THAT DOESN'T REALLY look much like a Christmas present from Santa:

The “skeletons” on the balance sheets of Spain’s banks have made Bestinver Asset Management, whose funds are the country’s best performing over the past decade, averse to stocks most affected by economic swings.

“We are very pessimistic on Spain because we think there are still skeletons to come out of the cupboards -- basically marking to market the true value of real estate on the balance sheets of the banks,” Managing Partner Alvaro Guzman, 36, said in an interview. “It’s not just the banks we’re out of but anything that has a Spanish cyclical component.” 

It's going to get ugly.