Bad loans held by Spain’s banks rose in June to reach record levels. The news might have been expected because so many of these loans are mortgages and Spain’s real estate sector continues to implode. Reuters reports:
In the same month that Spain sought a European bailout of up to 100 billion euros for its struggling lenders, their non-performing loans rose to 9.42 percent of outstanding portfolios from 8.95 percent in May, central bank data showed on Friday.
Loans that fell into arrears increased by 8.4 billion euros ($1.03 billion) to 164.4 billion euros.
Douglas A. McIntyre
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