Ireland has pretty much gone Bankrupt because the housing bubble burst and there are a lot of people now in massive negative equity. In Ireland there are in some places whole developments of houses unfinished and unsold. There was an article about it in the weeks Sunday Times magazine quoting 50% to 60% decline in house prices and still nobody wanting to buy them.
Well that is nothing, nothing at all compared to Spain, not just small housing developments or a block of flats here and there not finished, Spain has entire towns built from scratch in the desert completely abandoned. The Spainish bubble makes Ireland look tiny in comparrison.
[nomedia="http://www.youtube.com/watch?v=ccJp6C1xdZ8"]YouTube - Soto del Henares[/nomedia]
Spain will likely go "pop" and take with it Santander, or Santander will take Spain but one way or another you lose one you lose the other. Bye Bye Santander will mean a busted Abbey, A+L, B+B, NRock accounts. And that will be what plunges the UK into the abyss.
We are not "that" exposed to the Eurozone countries debt or the fluctuations of the Euro we can ride that out, the bridge between us and them and what will make their problems ours is Santander. In my opinion. (I like that video because of the awsome soundtrack in the background)
“Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain