Spanish Bad Loans Spiral To Record New High

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Photo: kogakure on flickr

One of the darkest parts of the Spanish economy, and therefore the European economy, the bad loans held by the banking system continues to get worse.From Reuters:

Spanish banks’ bad loans rose to 10.7 per cent of their outstanding portfolios in September, reaching a fresh record high, Bank of Spain data showed on Monday, up from 10.5 per cent a month earlier.

The total pile of bad debt is now a staggering $182.2 billion.

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