MADRID, July 24, 2008 (AFP) - A Spanish court accepted on Thursday a bankruptcy request by property developer Martinsa Fadesa, the first major victim of the crisis in Spain's housing market.

MADRID, July 16, 2008 (AFP) - Spanish Economy Minister Pedro Solbes Wednesday defended the government's decision not to help troubled property group Martinsa-Fadesa, insisting it was up to the private sector to solve its own problems.

'I am not particularly in favour of the public sector resolving the problems of the private sector,' he told Punto Radio.

MADRID, July 15, 2008 (AFP) - The crisis in Spain's property market claimed its first major victim Tuesday when developer Martinsa-Fadesa said it was declaring iteself insolvent, having failed to raise a loan as part of a refinancing package.

MADRID, July 15, 2008 (AFP) - Spain's housing crisis claimed its first major victim Tuesday when property developer Martinsa-Fadesa said it was declaring itself insolvent, having failed to raise a loan as part of a refinancing package.

The company said a board meeting late on Monday had decided to make a request to be declared in breach of payments.

MADRID, July 15, 2008 (AFP) - A leading Spanish property group Martinsa-Fadesa said on Tuesday that it was declaring itself insolvent, having failed to raise a loan as part of a refinancing package.

The company said that a board meeting late on Monday had decided to make a request to be declared in breach of payments.