http://www.telegraph.co.uk/finance/financialcrisis/10052268/Spanish-prelate-fears-mutual-hatred-over-euro-crisis.html
The jobless rate in the Toledo region of Castilla-La Mancha is 31pc. The rate for youth has jumped to 64pc.
…
A new Metroscopia poll shows that 87pc of voters have lost confidence in premier Mariano Rajoy.
…
The Spanish government froze evictions for the most vulnerable families in November. A thousand people are still losing their homes each week, though this is less than often claimed . “They are just thrown onto the [...]
Spain is officially insolvent: get your money out while you still can
I’d not noticed this until someone drew my attention to it, but the latest IMF Fiscal Monitor, published last month, comes about as close to declaring Spain insolvent as you are ever likely to see in official analysis of this sort. Of course, it doesn’t actually say this outright. The IMF is far too diplomatic for such language. But that’s [...]
“The EU Commission wants future citizens open bank accounts anywhere indefinitely. This measure is especially the large international banks: they have more efficient ways to collect in Europe in case of a crash, the compulsory levy of bank customers.
Too big to fail is from an EU perspective, without alternative and therefore conveying a decent business model. There is now also a fundamental right to the compulsory levy. For the banks.”
http://deutsche-wirtschafts-nachrichten.de/2013/05/09/eu-gibt-banken-neue-moeglichkeiten-zum-zugriff-auf-die-bank-konten/
http://translate.google.de/translate?…/eu-gibt-banken-neue-moeglichkeiten-zum-zugriff-auf-die-bank-konten/
The [...]
from Mike Mish Shedlock:
Spain’s underground economy is reportedly 19% of GDP. Is it? Who knows? Whatever it is, Visa has its eyes on transaction fees while holding a carrot in front of the Spanish government regarding more taxable income.
Via Mish-modified translation from Libre Mercado, please consider Visa recommends Spain further limit the use of cash transactions.
The black market economic activity is beyond the control of the Treasury, and is one of the [...]
On Sunday April 14, Bolivarian candidate Nicolas Maduro won the Venezuelan presidential election by a narrow margin. With 99.12% of the votes counted, there was a 78.71% turn out, with Maduro receiving 7,505,378 votes (50.66%), and Capriles 7,270,403 votes (49.07%). Opposition candidate Capriles declared that he does not recognise the result and demanded an audit of 100% of the vote.
On Monday April 15 Capriles made a speech, which was broadcast [...]
By Nick Hubble
If you’re sick of hearing about Europe’s economic crisis, you’ve got a long hard slog ahead of you in coming years. The steady stream of good and bad news is ‘hiding the decline’, as climate scientists would say. But the decline continues nonetheless.
Countries implementing so-called austerity are still running deficits. Politicians say the crisis has passed while their economies shrink. Debt to GDP ratios are rising as debt grows [...]
by WashingtonsBlog
Ponzinomics
Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky, the Wall Street Journal and many others say that our entire economy is a Ponzi scheme.
Former Reagan budget director David Stockton just agreed:
So did a top Russian con artist and mathematician.
Even the New York Times’ business page asked, “Was [the] whole economy a Ponzi scheme?”
In fact – as we’ve noted for 4 years (and here and here) – the banking system is entirely insolvent. And so are most countries. [...]
Small lender Banco CEISS, one of Spain’s banks that could end up in state hands, posted a 2.5-billion-euro ($3.21 billion) 2012 loss on Wednesday because of writedowns on soured property loans and assets.
http://www.cnbc.com/id/100595655
https://twitter.com/russian_market/status/317036240232935424/photo/1
Three small Spanish banks post multi-billion euro losses”
http://www.euronews.com/business-newswires/1871118-three-small-spanish-banks-post-multi-billion-euro-losses/
Depositors maybe ok in Spain’s bank restructuring, but Investors will suffer HUGE losses–
Spain Brings the Pain to Bank Investors
…The restructuring terms announced by the FROB will impose losses of up to 61% [...]
by Phoenix Capital Research
On February 22 2013, we released an article focusing on the little known fact that depositors’ savings were at risk in Europe. At that time we wrote:
It’s a little known fact about the Spanish crisis is that when the Spanish Government merges troubled banks, it typically swaps out depositors’ savings for shares in the new bank.
So… when the newly formed bank goes bust, “poof” your savings [...]
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 [...]
by Phoenix Capital Research
The single most difficult aspect about analyzing market moves in Europe is the impact of the political class on just about everything.
Worldwide, politicians are not exactly famous for honesty. However, Europe is a very special case… where just about everyone is lying on just about everything involving the economy and banking system.
This notion is illustrated wonderfully by Spain’s Prime Minister Rajoy, who was recently embroiled in a [...]
