Will the Pain Start in Spain?

"As you may recall, I've said forever that Spain will be the EU dealbreaker. And as we saw, again, not that long ago, for an entire decade, from 1997-2006, Spain built more homes than England, France and Germany combined, of which far too many to count now stand empty. Plus, much of the financing for all these superfluous homes was done through still seemingly healthy large Spanish banks like Santander and BBVA"