Spanish independents have the flexibility of their lawyers to thank for strong results in 2008, reports Joseph Rosenbloom
The credit crunch that is walloping the rest of Europe has not spared Spain. The Spanish real estate market began slumping in early 2007, and all but collapsed last year. Stringent regulation by Spain’s central bank saved banks from exposure to toxic mortgage-backed securities, but financial turmoil elsewhere in the world has depressed lending in Spain, and credit has become extremely tight.
