Spain: Bad debts’ rise to record is why crisis will return

The key to Spain's turning the corner as 2013 begins is the housing market. This takes on increasing importance given the reprieve in crisis interest rates. House prices are still falling and the economy is contracting despite the improvement, making a return to crisis possible.
The positive narrative for Spain would be that the Spanish are finally doing what the Irish have done and recognizing the bad debt in the financial sector. Having done so, Spain is now experiencing a tailwind courtesy o...


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