Reply To: Are the Spanish banks hiding their losses?


Unfortunately Banks and bankers are now in the same position as estate agents. They talk up the market for that’s where their interests lie. Consequently they are ‘economical with the truth’. I have been astonished recently during my many contacts with banks that they seem not to have noticed Spain is in recession. They ask ludicrous prices for repossessed developments as if the sky had never fallen in.
I predict the place to buy in about a year will be property auctions when the banks desperately attempt to fend off inevitable insolvency.