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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Fri, 10/18/2013 - 08:25 | 4068213 Sudden Debt
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Fri, 10/18/2013 - 08:28 | 4068220 GetZeeGold
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Is there a picture of the crazy bastard who's willing to loan Spain money?

Fri, 10/18/2013 - 08:29 | 4068223 mvsjcl
mvsjcl's picture

The gain in Spain flows mainly down the drain.

Fri, 10/18/2013 - 08:32 | 4068228 I am more equal...
I am more equal than others's picture



The canary in the coal mine has just died.

Fri, 10/18/2013 - 08:50 | 4068281 Son of Loki
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"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.


Fri, 10/18/2013 - 10:52 | 4068727 Oracle 911
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Well the collapse of Europe is coming and will arrive slightly before/after (to much variants) the collapse of USA.

Fri, 10/18/2013 - 08:43 | 4068260 CPL
CPL's picture

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

Fri, 10/18/2013 - 08:29 | 4068216 Grande Tetons
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. 

Fri, 10/18/2013 - 08:31 | 4068227 Sudden Debt
Sudden Debt's picture

US loan losses to follow.




Fri, 10/18/2013 - 09:46 | 4068462 LawsofPhysics
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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...

Fri, 10/18/2013 - 08:26 | 4068217 firstdivision
firstdivision's picture

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

Fri, 10/18/2013 - 08:30 | 4068225 Obchelli
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?

Fri, 10/18/2013 - 08:31 | 4068226 screw face
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((((((((((LET THEM EAT FIAT))))))))))

Fri, 10/18/2013 - 08:38 | 4068247 LawsofPhysics
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Bail in bitchez....

Fri, 10/18/2013 - 08:42 | 4068254 Dr. Engali
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It's Spain's turn in the news cycle already? I thought it was Greece's turn.

Fri, 10/18/2013 - 08:45 | 4068270 lolmao500
lolmao500's picture

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

- Jamie Dimon

Fri, 10/18/2013 - 08:55 | 4068293 Son of Loki
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Moar zero down, never-pay-back's all the Fad.

Fri, 10/18/2013 - 08:53 | 4068298 hugovanderbubble
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ibex 10,000 ,...


Fri, 10/18/2013 - 08:54 | 4068304 youngman
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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...

Fri, 10/18/2013 - 08:58 | 4068315 shovelhead
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Doesn't matter anyway.

Your munnies is (paper) Pulp Fiction.

You just gotta BELIEVE.

Fri, 10/18/2013 - 09:00 | 4068326 ChaosEquilibrium
ChaosEquilibrium's picture

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

Fri, 10/18/2013 - 09:23 | 4068391 LawsofPhysics
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.

Fri, 10/18/2013 - 09:38 | 4068442 venturen
venturen's picture

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

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