The independence-minded region of Catalonia has asked the Spanish central government for an extra 9bn euros (£7.7bn) in bailout money.
Catalonia’s regional government said it needed the money to pay down debts and meet deficit reduction targets.
It adds to the 5bn euros the debt-stricken region initially requested from Spain in August last year.
http://www.bbc.co.uk/news/world-europe-21254010
By Mike “Mish” Shedlock
I am piecing together a story of fraud and corruption involving the highest levels of Spanish government. My unnamed sources think it could bring down Prime Minister Mariano Rajoy.
However, the news articles I have (primarily in Spanish) are particularly choppy.
The brief background story is “black money” (under the table fraud or bribes) was paid monthly to top Partido Popular (PP) party leaders.
PP is the party of prime minister [...]
by Phoenix Capital Research
By the look of things, Europe’s banking system is breaking down again.
Bankia’s shareholders have received a nasty new year’s surprise. They may lose most of their investments or even all of them says the Spanish bank rescue fund in its latest report.
According to FROB, the Fund for Orderly Bank Restructuring, Bankia has a negative value of 4.2 billion euros, and its parent group BFA is 10.4 bn in the red.
Valuation [...]
zerohedge.com
With Spanish 10Y yields hovering at a ‘relatively’ healthy 5%, having been driven inexorably lower on the promise of ECB assistance at some time in the future, the market has become increasingly unsure of just who it is that keeps bidding for this stuff. Well, wonder no longer. As the WSJ notes, Spain has been quietly tapping the country’s richest piggy bank, the Social Security Reserve Fund, as a buyer of last [...]
Spain Drains Pension Fund in Borrowing Spree (Link found at Zerohedge)
“Spain has been quietly tapping the country’s richest piggy bank, the Social Security Reserve Fund, as a buyer of last resort for Spanish government bonds, raising questions about the fund’s role as guarantor of future pension payouts.
Now the scarcely noticed borrowing spree, carried out amid a prolonged economic crisis, is about to end, because there is little left to take. At least [...]
by Phoenix Capital Research
The markets in Europe continue to rally hard despite the fact that Europe’s financial system is totally insolvent.
At the center of this mess is Spain, which now barely functions as a country. Spanish pharmacies, owed $500 million by the government, are running out of medicine in Valencia. Strikes have resulted in trash not being collected for 20 days in Jerez. Over 2.2 million children live in poverty [...]
A Train Wreck in the Bond Markets
by Ben Traynor
BullionVault
Friday 9 November 2012
Why investors, fearful of currency depreciation, have turned to gold…
NOT SO LONG AGO, everyone seemed to think Greece was about to leave the Euro.
Well, it hasn’t. Yet.
And remember when Spain’s government was only days away from requesting a formal bailout?
Well, it hasn’t. Yet.
Never underestimate the power of Europe’s politicians to press the slow-mo button on the single currency car crash.
But how long [...]
by GoldCore
Today’s AM fix was USD 1,708.50, EUR 1,321.04, and GBP 1,069.28 per ounce.
Yesterday’s AM fix was USD 1,717.00, EUR 1,317.22, and GBP 1,072.12 per ounce.
Silver is trading at $31.93/oz, €24.77/oz and £20.02/oz. Platinum is trading at $1,577.25/oz, palladium at $596.70/oz and rhodium at $1,100/oz.
Gold fell $21.60 or 1.25% in New York yesterday and closed at $1,706.90. Silver hit a low as $31.55 and ended finished with a loss of [...]
London Gold Market Report
from Ben Traynor
BullionVault
Tuesday 16 October 2012, 08:15 EDT
Gold “Could See Deeper Downside Move” But “Uptrend Remains”, Spain Considering “Circumstantial” Bailout
SPOT MARKET prices to buy gold regained some ground Tuesday morning after dropping to a one-month low below $1730 per ounce, gold’s lowest level since the US Federal Reserve announced open-ended quantitative easing last month.
Gold prices rose to $1743 per ounce ahead of US trading, while stocks and the Euro also rallied [...]
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 [...]
J. D. Heyes
Natural News
Oct 2, 2012
Make no mistake – the economic situation in a number of European nations is deteriorating rapidly, so much so that basic survival has become an issue for more and more people.
Consider Spain, whose government will have to borrow €207 billion (about $334.6 billion) next year just to survive (widening the country’s debt to more than 90 percent of its annual gross domestic product – the [...]
Spain just unveiled its 2013 budget to Europe and the world.
The reason everyone is watching: at this point, Spain submitting a bailout request to EU and ECB lenders is seen as the next big step in the euro crisis now that the ECB has laid out its bond-buying plan to help distressed euro-area member states contain funding costs.
