Spanish banks have been publically very successful at navigating the financial storm of this recession. However I do believe the true extent of their problems has yet to be revealed. Like icebergs most of it lies underneath. The country itself continues to borrow massively on world markets without a clue of the long term consequences. A €17 billion infrastructure project is about to get under way to try and halt/disguise the unemployment figures and the true state of the economy.
I see a Greek style disaster waiting to happen.
The Spanish banks will be caught out, its inevitable.