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Spanish Banks Have $41 Billion of ‘Unsellable’ Real Estate

Spanish banks, under pressure to cut property-backed debt, hold about 30 billion euros ($41 billion) of real estate that’s “unsellable,” according to a risk adviser to Banco Santander SA and five other lenders.

“I’m really worried about the small- and medium-sized banks whose business is 100 percent in Spain and based on real-estate growth,” Pablo Cantos, managing partner of Madrid-based MaC Group, said in an interview. “I foresee Spain will be left with just four large banks.”