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Spain's banks suspend evictions

Spain's banks suspend evictions
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Spain’s major banks have decided to suspend the evictions of the most financially vulnerable.

The leading political parties have also agreed to rethink eviction law after a homeowner jumped to her death while bailiffs were trying to kick her out, provoking national outrage.

Miguel Martin, the president of the Spanish Banking Association spoke of the people who will benefit.

“Those with serious illness, with addiction, the elderly and those with children, all of those will be affected,” he said.

Four hundred thousand Spaniards have lost their houses since the property bubble burst in 2008 and house prices have fallen 30 percent, meaning even many of those who sell their homes are still indebted.

Maria Dolores de Cospedal of the ruling People’s Party said: “This has been the situation for a long time and never before has the government made ​​a decision.

“That the Prime Minister has done so now needs highlighting, and thanks also to the government for their sensitivity,” she added.

As the news came out dozens of protesters were gathered outside the People’s Party headquarters, trying to force home the point that evictions need to be stopped as unemployment rose to 25 percent in the third quarter – a record high.