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REPORT: A Major Spanish Government Bailout Claim Is Already Falling Apart

The extent to which the latest Spanish bank bailout is coming without strings — a key claim made by the Spanish government — is in question.


ZeroHedge points to this article in El Pais, which includes this line.

In return for subsidized rates, Spain cede sovereignty over its financial system, but also lose tax sovereignty, contrary to what the Government said yesterday.

Meanwhile. Analyst skepticism is growing.

CNBC’s Kelly Evans writes:

What all the fancy-sounding acronyms in […]

Spain admits it has been frozen out of global credit markets as its economy collapses:

Premier Mariano Rajoy said the country is “in an extremely difficult situation” and called on Europe to stand by the mutual obligations of euro membership. “Europe must say where it is going and show that the euro is an irreversible project that is not in danger, that helps nations in difficulty,” he told Spain’s senate.

Treasury minister Cristobal Montoro confessed that Spain can no longer raise money. “The market is no […]

Spain ‘Discovers’ 28 Billion In Debt

by ZH

Back in late March, we pointed out – much to the chagrin of the LTRO-funded Spanish-sovereign-debt-stuffing banks of the tapas-nation – that, in a similarly misleading manner to Greece’s ‘leverage’ the debt-to-GDP data for Spain was significantly higher than official estimates. Once sovereign guarantees, contingent liabilities and their responsibilities to the EU and the ECB were included things got a whole lot uglier. Now, slowly but surely, as reported by Reuters this evening, some […]

Europe Blinks: Troika Willing To Change Terms Of Greek Bailout Deal

And so it all begins anew:

“From Bloomberg: IMF, EU, ECB Open to Changes in Greek Aid Deal, Real News Says

The so-called troika of the European Union, the International Monetary Fund and the European Central Bank is willing to make six important changes to Greece’s financial aid agreement if a pro-European government is formed in the country, Real News said.

The Troika is willing to extend by one year to end 2015 the time […]

Don’t Forget Portugal: MS Sees A Second Bail-Out By September With A Bail-In To Follow

With all eyes firmly planted on Spain, the little-Escudo-that-could has quietly slipped off the heading-into-the-abyss list of the mainstream media. Little was made this week of the fact that 10Y Portuguese bond yields dropped to seven-month lows – except by us of course where we explained that this is almost entirely due to the CDS-Bond basis trade ‘arb-du-jour’ that has placed a technical bid under Portuguese bonds. Between the help from LTRO and the […]