1. China had an over-developed real estate market (accounts for around 15% of the Chinese economy). Home prices in China’s major cities crashed in 2013/2014. This put serious pressure on Chinese consumers, since around two-thirds of the typical Chinese family’s wealth is tied to their homes. 2. When housing started going bust, Chinese investors started
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All the talk about Greece has everyone's head spinning. People in Europe have mixed feelings. Spain together with Italy/Portugal and a many others are watching Greece with interest. The worry by the thinkers here is that the left wing parties would gain strength if Greece is perceived to be winning (ie. will win a foregiveness of 50% of debt again).
