Recession May Double Spain’s Banking Bailout Needs

Recession May Double Spain’s Banking Bailout Needs

David Ramos/Bloomberg

Residential buildings stand on the skyline of Barcelona. The default rate on about 600 billion euros of Spanish residential mortgages stood at 3.8 percent at the end of 2012, up from 2.9 percent a year earlier and 0.4 percent in 2006 before the country’s property crash.