The catch is that Spain has to meet political preconditions in order to qualify [...]
The crux of the “pain for Spain” was exposed in August, when the world learned that despite all attempts to the contrary, Spanish banks are no longer perceived as safe by the locals, and the result was a record 5% deposit outflow in one month from local banks: cash that was promptly redeposited elsewhere in the Eurozone. And as money flow theorists know all too well, if cash is exiting the Spanish [...]
The odd timing of the Fed’s QEternity (given macro data, risk, financials conditions, inflation expectations, and equity valuations) provided some impetus for the markets which had anticipated Bernanke’s action. The supposed ‘safety net’ which we suspect has now been used up – by market front-running from a lower than implied Fed Put strike – does however look in question as the US fiscal cliff looms and global growth concerns grow. [...]
by Michael
What happens when debt-fueled false prosperity disappears? Just look at Spain. The 4th largest economy in Europe was riding high during the boom years, but now the Spanish economy is collapsing with no end in sight. When a debt bubble gets interrupted, the consequences can be rather chaotic. Just like we saw in Greece, austerity is causing the economy to slow down in Spain. But when the economy slows [...]
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.
“The explanation is that Spanish banks have significantly increased their borrowing from the ECB, not LTRO funds, and are using the proceeds [...]
Swing by www.gainspainscapital.com for more market commentary, investment strategies, and several FREE reports devoted to help you navigate the coming economic and capital market changes safely.
As I’ve outlined in earlier articles, Spain will be the straw that breaks the EU’s back. The country’s private Debt to GDP is above 300%. Spanish banks are loaded with toxic debts courtesy of a housing bubble that makes the US’s look like a small bump in comparison. [...]
Spain’s national bank rescue fund will inject emergency liquidity into troubled lender Bankia immediately after the bank reported losses of over €4bn in the first half of 2012.
Spain’s national bank rescue fund said on Friday it will inject emergency liquidity into troubled lender Bankia immediately after the bank reported losses of over €4bn in the first half of 2012.
Bankia, nationalised by the Spanish government in May, lost €4.448bn in the six [...]
Beggars can once again be choosers. In other news, non-news (the Catalan bailout was announced at least two times before) is news again, and magically drives the amnesiac market all over again.
From Cinco Dias, courtesy of the always amusing google translate, which makes any news, no matter how tragic, quite hilarious without fail:
“Catalonia 5,023,000 calls but will not accept the State Policies
The Catalan government today applied to join the Spanish [...]
Pressure in the eurozone increased again yesterday as the Spanish government began talks over a bailout, leaders struggled to prevent Greece leaving the single currency and economic data indicated a return to recession.
In a move that will renew fears of a collapse of the single currency, Spanish officials have discussed an aid package for its sovereign debts from the eurozone’s trillion euro rescue fund.
The country has already received support to [...]
European Economic and Monetary Affairs Commissioner Olli Rehn spoke with Bloomberg TV’s Sara Eisen today and said that Spain’s government is considering a request for a bailout. Rehn said, “The Spanish government has an open mind on this issue, but no decision has been made. We stand ready to act if there is a request.”
Rehn also said that “negative bond yields are not a healthy phenomenon. They’re not good for [...]
Spain’s conservative government plans to ban abortions, overturning a two-year-old law allowing terminations on demand, a justice ministry source told Reuters, in a move likely to galvanize support among its core voters.
The previous Socialist government passed a law in 2010 allowing women to have a termination up to 14 weeks into a pregnancy or up to 22 weeks in cases of severe abnormalities, in line with most European countries. The [...]
From The Daily Sheeple:
You are not going crazy. 23,884 billion euros is approximately what Spain’s debt will be in the short term should the country continue to adopt the European banking policies. The reason for this is that the current and soon to come newest austerity and indebtedness measures will prolong the country’s painful crawl towards bankruptcy while inflating the government’s debt to more than 23,000 billion euros. That’s why the [...]
Per spiegel.de:
ECB head Mario Draghi wants to save the euro at all costs. But the pledge has created discord within the bank’s governing council. Many oppose plans to buy up sovereign bonds from troubled euro-zone member states, fearing it could just make things worse.
It was an illustrious meeting that British Prime Minister David Cameron was hosting on the evening before the opening of the Olympic Games in London. Prince Charles joked [...]
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Spain is Greece… Only Bigger and Worse
Swing by www.gainspainscapital.com for more market commentary, investment strategies, and several FREE reports devoted to help you navigate the coming economic and capital market changes safely.
As I’ve outlined in earlier articles, Spain will be the straw that breaks the EU’s back. The country’s private Debt to GDP is above 300%. Spanish banks are loaded with toxic debts courtesy of a housing bubble that makes the US’s look like a small bump in comparison. [...]