Santander faces pain in Spain

With so many banks still vulnerable due to their exposure to the sovereign debt of the eurozone's weaker states, investing in banks' shares is risky. But some banks look more vulnerable than others, with those that originate from the zone's most troubled economies looking the shakiest. Step forward Spanish banking giant Santander. It faces an especially challenging future; not surprising given its inevitably hefty exposure to Spain, a nation suffering horrendous levels of unemployment and where a return to recession looks imminent.

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