Spanish banks getting tough

Shares in the Spanish property group Reyal Urbis are reported to have fallen 8.7% on word that creditors are forcing it to sell off prime properties in Madrid.

“This is bad news for Reyal Urbis given the steep slump in Spain’s property sector prices, but it looks like the banks are being really tough now when it comes to renegotiating the company’s debt pile. Times are tough for everyone,” a Madrid-based trader [told Reuters].

The vultures are unlikely to be circling above CEE for a while yet, with the whiff of Iberian carrion wafting this way and the ability of banks (so far) to be lenient.

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