Banks, too, have fattened up on the housing market through mortgages; Spain has the highest rate of home-ownership in Europe.

Banks, too, have fattened up on the housing market through mortgages; Spain has the highest rate of home-ownership in Europe. Even though default risks remain low, they think turning around inefficient banks elsewhere in Europe may offer the best bet for future growth. Some, like Santander, have quietly expanded into other business lines; its consumer-credit division is Europe"s biggest car financier. What is next?