A "Tidal Wave" About to Hit Spanish Real Estate and Banks

February 11, 2010 (LPAC)—The Spanish real estate and property development sector — one of the crown jewels in the phony assets portfolio of London-run Banco Santander — is about to drop off the face of the earth; and with it, the banks that are holding all the bad paper.

Spain's General Judicial Council is forecasting that last year's 115,000 foreclosures will jump by more than 50% to 180,000 this year, according to Property Wire, and that banks will have to write off about 50% of the valuation on their books.

"That's a vast underestimation on both counts," Lyndon LaRouche commented today.

Santander's 2008 pioneering introduction of property derivatives into the Spanish market, in a joint operation with Britain's Grosvenor Property — owned by Britain's richest man, Gerald Grosvenor, the 6th Duke of Westminster, who is a cousin to Queen Elizabeth II and godfather to Prince William — has only increased the explosive charge of the bomb that will explode.

Already in 2009, Santander had to increase loan loss provisions by about $1.45 billion, which essentially came from their IPO sale of 16% of their Brazilian bank for about $2 billion. Santander is reportedly quietly preparing for a far, far worse meltdown of assets in 2010, and is considering selling up to 25% of its U.K. and U.S. holdings in similar IPOs.

http://www.larouchepac.com

Lyndon LaRouche explains start of WW III. Distribute this Video!

 

Firewall: In Defense of the Nation State

 

HOW THE BRITS STOLE USA GOLD STOCK FROM FORT KNOX.

Watch both parts. A MUST SEE!

Google Video The Mony Masters Part 1 of 2   Please Distribute !