Spanish banks may loss a total of EUR 260 billion on its bad loans, reports said Monday citing an estimate by the International Institute of Finance (IIF).
It estimated the bad loan losses to be in the rage of EUR 216 billion-EUR 260 billion and said the Spanish banking sector will likely need around EUR 60 billion in order to remain viable.
"Substantial divergences between individual banks suggest that government assistance will be needed for a significant number of banks, mainly the cajas," the report said. Cajas are the country's savings banks.
by RTT Staff Writer
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