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SPAIN/BAD-BANK
RTR3BBOU
December 07, 2012
A graffiti that reads: "Europe shit" is pictured on a block of houses on the outskirts of Madrid December...
Madrid, Spain
A graffiti is pictured on a block of houses on the outskirts of Madrid
A graffiti that reads: "Europe shit" is pictured on a block of houses on the outskirts of Madrid December 7, 2012. Spain has left major questions unanswered in its rush to set up a "bad bank" to manage toxic loans built up by the country's lenders, creating a detail vacuum that is keeping potential investors at arm's length. It will open SAREB, which will ultimately house around 60 billion euros ($78 billion) of rotten real estate loans, properties and deserted tracts of development land built up by Spain's ailing lenders, by the end of the year, but many of the details on how the assets will be managed and sold are still being hammered out. REUTERS/Susana Vera (SPAIN - Tags: BUSINESS REAL ESTATE POLITICS)
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