Spanish Bad Loans Re-Accelerate To New Record High

SpanishBadLoansRe-AccelerateTo New RecordHigh

Amid the SpanishFinMin’s "concernsaboutthe pace oftheincrease" ingovernmentdebt, and PM Rajoy’s confidence that the nation would exit the eurozone-fueled banking bailout by January, bad loans in the still disastrously-troubled nations have re-accelerated to an all-time record high of 12.68% of total loans. Mostly linked to the collapsed property sector, bad loans climbed by 6.9 billion euros from the previous month to an unprecedented 187.8 billion euros ($254 billion) in September. Having almost completed the drawdown of its 41 billion bailout – and with the situation fundamentally worse than ever (e.g. record high unemployment), Spanishbondspreadshavecollapsedto 250bps – theirlowestin 29 months.

Chart: Bloomberg

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