Spanish housing prices are down over 11% for the year and lending to the banking system is coming from, well, outside the banking system from the Eurosystem which, somewhere in the ether, is being supported by a dollar swap line from the US Fed whose balance sheet is a toxic landfill
http://www.creditwritedowns.com/2012/08/target2-replacing-other-sources-of-funding-for-bank-of-spain.html
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