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Spain’s banking system has suffered massive outflows of cash as investors become worried that the country will need a bailout and fragile banks count more and more troubled assets on their portfolios.
The latest news from Spain isn’t reassuring. Today, the Bank of Spain released monthly payments on its balance of payments, showing that capital was continued to flow out of the country. Here are the most worrisome numbers from that report: €41.3 billion ($50.6 billion) in [...] Currently, one third of all houses going into default are the result of voluntary, strategic defaults. In cases of strategic default the homeowner is employed and has the ability to make all mortgage payments on time. Strategic, voluntary default is a very rational decision for the underwater homeowner where there is no hope the house will ever be worth the amount of the mortgage. This means that hundreds of thousands of [...] |
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