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Spanish banks' bad loans highest in 16 yrs in May

Source: Reuters - Mon 18th Jul 2011

Bad loans as a percentage of total loans at Spanish banks rose to their highest level in 16 years in May, data released by the Bank of Spain showed on Monday.

Loans falling into arrears as a percentage of total loans rose to 6.5%, the highest since May 1995 and up from 6.4% in April, the bank said.

Bad loans in the Spanish financial system have steadiliy risen in line with high unemployment and personal debt levels and are now more than 10 times higher than at the peak of the economic boom in the mid-2000s.

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