Spanish property giant collapses

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The bursting of Spain's property bubble has claimed another victim with developer Reyal Urbis filing for insolvency.

That comes after it failed to renegotiate its more than three and a half billion euros of debt with its creditors. They include Santander, BBVA, Bankia and Banco Popula.

The insolvency petition now goes to court and a judge will decide its fate.

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http://www.euronews.net/

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