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The Spanish Bad Bank Emerges, Confirms Spanish Real Estate Absolute Disaster
The details of the Spanish bad bank are being released and it is ugly - far uiglier than many had believed. And while the Spanish government expects priovate interest to take some of this massively discounted 'crap' off their hands, we have three words: 'deleveraging' and 'no bid!'. *RESTOY SAYS BAD BANK AIMS TO BE PROFITABLE *SPAIN BAD BANK TO DISCOUNT LOANS AVG 46%; FORECLOSED ASSETS 63% *SPAIN AIMS FOR BAD BANK NOT TO COUNT TOWARDS PUBLIC ACCOUNTS *SPAIN TO DISCUSS BAD BANK WITH INVESTORS IN COMING DAYS *SPAIN BAD BANK TO INCLUDE FORECLOSED ASSETS, LOANS, STAKES The Spanish government remain in a world of their ... (full story)