More losses await Spanish banks as land sits worthless

07/23/2013 | Reuters · Reuters

Spain's troubled banks might be forced to write down the value of undeveloped land on their books. Much of the agricultural land is failing to attract buyers, even at huge discounts, bank officials and real estate advisers say. Banks might never recover any value from remote plots, experts say. Financial institutions acquired the property after foreclosing on developers, who paid premium prices before the market collapsed in 2008.

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Reuters · Reuters

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