Globe And Mail Dept: The 44-year-old construction worker sat at the folding table in the tiny living room of his basement apartment on the outskirts of Barcelona and tried to grasp the larger meaning of a letter from the bank informing him he no longer owned the property, according to Globe And Mail. Siqui Sanchez/Getty Images for The Jaime Cadena at his Barcelona home This week, Spanish Prime Minister Jose Luis Rodriguez Zapatero became the latest European leader to announce huge cuts to government departments and programs in order to save his country from becoming another bankrupt victim of the continent’s debt crisis. At the same time, Mr. Cadena discovered his own personal place in that crisis. The apartment will be auctioned at a fraction of the price he’d paid for it four years ago, when his fast-rising salary seemed a sure ticket to middle-class stability for his family. If a buyer is found this week, he and his four teenaged children will be evicted. As Spain has no personal-bankruptcy law, he will still owe the bank almost e200,000 – more than the current market value of the apartment – even if he loses it. As
reported in the news.
@t personal bankruptcy law, prime minister jose luis rodriguez zapatero
16.7.10
