“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
Related posts:
Kerry: U.S. has firm evidence sarin gas was used in Syria attack
S&P calls US lawsuit retaliation for stripping AAA rating
How many grenade launchers did Michigan police departments receive?
Whirlpool profits strangled by the tariffs it once supported
A Secret Deal Between The DEA And Mexico's Sinaloa Drug Cartel?
FBI admits no major cases cracked with Patriot Act snooping powers
Estonia's 1st electronic residency card issued to UK journalist
India’s Sonia Gandhi seeks support for law to banish hunger
No compensation for innocent man who lost spleen in SWAT raid
India Central Bank Governor Warned Against Cash Ban Before Resigning
Clapper: Spying on U.S. election was "most benign form of information gathering"
Police Cited Homeless Veteran For Dumpster Diving In Search For Food
Feds seize $27K from couple, give $500 back for "humanitarian purposes"
Kim Dotcom poised for return with Megaupload successor
Napolitano, Graham: U.S. needs more technological entry and exit controls