In Consumer credit down a massive 33% in Spain, Credit Writedowns appears to be breaking news here:
Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment.
Click on the link for the brief post, most of which is Dr. Harrison's translation from the Spanish. He concludes:
Clearly, these are disastrous numbers. This is one reason that ratings agencies have been downgrading Spanish banks. I expect more bank failures or bailouts in Spain in the coming months.
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