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'Bad loans higher in November, according to Bank of Spain'

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Bad loans higher in November, according to Bank of Spain

01/18/09 22:16

The effects of the Spanish property market's collapse is already trickling down to one of Spain's most important sectors--the banking sector. There are far more bad loans last November than the preceding months, according to the report of the Bank of Spain. It rose by 10.4 percent in November to 56.121 billion euros.

To remedy the situation, the Spanish government has alloted a fund of up to 50 billion euros to purchase high quality assets from these banks and provide liquidity.

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