Unfortunately, many Spanish commercial banks and saving banks bet the farm on the real state market. For example the Sabadell Bank just bought the CAM (a saving

Unfortunately, many Spanish commercial banks and saving banks bet the farm on the real state market. For example the Sabadell Bank just bought the CAM (a saving bank) for one euro.[1] The were some talking about burst the bubble in 2004, but Zapatero's government never implement the reforms. The Spanish prime minister regret later about not bursting the bubble earlier.[2] Spanish banks are well protected against loans because, the asset pledge as collateral" clause is rarely use in Spain. [1] http://www.businessweek.com/news/2011-12-08/sabadell-buys-cam-for-one-euro-as-spain-banks-bail-out-caja.html http://www.businessweek.com/news/2011-12-08/sabadell-buys-ca... [2] http://www.elmundo.es/elmundo/2011/06/28/suvivienda/1309274989.html http://www.elmundo.es/elmundo/2011/06/28/suvivienda/13092749... (Spanish)