Spanish Bad Loans Soar To New Record High

Tyler Durden's picture

Despite the onslaught of confidence-inspiring flim-flam from leadership in Europe and a Spanish Prime Minister (and finance minister) desperate to distract with "soft" survey based data, the hard numbers keep coming in and keep getting worse and worse. The latest, seemingly confirming the IMF's fearsome forecast that European banks face massive loan losses in the coming years, is Spain's loan delinquency rate. Bad loans across Spanish banks amounted to $247 billion in August - a new record-breaking 12.12% of all loans outstanding (now 30% higher than any previous crisis in the history of Spain). Credit creation continues to implode with a 12.3% plunge in total loans outstanding but of course, none of that matters (for now), as Spanish bond spreads (and yields) press back towards pre-crisis lows...



Charts: Bloomberg

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Sudden Debt's picture


GetZeeGold's picture



Is there a picture of the crazy bastard who's willing to loan Spain money?

mvsjcl's picture

The gain in Spain flows mainly down the drain.

I am more equal than others's picture



The canary in the coal mine has just died.

Son of Loki's picture

"A un paseo de distancia."


Just walk away.....the Spanish learn the American style of simply walking away from their bad debts. We're still #1 though, I beleive.


Oracle 911's picture

Well the collapse of Europe is coming and will arrive slightly before/after (to much variants) the collapse of USA.

CPL's picture

The G20 just had their conference, I understand they take groups shots.

Grande Tetons's picture

US loan losses to follow. 



Defaults and delinquencies will be all the rage in 2014.  Hey, if the banks get fucked...that is A ok with me. 

Sudden Debt's picture

US loan losses to follow.




LawsofPhysics's picture

You clearly do not understand the beauty of "mark to fantasy" accounting.  Losses are assets... fact everything the TBTF banks do is net positive.  You and I on the other hand...

firstdivision's picture

This. Is. Bullish.  Corzine, do you have access to make trades in prision?

Obchelli's picture

Who cares nothing reflects in markets if anything any crises causes indexes to soar more on hopes that it will be averted... what a nightmare for bears and now data from China starts to "improve", Yellen at driving wheel - how can this market ever drop?

screw face's picture

((((((((((LET THEM EAT FIAT))))))))))

LawsofPhysics's picture

Bail in bitchez....

Dr. Engali's picture

It's Spain's turn in the news cycle already? I thought it was Greece's turn.

lolmao500's picture

Bad loans? Please! Whoever doesn't pay their loan should be arrested and put in a debtor prison!

- Jamie Dimon

Son of Loki's picture

Moar zero down, never-pay-back's all the Fad.

hugovanderbubble's picture

ibex 10,000 ,...


youngman's picture

They just had a bicycle race in Spain..similar to the Tour de France.....what I saw in all the little costal towns they went thru was totally new housing looked all brand new..they really bubbled it up...a long way to go I think...

shovelhead's picture

Doesn't matter anyway.

Your munnies is (paper) Pulp Fiction.

You just gotta BELIEVE.

ChaosEquilibrium's picture

Why is the US 10yr BID HARD at European open??

LawsofPhysics's picture

There are no markets, period.  There is only manipulation in a debt is money/fractional reserve system.  In such a system, liquidity can be "created" in an instant out of thin air.  Unfortunately, calories can not, hedge accordingly.

venturen's picture

As long as the FED has a green current...all reality is deniable.