Beware a Spanish fever

The unwinding of Spain’s property bubble is pushing its banking system to the brink, and writing a dangerous new chapter in Europe’s debt crisis.

PORTFOLIO POINT: Spain is facing a subprime mortgage crisis that could dwarf that of the United States (as a proportion of its total banking assets). And while we may look back at 2012 as a rare opportunity for equities, the fallout from the EU crisis is only just beginning.

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