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Spain's pain falls on European Central Bank
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Posted on
Jul 30 2008 5:30 AM
by
adeal
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Spain's housing collapse is becoming European Central Bank President Jean-Claude Trichet's economic crisis as delinquent home-loans rise amid a slowing economy. Spanish lenders, once the most prudent on the Continent, have almost tripled borrowings from the Frankfurt-based ECB in the past year to 47 billion euros ($74 billion), pledging bonds backed by assets, including mortgages, as collateral.
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