Social Trap in Spain: Mortgage Nightmare; Why Spain (or Germany) is Guaranteed to Leave Euro

"Looking for a synopsis of the problems facing Spain? A summary of bullet points I gathered from the Spiegel article Evictions Become Focus of Spanish Crisis shows just how hopeless the situation is.

• There were a record number of evictions in 2012, foreclosures are expected to increase in 2013.
• Some 400,000 eviction proceedings have been opened in Spain since 2007, with roughly half of the families involved having already lost residential properties due to foreclosures. That means Spain is only half-way through the crisis.
• There are now 1.7 million Spanish households in which not a single family member still earns a salary.
• 4 million people have lost their jobs since 2007
• 27 percent of the population lives below poverty level
• Evictions now affects pensioners, who have used their own homes as collateral to take out loans for their sons and daughters
• A joint study by UNICEF, Oxfam and Doctors Without Borders concluded that the country will need over 20 years to regain the standard of living it attained in the prosperous, pre-crisis years.
• In the Catalonia region, unemployment is 26 percent
• Youth unemployment is over 50%..."

at http://globaleconomicanalysis.blogspot.com/2012/12/social-trap-in-spain-mortgage-nightmare.html#3DfFSaKXxO9m5dYj.99