I have next applicationContext.xml file on the root of classpath:
I was having the same issue and came across this post but I was unable to resolve it the same way maks did. What ended up working for me was to set the ignoreUnresolvablePlaceholders property value to true.
classpath:database.properties
I am using Spring 3.2.3.RELEASE as well. I realize this post is over 4 months old but I figured someone might find it useful.