Spain is About to Enter a Full-Scale Collapse
by Phoenix Capital Research
Spain is about to enter a full-scale Crisis.
A few facts about Spain:
• Total Spanish banking loans are equal to 170% of Spanish GDP.
• Troubled loans at Spanish Banks just hit an 18-year high.
• Spanish Banks are drawing a record €316.3 billion from the ECB
(up from €169.2 billion in February).
Things have gotten so bad that Spanish citizens are pulling their money out of Spain en masse: €65 billion left the Spanish banking system in March 2011 alone.
As bad as they are, even these data points don’t do justice to the toxic sewer that is the Spanish banking system.