The Perfect Storm:
Spain is busy setting up a bad bank with the transfer of 45 billion euros worth of assets with a discount of 63.1% for foreclosed assets and 45.6% average discount on for loans, which is a condition for a European bailout of as much as 100 billion euros for its banking sector. The bad bank will also apply a 79.5% discount for foreclosed land, 63.2% on unfinished developments and 54.2% on foreclosed new homes.
With 200 billion euros of financing needed for 2013, Spain is indeed facing a perfect storm...
"Anyone who says they're not afraid at the time of a hurricane is either a fool or a liar, or a little bit of both." - Anderson Cooper