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Spain's bad debt ratio 11 times higher than 2007

Thu 18th Jul 2013
Spain's bad debt ratio 11 times higher than 2007

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.

Comment on this Story

 
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?
David - Thu, 18th Jul 2013

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