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The total amount of toxic debt on the books of Spanish Banks soared to 11.2% for the month of May - up from 10.9% at the end of April.
The information released by the Bank of Spain earlier today revealed how the financial burden of unpaid loans amounted to €170.2 Billion at the end of May - an increase of €3.1 Billion from the previous month and €14.25 Billion up on the same month last year.
Although lower than the previous peak of 11.4% seen in November 2012, the 11.2% bad-debt ratio compares to a figure of just 1% seen in 2007, before the grip of the economic crisis took hold.
Hang on.! It was only last Sunday that we were told that Spain was 'out of recession' - http://www.tumbit.com/news/articles/7622-spain-out-of-recession.html - what's happened in 4 days?