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There is a property bust and a moribund growth outlook.
And how bad things get for Spanish banks depends largely on the country's unfolding property bust.
After suffering a catastrophic banking and property bust, it has met its deficit-cutting targets.
Now Panamanians are suffering from a property bust and rising food prices.
Its sales have fallen sharply because of Spain's property bust and low-cost competition from Asia.
He highlighted the small matter of sharply rising unemployment, deflationary pressures and a property bust.
Similar(8)
There were no property booms and no property busts.
"They are often linked to property and property busts which take years to play out," he says.
In Europe, especially, and in America consumers and companies are rebuilding their balance-sheets; unemployment and property busts are also levying a toll of bad debts.
It is leverage that explains why property busts have a habit of causing financial crises.Property is also an inefficient asset class.
The commercial-property market in most other parts of the developed world is in deep trouble.Unlike other property busts, this downturn has not been driven by speculative overbuilding but by investors' overenthusiasm.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com