Spain is likely to overestimate its banks' profit

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Source: Bloomberg
Spain, the country that for years underestimated its lenders' losses, may overestimate the future earnings as economy moves deeper into recession. One of bank stress tests estimated the losses could amount to EUR 274 billion over next three years while the profit may reach around EUR 23 billion per year prior to loss provisions. Although Spanish two biggest lenders gain most of their earnings abroad, smaller financials heavily depend on local market situation. Overestimating future gains may lead country to require too little aid from EU for bank recapitalization. 
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