By editor
Originally published on Fri November 4, 2011 11:22 am
With Greece in flux over whether it'll remain in the eurozone, other weak economies like Spain are feeling the heat.
The worst could be yet to come in Spain — not because of public debt, but because its banks are still laden with unpaid real estate loans, putting both the banks and the housing market in jeopardy. Real estate prices in Madrid are still high, though salaries are frozen and unemployment soars. When Ireland's housing bubble burst, prices dropped more than 40 percent. But in Spain it's an 18 percent drop on average.
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