ftalplaville posted on Bank of Spain data about Spanish private lonas:
What is quite obvious from the data is that deleveraging went into full speed in 2011 with loans dropping €61.5bn in 2011 (and €19.2bn in the first two months of 2012), with most of the drop coming from mortgage loans which lost €60.6bn. Also doubtful loans went from €107.2bn to €143.8bn in February (or 8.16% of total).
If one compares the above numbers with 2011 GDP, the result is that loan contraction was equal to 5.7% and averaged €5-6bn per month or around 0.5% of GDP, while doubtful loans are equal to 13.4% of GDP. Given the large austerity push for 2012 (which will only leave a weak external sector to provide for positive demand growth), these numbers suggest a deep recession for this year and much higher capital needs for Spanish banks (which will eventually need to be covered by the Spanish state, increasing its debt/GDP ratio).
On a related note, zerohedge posted an informative 2012 calendar of sovereign bond issuance. July seems very crowded.