“The overall bad debt ratio for Spanish banks was up from 11.2 percent in May and has been steadily increasing since a drop-off at the end of last year when rescued lenders transferred toxic property assets to Spain’s so-called bad bank. Spanish lenders’ earnings were gutted last year by steep government-enforced provisions on properties and loans to developers, in the wake of a 2008 real estate crash. Those unable to cope were bailed-out with European funds, and most of their real estate loans were transferred to a government-backed bad bank.”
http://www.reuters.com/article/2013/08/19/us-spain-bad-loans-idUSBRE97I07R20130819
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