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Spain's BBVA to give up to 400 euros for evicted families


09:48, March 07, 2013

MADRID, March 6 (Xinhua) -- Spain's second largest bank BBVA announced on Wednesday that they will give up to 400 euros (519 U. S. dollars) a month to those families evicted by the bank as a result of their inability to meet mortgage repayments.

The financial aid, with a total budget of 32 million euros, is included in the program "Yo soy empleo" ("I am employment") that was recently launched by the financial entity in order to create around 10,000 jobs.

The money will benefit two main groups: those who are in the most vulnerable situation will receive 400 euros a month for two years, while those families who have been evicted as a result of a lack of income will receive 200 euros a month.

The BBVA said it will also help people to find a work, by providing them with employment orientation and training and that to do this, it will work with the human resources company Adecco.

The latest unemployment figures published by the Spanish government at the start of the week showed over 5 million Spaniards are out of work with unemployment expected to increase over the coming year.

The rise in unemployment has left many unable to keep up mortgage and rent payments, resulting in increasing number of people facing eviction.

In the face of the increasing social alarm caused by the problem and a spate of suicides of people on the point of being thrown out of their homes, the Spanish government passed a law at the end of 2012 to limit evictions, but the fact is that law only protects certain groups, such as families with a seriously ill member, or families with young children, leaving many others still open to the threat of having nowhere to live.

Up to now Spain's banks, many of which have received public money in order to help their restructuring, have been opposed to limits on evictions, saying moves in that direction would increase the cost of loans to prospective home owners.

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