Pioz is left with € ##500 million of debt , making it Spain 's most indebted city . As far as I know fiasco is when something breaks , like a natural disaster , this is something far greater -- this is utter madness . '' However , only 500 people live in housing estates designed for 25,000 . The country 's property boom went bust in 2007 , and now 20 % of Spanish homes are empty . The banking sector has € 186 billion - worth of troubled real estate assets on its books .
Pioz is left with € ##500 million of debt , making it Spain 's most indebted city . However , only 500 people live in housing estates designed for 25,000 . The country 's property boom went bust in 2007 , and now 20 % of Spanish homes are empty . The banking sector has € 186 billion - worth of troubled real estate assets on its books .