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Spain’s unemployment rate has hit its highest level since “at least” 1976, topping 27.2 percent in the first quarter of 2013, according to BBC News and other media outlets around the world. The new figures were released ahead of anticipated remarks by Prime Minister Mariano Rajoy on Friday afternoon, which were largely expected to focus on plans to cut back on austerity measures in favor of other methods designed to stimulate the Spanish economy. Government ministers spoke to the press [...] by Phoenix Capital Research
Add the total and complete hypocrisy of France to the list of reasons to avoid putting a cent in the EU. We already know about Spain where Prime Minister Mariano Rajoy was “allegedly” receiving bribes from property developers throughout the housing bubble… while THREE different treasurers have been accused of everything from money laundering to fraud. Rajoy’s defense to the allegations? “I repeat what I said Saturday: everything that [...] by Phoenix Capital Research
Anyone who wants to get an inside look at both the European banking system and the politicians in charge of fixing it need to only look at Spain’s Bankia. Bankia was formed in December 2010 by merging seven totally bankrupt Spanish cajas (regional banks that were unregulated). The bank was heralded as a success story and an indication that European Governments could manage the risks in their banking [...] Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter Spain just can’t catch a break—a horrid economy with dizzying unemployment, collapsing banks, a prime minister and ruling party tarred by corruption…. Now a political espionage scandal blew up, scattering debris and money laundering allegations far and wide. Unemployment in Spain was 26% in December, youth unemployment 55%. GDP last quarter dropped for the fifth month in a row (-0.7%), the steepest decline since the financial crisis. Consumer spending plunged [...] by Phoenix Capital Research
In 2008, as the financial crisis picked up steam, one by one the big bank Wall Street CEOs came forward to assure everyone that “everything is fine” and that their banks were “well capitalized.”
Anyone who did a bit of actual research knew this was not the case. But a large component of corporate (and political) leadership is to maintain confidence and calm no matter how bad things [...] Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter It should have been a glorious event for Spanish Prime Minister Mariano Rajoy: a tête-à-tête with German Chancellor Angela Merkel. At the press conference following the 24th German-Spanish government consultation, he’d stand next to her, illuminated by her glory. He’d brag about implementing structural reforms, cleaning up the bailed-out banking sector, and moving Spain forward. He’d point at yields on government debt trending down toward normalcy. No, Spain wouldn’t [...] globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / December 27, 2012 1:39 PM Looking for a synopsis of the problems facing Spain? A summary of bullet points I gathered from the Spiegel article Evictions Become Focus of Spanish Crisis shows just how hopeless the situation is. There were a record number of evictions in 2012, foreclosures are expected to increase in 2013.  CATALONIA VOTES TO ‘BREAK WITH SPAIN’! CATALAN PRO-INDEPENDENCE PARTIES WIN MAJORITY, EXIT POLL SHOWS from Zerohedge: Mas Trouble In Little Spain As Country Layers Constitutional Crisis Onto Economic Depression Catalonia’s exit polls confirm over two-thirds of votes will go to pro-independence parties that will likely push for a referendum to break away from Spain, which the central government will challenge as unconstitutional. The more-populous-than-Denmark region is home to car factories and banks that generate one-fifth of Spain’s [...] The EU-IMF Troika in charge of Spain’s €60bn (£48bn) bank rescue is to demand much tougher action by the country’s authorities to clean up toxic debts, risking a clash that could deter Madrid from requesting a full sovereign bail-out.
BNM Mare Nostrum, and other mid-tier “Group 2″ banks such as Popular, Caja 3, and Liberbank, have little chance of tapping the markets to cover most of their capital deficits, according to [...] Moody’s just downgraded the credit ratings of five Spanish regions and confirmed current ratings on five others.
The downgrade comes on the heels of regional elections in Spain. The outcomes today were seen as favorable for Spanish PM Mariano Rajoy’s ruling government. Catalunya, one of the regions downgraded by Moody’s and perhaps Spain’s most economically important region, doesn’t hold elections until late November. There are fears that Catalunyans, who like to distinguish between themselves [...] IMF Fears ‘Credit Shock’ In Spain The International Monetary Fund has issued a veiled warning that Spanish bond spreads could surge to a record 7.5pc and push the country into a deeper crisis if premier Mariano Rajoy continues to drag his feet on a bail-out request. The fund said sovereign debt woes were spilling into the broader Spanish economy, risking a “pernicious feedback loop” for private companies. The danger is another bout [...] Mario Draghi’s plan to save the euro is about to get a test run. Spanish Prime Minister Mariano Rajoy appears ready to accept—perhaps not immediately, but soon—the European Central Bank president’s offer of a deal, in which the bank would buy up Spanish government debt in exchange for promised austerity and economic reforms. Investors seem persuaded that a bailout is at hand: The returns they’re demanding on Spanish bonds have [...] From Bloomberg: Stocks rallied and commodities rebounded from a seven-week low as Spain pledged to cut its deficit and speculation grew that China’s government will do more to support economic growth. The dollar and Treasurys fell. The MSCI All-Country World Index (MXWD) climbed 1 percent at 2:42 p.m. in New York, rebounding from its biggest drop since July. The Standard & Poor’s 500 Index advanced 1.1 percent, halting a five-day slump, and [...] UPDATE: POLICE TELLING NEWS CREWS TO LEAVE AREA DUE TO “NATIONAL SECURITY” IN MADRID AT ANTI-AUSTERITY PROTESTS Photos Of The Giant Protests Rocking Greece And Spain Discontent in Spain and Greece is rising.
Greece’s two largest labor unions went on strike today, disrupting flight and train services and forcing hospitals to depend on emergency staff. This is the first general strike in Greece since the coalition government came to power. Protestors gathering around the Greek [...] Discontent in Spain and Greece is rising.
Greece’s two largest labor unions went on strike today, disrupting flight and train services and forcing hospitals to depend on emergency staff. This is the first general strike in Greece since the coalition government came to power. Protestors gathering around the Greek Parliament in Athens, throwing Molotov cocktails at the riot police but have been pushed out of the main square now, according to BBC. Click here to [...] California Debt Higher Than Earlier Estimates, a Task Force Reports “They also pointed out many of the same unpaid bills from previous years that the governor had brought to light, like $8 billion in delayed payments to schools and community colleges, and $250 million that was raided from a fund dedicated to transportation and treated as revenue. The task force estimated that the burden of debt totaled at least $167 billion and [...] Although Madrid sources told The Slog this morning that next week’s formal Spain bailout will include “unlimited bond buying by the ECB”, market sources are suggesting this evening (5.00pm BST) that the Spanish government drove a coach and six through eurozone bond rules to artificially depress bond prices earlier today. It is the latest move in a fast-escalating clash between Catalan nationalists and Spanish nationalists, the latter backed by King Juan Carlos and the Spanish military. Jose-Manuel Garcia-Margallo, the foreign minister, threw down the gauntlet, calling Catalan secession “illegal and lethal”. He warned that Spain would use its veto to stop the region of Catalonia becoming an EU member “indefinitely”. The constitutional crisis has eclipsed the parallel drama of a Spanish bail-out request from [...] |
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