It's time for another roundup on Spain. Every day is time for another roundup on Spain. Today's report is on bad loans, and complete foolishness at Bankia buying its own shares hoping to stabilize its price.
Spanish Bad-Loans Ratio Hits 8.37 Percent
The Wall Street Journal reports Spanish Bad-Loans Ratio Hits 17-Year High
By Valentina Za and Silvia AloisiMILAN (Reuters) - A drive by Italian banks to come clean on bad loans during a European bank health check may force them to raise as much as 20 billion euros in capital, three times more than that penciled in so far, to shore up their balance sheets.
Spain's "bad bank", Sareb to speed up distressed property sales in an ambitious new timetable for liquidation.
The bad bank is hoping to sell almost 42,000 housing units in the next five years. This is about half of the properties in its €50 billion (£42.5 billion approximately) portfolio.
There was lots of Eurozone news this week outside of the typical Greek default fodder. Nearly all of that news was not pretty. Let's take a look at the key stories.
Eurozone Unemployment Rate 10.7%, Highest Since 1999
The Telegraph reports Eurozone unemployment hits record high of 10.7pc
Spain and Ireland have economies in shambles over housing bubbles popped long ago. Damage continues to mount. Here are a pair of stories highlighting problems.
Bloomberg reports Irish Home Loans At Least 90 Days In Arrears Rise to 9.2%
Irish home loans in arrears for more than 90 days rose to 9.2 percent at the end of last year from 8.1 percent at the end of the third quarter, according to the country’s central bank.
Yesterday we assessed how elements of the financial media are either unbelievably lazy or completely complicit in helping to maintain the illusion of success for the Centralized powers (large governments and Central Banks).