In response to a shocking spike in the number of suicides by evicted homeowners, the Spanish government will implement a two-year eviction moratorium for "the most vulnerable homeowners unable to keep up with mortgage payments," AFP reports.
Deputy Prime Minister Soraya Saenz de Santamaria told reporters that the government acted for "humanitarian reasons."
The new law does not overrule current laws on the books regarding foreclosures, according to the Spanish newspaper El Pais. However, it does outline particular stipulations for which households are eligible for eviction deferral according to the new moratorium, including how much money each household brings in a month, the size of a household, single-parent households, and others.
The moratorium comes at a pivotal time for Spain. Yesterday, thousands of protestors gathered for the first pan-European coordinated demonstration decrying austerity measures, and protests got pretty violent. And today, new data claims that Europe has sunk into its second recession since 2008.
DOUBLE-DIP: The Euro Area Slips Back Into Recession >
More From Business Insider
- LIVE: Austerity Protests Turn Violent In Spain [Video]
- Here's A Real-Time Indicator Showing How Bad The Protests Are Affecting The Spanish Economy
- Italy And Spain Have Come Booming Back
- Politics & Government