Looking Back: Bank Protest

Wednesday, April 10, 2019
By Martin Myall

Today’s article from April, 2009 is entitled: Cajasol Protest in Almuñécar and deals with a demonstration in front of the bank’s Almuñécar branch, which used to be next to the Paseo del Altillo on the road leading down to the beach.

At the beginning of 2009, the worldwide financial crisis had really started to bite, especially in Spain where the building boom was king. Whereas during the latter years of the boom the banks were handing out mortgages with 110% financing, suddenly they had to close the tap tight, catching many development companies in the middle of building projects and no way of financing them.

It was a vicious cycle; building labourers were being laid off and in turn couldn’t pay their own mortgages. Couple where both partners were working, with one salary going to pay the mortgage, from one day to the next both found themselves out of work.

It was the beginning of a decade of crisis and when this article was written, it was only the beginning of the coming misery.

The Seaside Gazette Team

(News/House: Looking Back)

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