Spanish Banks Creating ‘Tsunami’ of Failed Developers

Spanish Banks Creating ‘Tsunami’ of Failed Developers

Angel Navarrete/Bloomberg

More than half of the country’s 67,000 developers can be categorized as “zombies,” which have liabilities that outweigh their assets and only produce enough income to repay the interest on their loans, according to R.R. de Acuna & Asociados, a real-estate consulting firm.