbank’s stockholders and junior bondholders fear a “bail-in.”