bullion vault: first signs of a housing slump are now emerging

Spain's current account is completely out of control has the worst deficit in its history, worse than any other country in the Western world. Should Spain face any form of banking crisis, the country will find it nearly impossible to handle.Should a housing slump occur, for instance, a banking crisis is likely to follow. And the first signs of a housing slump are now emerging.The Banco de España refuses to comment on these sales. Nor will it say why it's pursuing a policy of spending Spain's savings when they could have used other means to cover the trade deficit – which has now ballooned to 9.5% of GDP, reaching €8.6bn in January alone How serious could Spain's banking problems become? Its private sector has amassed the equivalent of $600 billion in foreign debts