Spain help Jobless with mortgage Payments
According a recent article, in an attempt to soften the impact of a slowing economy, Prime Minister Jose Luis Zapatero is implementing a series of measures including allowing unemployed workers to put off paying half their monthly mortgage payments for two years.
These postponed payments can go no higher thatn 500 euros a month and must be repaid from January 2011 in instalments. Although this measure would not apply to all mortgage holders, only those with mortgage no higher than 170.000€. Even so, this should assist up to 500.000 people.
According to the European Commission, it is expected that the Spanish Economy is to shrink by 0.2% next year
Zapatero also announced several other tax measures to help home owners and those saving to buy a house
The Spanish government would also give a 1.500€ tax break to companies that hire unemployed people with family responsibilities. On a more interesting note the government will also offer incentives for hiring in industries focused on research and development, an important industry where Spain lags behind, and for unemployed workers who become self- employed
He said the measures focused on employment would cost about 170 million euros in 2009 and 2010.
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Andrew Bellés
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