Saturday, November 19, 2011

No worries, the ECB is here to help

Spanish Banks Have $41B of ‘Unsellable’ Real Estate

"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". " The banks will face increased pressure if Mariano Rajoy becomes prime minister as expected after national elections on Nov. 20. The People’s Party leader has said the “clean-up and restructuring” of the banking system is his top priority as he seeks to fuel economic recovery by boosting the credit supply". But land “in the middle of nowhere” and "unfinished residential units will take as long as 40 years to sell", Pablo Cantos (Mac Group) said.

Posted by alan @ 12:50 PM (1004 views)
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3 thoughts on “No worries, the ECB is here to help

  • general congreve says:

    It’s unsellable at the price of $41Bn, therefore it is not $41Bn’s worth.

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  • general congreve says:

    PIIGUKS. That works.

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  • general congreve says:

    @2 – Wrong thread!

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