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April 18th, 2012 
FAKE NEWS for the Zionist agenda Economists warned on Wednesday that Spanish banks will have to turn to the eurozone’s rescue fund the European Financial Stability Facility (EFSF) for help to cover losses caused by a property market crash.
Earlier on the day official figures showed that the ratio of Spain’s bad bank loans jumped to an 18-year high in February.
Market concerns about the eurozone’s fourth largest economy have deepened in the past week.
Non-performing loans, as a proportion of total lending, jumped to 7.91 percent in January from less than one percent in 2007, the highest level since 1994, according to data released by the Bank of Spain.
Doubts about the extent of Spain’s non-performing loans problem is hurting bank stocks and driving up the government’s borrowing costs on investor concerns that the expense of propping up ailing lenders may add to the debt burden.
Andrew Bosomworth, Pacific Investment Management Co.’s Munich-based head of portfolio management said, “One of our concerns in Spain is to what extent contingent liabilities could pass to the central government.”
Spain has announced spending cuts of more than 11-billion dollars as well as tax increases to reduce the country’s deficit to avoid seeking a financial bailout like Greece, Ireland and Portugal.
Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, destroying millions of jobs. Analysts say Spain’s economy is expected to enter into a new recession in the first two quarters of 2012.
Europe plunged into deep financial crisis in 2008, which has continued to intensify in recent months.
MR/JR
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