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Europe’s toxic property loan clean-up gathers pace

Posted on 30 January 2013

Sales of European property loans will rise by about 15 percent to 25 billion euros (21.6 billion pounds) this year as Spain and Ireland speed the sale of unwanted and bad loans, confronting the extent of the real estate crash as they clear their books.
Both countries suffered the worst of Europe’s property collapse, with prices falling more than 50 percent in some areas from the previous peak in 2007. Both have national ‘bad banks’ to purge lenders of their risky loans and after a slow start, during which better-performing assets were offloaded, both countries must now tackle the worst………………………………………..Full Article: Source


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