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Spain banks' bad loans hit highest level since Oct 94

Source: Reuters - Sat 18th Feb 2012
Spain banks' bad loans hit highest level since Oct 94

Spanish banks' bad loans rose to 7.61% of their outstanding portfolios in December, the highest level since October 1994, data from the Bank of Spain showed on Friday.

Loans that fell into arrears increased by 1.5 billion euros to 135.7 billion euros in December.

Irrecoverable debts in Spain have continued to climb as the country struggles to bring down the highest unemployment rate in Europe and stimulate a stagnant economy.

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