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If you can believe this, the incoming Spanish government is considering a Bad Bank solution not unlike NAMA whereby the Spanish state would buy over 20 billion in bad assets (chiefly, undeveloped land) while at the same time vowing to reduce deficits and debt to keep Merkel happy.

It appears that the experience of NAMA is one of the main reasons why the Bank of Spain opposes the measure, and even private banks don't like the idea.

On the other hand, a number of entities which have been rescued, merged, restructured... in the past 3 years keep coming up with bigger and bigger accounting holes. The latest one was up to 17 billion in losses at Caja de Ahorros del Mediterráneo, where the initial estimate was 5 billion...

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 09:01:51 AM EST
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