Greek bailout talks intensified once again this July, a repeat in many ways of last summer's discussions. But structured finance issuance is taking it much harder this year, as Nora Colomer examines in the cover story. In July two actively marketed European securitizations were abruptly pulled when the market got too volatile. Other issuers went the retained route rather than face the risks associated with bringing new-issue deals to market.

Also covering Europe, Felipe Ossa writes about how Spain is working through the mess left behind by the real estate bust. It looks like it's going to be a slow burn, with SPVs dealing with a growing pile of foreclosures, banks grinding through massive consolidations, and loads of bad real estate loans sitting on banks' books. A lot has to happen before RMBS will make much sense again.

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