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Spain faces 104bn loan defaults : IMF

Fri 11th Oct 2013
Spain faces 104bn loan defaults : IMF

Spanish Banks are facing significant losses on the loans they have made to businesses over the next 3 years, according to a report by the IMF's Global Financial Stability Report.

Along with Italy and Portugal, Spain is facing a potential combined loss of some 250 Bln, with around 20% of all such loans liable to default.

However, unlike the other 2 countries, Spain has sufficient financial reserves to cover the losses.

The IMF referred to the report to urge the ECB to pay particular attention to Business-lending when undertaking their review of European Banking next year.

The report went on to indicate that, Spanish banks alone could face potential losses of some 104bn .

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