[np] Peripheral euro zone household wealth trumps core - ECB study

[Matthew Cissell]

"Median net wealth is the lowest in the bloc's paymaster, Germany (51,400 euros), less than a third of that in Italy (173,500 euros) or Spain (182,700 euros), due to the relatively low level of home ownership in Germany.
"The composition of net wealth is primarily driven by real assets," the joint study by the ECB andeuro zone national central banks said."

Judging by net assets, no surprise. In the recent past everyone in Spain bought a house and when they had enough money they bought another one, that's part of what created the mess. Compare that to Germany where more people rent and it is clear who has greater average net wealth based on assets.
The key word is average. Now take a closer look at Spain. Some have made themselves sickeningly rich in the last 2 decades and it's true that the average Spaniard rode the dream unitl the hangover. However, now the common guy is settled with debt he can't pay off (see the reports about evictions - contrary to many other countries, in Spain even if the bank takes the house you still owe, hand over the keys and you still owe) where as the bastards (in all political parties) who perpetuated this disaster are moving their money to Switzerland, Luxemburg and other fiscal paradises.

Kai, if with this news you want to say things aren't bad in Spain and that people here are wealthier than in Germany, well it's a tough sell. 
ciao
mc otis


________________________________
 From: Kai Frederik Lorentzen <lorentzen at hotmail.de>
To: pynchon -l <pynchon-l at waste.org> 
Sent: Wednesday, April 10, 2013 11:36 AM
Subject: [np] Peripheral euro zone household wealth trumps core - ECB study
 



http://uk.reuters.com/article/2013/04/09/uk-ecb-wealth-eurozone-idUKBRE9380KX20130409

"Average net wealth in Spain was 291,400 euros (247,910 pounds) and in Italy 275,200 euros, significantly higher than in triple-A rated Germany (195,200 euros), the Netherlands (170,200 euros) and Finland (161,500 euros). 
The data, which was mainly collected in 2010, showed that the perception of rich northern European countries helping their poor southern cousins was not accurate, and that solid public finances are no indication of high personal wealth."

Surprised?
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