Reply To: Are the Spanish banks hiding their losses?


I agree completely with Shakeel’s view of Spanish bankers. In my former commercial life I met many and was often astonished by their basic ignorance of business practice and understanding of simple legal frameworks.
I was in a small Spanish coastal town the other day, fairly typical of it’s type and on two average adjoining streets I counted no less than 12 banks.
As these banks fail, for they surely soon must, I estimate 3 or 4 larger banks will survive and the financial scenery of Spain will be changed forever.
Repos will then be auctioned off by the banks creditors at the highest bid further depressing the market.
You would need your head examined to enter this market place now or in the coming 5 year term. If a property looks cheap now it will be expensive later on.