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Spanish Bad Loans Soar To New Record High
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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CAN I HAVE SOME TAPAS WITH THAT LOAN?!
Is there a picture of the crazy bastard who's willing to loan Spain money?
The gain in Spain flows mainly down the drain.
The canary in the coal mine has just died.
"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.
Well the collapse of Europe is coming and will arrive slightly before/after (to much variants) the collapse of USA.
one of those 2 guys...
http://4.bp.blogspot.com/_aDL2hf0tHj4/SklzYMRYFXI/AAAAAAAAD_E/Eo2Lzi_XklY/s1600/Obama_I'm_with_Stupid.jpg
The G20 just had their conference, I understand they take groups shots.
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.
HAHAHAA, NONO!! THE US CAN'T HAVE BAD LOANS BECAUSE THEY WHERE NEVER MADE TO BE REPAID!
You clearly do not understand the beauty of "mark to fantasy" accounting. Losses are assets... ...in fact everything the TBTF banks do is net positive. You and I on the other hand...
This. Is. Bullish. Corzine, do you have access to make trades in prision?
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?
((((((((((LET THEM EAT FIAT))))))))))
Bail in bitchez....
It's Spain's turn in the news cycle already? I thought it was Greece's turn.
Bad loans? Please! Whoever doesn't pay their loan should be arrested and put in a debtor prison!
- Jamie Dimon
Moar zero down, never-pay-back loans...it's all the Fad.
ibex 10,000 ,...
SHORT SPAIN 100%
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 stock...it looked all brand new..they really bubbled it up...a long way to go I think...
Doesn't matter anyway.
Your munnies is (paper) Pulp Fiction.
You just gotta BELIEVE.
Why is the US 10yr BID HARD at European open??
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.
As long as the FED has a green current...all reality is deniable.