A neighbourhood of 189 unfinished chalets, financed by the Spanish savings bank CAM, pictured in the Spaninish island of Majorca
A neighbourhood of 189 unfinished chalets, financed by the Spanish savings bank CAM, is pictured in Cala Romantica, on the Spanish Balearic island of Mallorca, December 1, 2012. Spain's "bad bank" opened its doors on Friday with a blueprint broadly based on Dublin's National Asset Management Agency (NAMA) and a similar remit: to purge the country's lenders of toxic property assets that left them dangerously short of capital and reliant on European aid. Just like NAMA, SAREB - as the Spanish version is known - begins life accused both of paying too much for assets that have gone bad, and depressing the property market by acquiring them so cheaply. It has yet to attract private capital. (SPAIN - Tags: REAL ESTATE BUSINESS)
Size: 5184px × 3292px
Location: Majorca , Balearic islands, Spain
Photo credit: © zixia / Alamy / Afripics
License: Royalty Free
Model Released: No
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