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Reply #102: ‘Unsellable’ Real Estate Assets Threaten Survival of Smaller Spanish Banks [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 11:04 AM
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102. ‘Unsellable’ Real Estate Assets Threaten Survival of Smaller Spanish Banks
http://www.bloomberg.com/news/2011-11-17/spain-s-unsell...

Spanish banks, under pressure to cut property-backed debt, hold about 30 billion euros ($41 billion) of real estate that’s “unsellable,” according to a risk adviser to Banco Santander SA (SAN) and five other lenders.

“I’m really worried about the small- and medium-sized banks whose business is 100 percent in Spain and based on real- estate growth,” Pablo Cantos, managing partner of Madrid-based MaC Group, said in an interview. “I foresee Spain will be left with just four large banks.”
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