Spain's banks, particularly its savings banks or "cajas," have enormous amounts of bad loans. And as the second recession in three years hits Spain, the number of bad loans is expected to surge. Spain's unemployment has risen to nearly 25 percent, making it increasingly difficult for many Spaniards to pay their mortgages.The country's central bank, the Bank of Spain, says banks are still burdened with about â¿¬175 billion ($220 billion) in "problematic" real estate holdings, including loans and repossessed homes.
Spain's Ailing Banks Threaten Country's Finances
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