“Spain’s fourth attempt in less than three years to clean up its banks, saddled with bad loans after a property market bust, didn’t go far enough to rebuild confidence in the industry.
“I don’t know why they even bothered,” Olly Burrows, a credit analyst at Rabobank International in London, said in a phone interview. “A lot of people were expecting a big announcement on a bad bank and all we really got was additional provisions to part of the real estate book.”
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