Government will not "prop up" real estate firms

14th February 2008, Comments 0 comments

Economy Minister Pedro Solbes said Wednesday that the government will not intervene to prop up Spain's flagging real estate sector.

14 February 2008

MADRID - Economy Minister Pedro Solbes said Wednesday that the government will not intervene to prop up Spain's flagging real estate sector, arguing that it is not his "philosophy" to support companies that risked more than others and were making fat profits during the boom years.

"It is not my philosophy for the state to intervene in a sector such as real estate," the minister said at a conference on the economy in Vitoria.

He noted nonetheless that the government is planning to intensify its efforts to boost the amount of subsidised housing on the market.

[Copyright EL PAÍS 2008]

Subject: Spanish news

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