Banks here in Denmark are facing problems as well.
One has already gone .... bankrupt.
The problem here in Denmark has been the housing market. It has been rising so fast that everybody wanted a piece of the action and the banks has not been careful enough with their risk portfolio. They used to have 1 in 5 loans that was deemed a risk.
Their greed has made them accept a much higher value.
At this point you can not loan money for a house unless you can prove you have a buyer for your existing one.
There are more houses for sale at this point than there has been for many many years!
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