Well, the central bank, the Bank of Spain, has estimated - in its last Financial Stability Report - that Spanish banks are sitting on what it calls "troubled" property and construction loans of 184bn euros, equivalent to more than 17% of Spanish GDP.
The light sandy soil is especially perfect for the Spanish red-legged breed on the property.
Johnston rescued this vintage art colony, infusing the property with furnishings reflecting the Spanish revival style.
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While debt investors have been giving Spanish government bonds an extra sniff and property firms have tottered, the banks have appeared to be Teflon-coated.
Its survey of European property suggests that far more Spanish houses were being built last year than are likely to be needed in steady market conditions, let alone a slump.
So far this year Santander has set aside 3.5bn euros for provisions for property losses - a problem facing all Spanish banks.
According to a senior banker, we will get some of the answers on Friday, when the Spanish government is expected to decide what level of losses Spanish banks should be obliged to recognise on their reckless property and construction loans, on top of 50bn euros of provisions they have already been forced to make to cover potential losses.
But market participants expect that the agency will meet the market in terms of pricing, as other Spanish sellers increasingly have been doing lately to dispose of distressed property.
For example, one German politician has said that any future bail outs should be funded by property owners as the statistics show that Cypriot (and Spanish) familes are richer than German ones.
Mr. Reznik, who, as a Duma deputy enjoys immunity from prosecution, had simply purchased property from Mr. Petrov in full accordance with both Spanish and Russian laws, nonetheless, prompting Judge Garzon's judicial inquiry.
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The banks will no longer be allowed to lend to property developers, and must refocus their business on loans to Spanish households and to small and medium-sized businesses.
The IMF assessment -- roughly in line with that of ratings agency Fitch -- came on the eve of critical talks between the Spanish government and European institutions over the terms of aid to Spanish banks, which are saddled with bad debt, much of it property-related.
That weaker economy comes with the backdrop of land and property prices that likely have much further to fall, which heralds pain for Spanish banks.
Spanish bank Santander has said its quarterly profits fell by more than 90% after taking provisions for bad property loans in its local market.
Other residents in the building include Spanish and Greek-American families, at least one of which is using the home as an investment property, she said.
The surrounding marsh, shrieking cicadas, and Spanish moss hanging like frayed gray scarves, not a breeze to stir it made the property feel almost secluded.
Audits commissioned by the Spanish government recently showed its banking sector -- beset by bad debt in the aftermath of the country's property market crash -- is likely to need 60 billion to 70 billion euros in extra cash to stay solvent.
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