Spain, Ireland: from housing bust to banking woes - Guardian

Andrew Hay obviously doesn’t read the pin then!

You can double it for spain too.

So the liquidity problem is that property developers have no cash to repay the massive loans outstanding, the question is at what stage a liquidity problem is a capital problem? When the loans are demeed non-recoverable, which would normally be after six months/ a year? shouldnt auditors and regulators be all over the banks over this?