Delinquencies and Defaults in Spain Hit 13%, a 50-Year Record

Looking for evidence of a recovery in Spain? So am I, but I sure don't see any.

Via translation from La Vanguardia, please consider Bank Defaults Hit Record 13% in November.

Delinquency ratio of banks, savings banks, cooperatives and credit institutions operating in Spain rose again in November to 13.08%, a level not seen since the data began to be collected, over 50 years.

According to provisional data for November released today by the Bank of Spain, the Spanish financial system stand together a volume of overdue loans of 192.504 billion euros, compared to 190.971 billion in October, largely due to the economic crisis and high unemployment.

Compared to November 2012 the total volume of loans in November declined by nearly 212 billion, due in large part to deleveraging holding families and Spanish companies.

Although the Bank of Spain does not break default rates by type of institutions with the exception of the EFC, the rest (banks, savings banks and cooperatives) recorded a volume of bad loans of 187.039 billion euros, compared to 185.439 billion of previous month.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com