Spanish banks - sitting on hoards of "literally worthless" real estate - brace for "clean-up and...

Spanish banks - sitting on hoards of "literally worthless" real estate - brace for "clean-up and restructuring," a top priority of incoming PM Mariano Rajoy. "If there were to be a proper mark to market of real estate assets, every Spanish domestic bank would need additional capital," says an analyst. Most exposed is Banco Santander STD - can its overseas book cushion the blow?