- Joined
- Sep 2, 2007
- Messages
- 12,690
Spain risks homespun subprime quandary
MADRID - Spain escaped exposure to U. S. subprime assets but risks its own property debt crisis in 2009 as defaults soar among real-estate and construction firms that account for half of all Spanish corporate credit.
More than 1,000 Spanish property and building firms will have filed for bankruptcy protection in 2008 and more than 1300 could follow suit next year as they struggle to repay more ¤470-billion (US$657.9-billion) in debt, according to Pricewaterhouse-Coopers.
http://www.nationalpost.com/todays_paper/s...html?id=1124681
MADRID - Spain escaped exposure to U. S. subprime assets but risks its own property debt crisis in 2009 as defaults soar among real-estate and construction firms that account for half of all Spanish corporate credit.
More than 1,000 Spanish property and building firms will have filed for bankruptcy protection in 2008 and more than 1300 could follow suit next year as they struggle to repay more ¤470-billion (US$657.9-billion) in debt, according to Pricewaterhouse-Coopers.
http://www.nationalpost.com/todays_paper/s...html?id=1124681