Is the EC pushing Spain towards a bailout?

[C. Flower]

Rajoy wields the ax, and does it well. Probably will get a serious pat on the head from Merkel and Co. Meanwhile, his party colleague Andrea Fabra landed herself in hot water, and deservedly so. After Rajoy announce the savage cuts, once again hitting the poorest in society, she was clearlt heard shouting about the measures inflicted on the unemployed:
. It translates into something like "******* 'M ANYWAY"
Sometimes the elite does indeed drop the mask...

http://www.youtube.com/watch?feature...&v=ddjQ12-zHF8

Good to have a bit of clarity brought into political discourse.

(Unless it was dubbed by @soundmigration...)

[MPB]

Anybody who thinks that the Spanish Govt did not enter into a reparations agreement with the Germans is a fool.

This emergency budget, is proof that Rajoy is not in control of the country that elected him.

What is he in control of?

Just like here, he is in control of how his friends and acolytes are supported and enriched.

Our only hope is for collapse.

In my opinion, they cannot afford to prevent it.

Banks, nothing else, only Banks.

I am willing to bet that, there is not a Bank in Europe that is solvent.

[PaddyJoe]

Rajoy wields the ax, and does it well. Probably will get a serious pat on the head from Merkel and Co. Meanwhile, his party colleague Andrea Fabra landed herself in hot water, and deservedly so. After Rajoy announced the savage cuts, once again hitting the poorest in society, she was clearlt heard shouting about the measures inflicted on the unemployed:
. It translates into something like "**** 'M ANYWAY"
Sometimes the elite does indeed drop the mask...

http://www.youtube.com/watch?feature...&v=ddjQ12-zHF8

At least the Spanish right wing can't be accused of hiding behind platitudes. There's a huge section of the PP that's indistinguishable from its predecessors under the dictatorship in the seventies:

A video shows Ana Fabra, daughter of Castellon's regional council president Carlos Fabra, clapping and yelling "**** them all" as Mariano Rajoy announced cuts in unemployment benefits.

Spain's main opposition party PSOE has asked the PP deputy to give up her seat. "Andrea Fabra must leave her seat. She is not worthy of representing the citizens. She shouted '**** them all' when Rajoy announced the cuts to the unemployed, “the Socialists claimed on their Twitter account.
Fabra has admitted having pronounced those words but claims she was referring to the PSOE members of parliament, who were interrupting Rajoy's speech with jeers and boos.

http://www.eitb.com/en/news/politics...yed-****-them/

[PaddyJoe]

At least the Spanish right wing can't be accused of hiding behind platitudes. There's a huge section of the PP that's indistinguishable from its predecessors under the dictatorship in the seventies:


http://www.eitb.com/en/news/politics...yed-****-them/

A song called 'Que se joda Andrea Fabra'(**** Andrea Fabra) is getting thousands of hits on youtube
http://www.youtube.com/watch?feature...&v=BXyxhdFwLmY

[PaddyJoe]

Andrea Fabra has been forced to apologise for her '**** them' remarks and is scolded officially by the House Speaker during today's session.
Meanwhile, streets in central Madrid have been cut off again today by public sector demonstrations including one of the police unions.
The Royal Family are to take a cut of 7% in their state allowances while it has been announced that public servants earning less that 962 euro per month will not have the cuts applied.

[PaddyJoe]

Protests in 80 Spanish cities tonight against cuts. Looks like the biggest crowds since the #15M last year. For once both El Pais and El Mundo lead with the same story:
http://elpais.es
http://www.elmundo.es

[ang]

SPAIN NEARS IMPLOSION: Finance Minister Proposes Huge Tax, Businesses Threaten To Leave -

Cristobal Montoro, the Spain's finance minister has made a liquidity destroying proposal to tax short-term financial transactions at an astonishing 56% tax rate. Businesses are already upset over hikes in the VAT and have threatened to leave Spain.

http://www.businessinsider.com/spain...o-leave-2012-7

[ang]

German & Spanish Finance Ministers to Meet as Their Economies Diverge -

The finance ministers of Spain and Germany will meet for crisis talks in Berlin Tuesday, but while the ministers come together, their economic performance is diverging ever more sharply.

Two separate reports published Monday by the countries' respective central banks showed the two economies headed in drastically different directions, with Spain's saying that output had contracted 0.4% in the second quarter. Having already fallen by 0.3% in the first three months of the year, Spain is now officially in recession. The Bank of Spain expects the economy to shrink by 1.5% this year.

http://online.wsj.com/article/SB1000...od=europe_home

[ang]

Update on Spanish/German meeting tomorrow -

Germany's finance minister, Wolfgang Schäuble, will meet his Spanish counterpart, Luis de Guindos, for crisis talks on Tuesday amid fears that spiralling bond yields in the eurozone's fourth biggest economy will force it to seek a €300bn bailout from the European Union and the International Monetary Fund.

http://www.guardian.co.uk/business/2...ilout-eurozone

[MPB]

Update on Spanish/German meeting tomorrow -



http://www.guardian.co.uk/business/2...ilout-eurozone

A lot of very rich people are going to be very poor at the end of all of this.

Despite the attempts by their political and Banking servants, to have ordinary people pay their bills.

[ang]

A lot of very rich people are going to be very poor at the end of all of this.

Despite the attempts by their political and Banking servants, to have ordinary people pay their bills.

Yes certain people it seems have yet to smell the coffee.

[Holly]

Spain is being charged over 7.5% on government bonds as of today but the right-wing government of Rajoy insists it does not need a "bailout". They do want loads of money from Germany but it should not be called a "bailout". The Germans have no fear that the Popular Party is more than willing to keep piling on the austerity.

[MPB]

Spain is being charged over 7.5% on government bonds as of today but the right-wing government of Rajoy insists it does not need a "bailout". They do want loads of money from Germany but it should not be called a "bailout". The Germans have no fear that the Popular Party is more than willing to keep piling on the austerity.

Just like Ireland, Spain would be charged 2% if it just decided to jettison the private Banks.

Anybody would think that a country could not deal with the collapse of Banks that are bankrupting the country.

The Banks are the problem, not the countries. It is not the Govts responsibility to deal with the losses accrued by private citizens in private companies,apart from that already guaranteed or insured.

It never ceases to amaze me, that a Bank would insist that customers insured the Bank against any losses on loans provided and yet the Banks never insured themselves.

We cannot afford to save these Banks and people are just going to have to accept the fact that they have lost their money.

[C. Flower]

Spain's economy contracted in the second quarter, and will like Greece's contract faster following the application of programme-style cuts.

http://online.wsj.com/article/SB1000...article_forsub

[DCon]

Ireland 2

Fitch sees 35-40% Spanish real estate drop, peak to tro

A drop like that is nearly always fatal to property developers and their bankers…

http://www.forexlive.com/blog/2012/0...eak-to-trough/