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Spanish Real Estate Woes Highlight Danger for SMEs

The largest Spanish corporate default, Martinsa-Fadesa, a Spanish homebuilder, signals potential risks in SME portfolios, Deutsche Bank analysts said. According to press reports, the company had debt outstanding in excess of Ä4 billion ($6.3 billion), held mostly by Spanish banks. Martinsa-Fadesa took out the Ä4 billion loan in April 2007...

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