Special Report: Why Spain's version of Nama won't work

Spain has misguidedly looked to Ireland's example as it tries to claw its way back from financial crisis, writes Joe Haslam in Madrid.

6th January, 2013
The offices of Bankia, the partly nationalised Spanish bank, at Plaza de Castilla in Madrid. Photo: Getty

With just six months to get the Asset Management Company - agreed as part of the banking bailout - up and running, it was no surprise that the Spanish authorities looked to the example of Nama. As a fellow eurozone member where a construction-fuelled boom had also come to a shuddering halt, Ireland had a working model which could be closely followed.

Thus was born La Sociedad de Gestión de Activos Procedentes de la Reestructuración...

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