Consumer credit down a massive 33% in Spain (ΠΟΛΥ ΑΣΧΗΜΑ ΜΕΓΕΘΗ)

Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment.
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Consumer credit fell by 33.7% in the first quarter, to €5.796 billion, and late payments rose to 17.54%, according to the National Association of Financial Institutions Credit (Asnef).
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Clearly, these are disastrous numbers. This is one reason that ratings agencies have been downgrading Spanish banks. I expect more bank failures or bailouts in Spain in the coming months.
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