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Europe Daily Bulletin No. 10525

6 January 2012
ECONOMY - FINANCE - BUSINESS / (ae) spain
Further €50 billion provisions needed for Spanish banks

Brussels, 05/01/2012 (Agence Europe) - The Spanish economy minister, Luis de Guindos, says that Spanish banks will need to set aside a further €50 billion to cover bad property assets. “We have a property problem in Spain. But it's manageable. (…) If you take international valuations, as in the case of Ireland, you are talking about the need for €50 billion in extra provisions for the banks”, he explained in an interview with the Financial Times on Thursday 5 January. “This...

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