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Spain's Zombie Developments

By Bloomberg Photos - 2013-03-26T10:56:24Z

Photograph by Markel Redondo/Panos

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Unfinished Business

The ruling PP Party, which took over in December 2011, passed a decree in February 2012 requiring banks to speed up recognition of losses on real estate by boosting provisions set aside for land to 80 percent from 31 percent and for unfinished developments to 65 percent from 27 percent. A second decree in May forced lenders to set aside more money for real estate loans classed as healthy.

Left, part of the closed Ciudad Real Airport.