Property Developer: The ECB Is The Only Thing Stopping Spain From Becoming The Next Dubai

``As even the most casual observer knows there is a large amount of real estate assets held by the Spanish banks and evidence suggests that the benchmark used for these Spanish bank held property valuations were over-stated by 25-40%, making the testing of a 10% correction largely meaningless... until accurate open market property values are published in Spain it is impossible to have confidence in the published stress test results and the enormous oversupply of property will continue to block the workings of the open market.''