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Greek Villas Marked Down 45% as Crisis Hits Island Homes

By Implode-Explode Heavy Industries

"Greece is counting on a 110 billion-euro bailout from the European Union and the International Monetary Fund to avert a default and end the nation?s first recession since 1993. Prime Minister George Papandreou, having raised taxes and cut civil- service wages, is imposing luxury property taxes to convince voters that the wealthy also are helping foot the bill."

Full post as published by Mortgage Lender Implode-o-Meter on July 28, 2010 (boomark / email).