Spain: Dire Straits | European Journal

The financial crisis has flung many Spaniards into dire straits. Thousands have been made homeless because they can no longer afford their mortgage payments.The culture of having your own property was a large part of the problem. In order to make this dream come true, many Spaniards took out large loans. When the crisis hit, many lost their jobs and could no longer afford to pay back their creditors. When this happens in Spain, the banks have the right to auction off the debtor’s house. Or, if they can’t find a buyer, take possession of half its value. Many people have been left without a roof over their heads and still with half of their original debt. Young activists want to prevent these evictions and are occupying properties across the country.