Monday, July 19, 2010

Spanish Bad Bank Debt Rises

The pressure continues to build.

Bad debt held by Spanish banks topped €100 billion ($129 billion) for the first time in May, as more companies filed for bankruptcy and unemployment continued to rise amid the economic downturn.

Loans that are at least three months past their due date totaled to €100.37 billion in May, up from €99.89 billion in April, and from €86.74 billion a year earlier, according to data published by the Bank of Spain.

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