Spanish households have responded to the crisis better than the government and most companies. In the midst of a harsh economic environment, they have balanced their accounts and regained the level of wealth that they had in 2006, which is just over a billion euros.
This is great news and a sign that the economy is recovering. Households are showing that Europe is joining together to improve the overall economy by cutting debt and increasing savings. Responsible behavior like this is influencing bank defaults, which seem to have hit their maximum high and have been falling for several months. If this trend continues, credit markets could open up soon.
