Spain. Ireland with better weather.
Take this quote from a Bloomberg story:
“If there were to be a proper mark to market of real estate assets, every Spanish domestic bank would need additional capital,” Daragh Quinn, Nomura Holdings Inc. in Madrid.
Of course this doesn't include Santander...
Fintag rant in 2010 - Where did all the toxic assets go? (fintag)
Spain pain (washingtonpost)
Santander to replace its red hot dog shit logo following protests.