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6/12/2019  
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Vultures

"In scrambled times, speculators profits"


Financial inclusion 16/12/2014 Send to a friend
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We have just seen once again a new desolate data for the citizen: According to the Judiciary General Council of Spain, evictions of properties (houses, farms, buildings, offices and garages) increased 7.3% in the third quarter compared 2013, amounting for 13.341.

Also the Bank of Spain provides disappointing figures: banks evicted 1.218 homes until June of this year, representing a 17% increase. Despite the fact the Spanish Government adopted measures against eviction for families to supposedly ease their situation. Contrary to what the statistics show, the Government -to our surprise- replies that many of these evictions are usurers, vulture funds who have acquired entire blocks of flats (we understand that at a reduced price) and consequently chucked out their defaulter tenants.

Additionally, the Spanish National Statistics Institute (INE) discloses data on foreclosures (legal process in which a lender attempts to recover the balance of a loan from a borrower), which increased 8.4% compared to Q2 2013, and of course, behind this movements we can find well known banks.

In another front, these days we are witnessing the imminent liberalization commercial building rents, after 30-year moratorium following the adoption of the so-called Spanish Boyer Law (Ley Boyer). It happens that, chance is capricious, clumsy tenants who have failed to negotiate during this period a new rent, mainly, have come across vulture funds, whose speculative spirit has led them to request for amounts that the tenant business margins did not allow.

Consequently, I fear that after all this you will not be able to have lunch in Riofrio a popular cafe in Madrid and will soon not be able to hear the wonderful concerts in Café Central, doomed by the fate of extinction. Do not despair, possibly a big chain like Starbucks will be able to satisfy the greed of these vermin; but, is this what you really want?

Anyway, having vultures, falcons or hawks not doves, the Spanish Government attends undaunted to the upwelling of a variety of birds of prey in the financial ecosystem, with no commitment to use its protecting veil on vulnerable consumers. The sacrosanct tables of the free market prevent from this (though sometimes one more than others).


Carlos Trias Pintó
Member of the European Economic and Social Committee (EESC)


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