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07 Apr 2012 11:56:

 

Spain was allowed to overvalue the peseta by 20% when it joined the single currency. Spanish banks are worth nothing, the Camm Bank was sold for one Euro last September. The crux is that the banks are in such a perilous state swapping various levels of defaults that if one was allowed to sink it would draw everybody else down with it. As this applies across Europe and into the larger world it would be a nightmare trying to let one country go to its own currency again. It would have to be a joint action across Europe. In France articles are still quoted in Francs.



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05 Feb 2012 11:50:

I have just come back to France from actually selling a house in North Murcia after five years and dropping the price fifty percent which says it all. After an absense of five years the infra road structure on major routes is very good, take the AP36 from Albacette to Madrid, not a soul on it it. That is because of the toll charges which have now doubled . Fuel prices to are now greater than in France. I stayed at Mavi Hotel,la Cabrera on the A1 north of Madrid. Again there price has gone up from 30 to 50 euro for a night and this is not a tourist hotel.  I was in Mula where the problems of all those empty properties from the boom time has been solved by agents letting to Romanians and Ecuadorians. Outside of these roads that take you the length of Spain, the buildings now just seem run down rather romantic. there are no longer masses of mopeds buzzing around as there is no work and the police are clamping down on all the unregistered and uninsured bikes. One aspect that hadn't changed was that all the municipal taxes for selling had to be paid in cash. I suppose that sums up the way some things have changed and others are still the same.

 




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28 Jan 2012 16:37:

I have just come back from Murcia driving up through France and it is the first time that the Spanish pump prices have equaled the French Auto Route prices. With the Uk ones still heading skywards it will soon be a £100 a tank full. We will be back to the sixties when a gallon was all you put in.




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17 Sep 2009 20:55:

I would give the CAM BANK a miss as they are still up in the heady realms of 6.8% whilst trying to recover all the money they have lost through bad loans to developers.




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