But what is important is that Greece carries out the adjustment itself, helped by this very important decrease of the yearly service of the debt. After Brussels, will countries like Spain or Italy avoid the Greek contagion? Without exception, every country is aware that it is experiencing an exceptional crisis.
Ten years ago, the value of residential real estate was about twice the value of the household sector’s corporate equities. As stock prices soared in the 1990s, the share of equity holdings in household portfolios surpassed the share of owner-occupied housing.