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Largest Spanish Savings Bank Combination Of Caja Madrid And Bancaja To Request €4.5 Billion In Aid
Earlier today we pointed out that Spanish cajas Caja Madrid and Bancaja were merging in the latest Spanish rescue combination, involving 5 other smaller banks. Reuters is now reporting that this brand new combination, which incidentally is the now the biggest Spanish pro forma saving bank, has requested €4.4-4.5 billion in aid from the Spanish restructuring fund. Spain has now essentially one upped the US: instead of using an FDIC-like intermediation to give "deep value" investors a nice discount on acquired assets courtesy of taxpayers, the banks in Spain are directly going to the taxpayer trough as soon as two horrible balance sheets combined, and the result is an even bigger monstrosity. But that's ok, Spain found some other European banks to sell sovereign debt to earlier today, knowing full well that the ramifications of a regional failed bond auction would also take down all of Europe. The ponzi valiantly marches on. After all it's only the ECB's electronic ones an zeroes that are at risk.
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Hilarious. You couldn't make this shit up if you tried.
Keep moving. There is nothing to see here. GS buying more ES... To infinity and beyond.
Fast learners. They must be modeling themselves after the U.S. banks.
Very smart, join together to form a newfound TBTF entity. Brilliant!
The Spanish version of a Greek Euro Scam...
"Spanish savings banks are rushing to combine before a deadline to tap a government rescue fund expires at the end of this month. Greece’s sovereign debt crisis has focused attention on Spain’s public finances and the costs of buttressing foundation-based lenders, known as “cajas,” which were hobbled by bad loans following recession and a property crash." - Bloomberg
this is for tomorrow's hangover
I think next year may be a good year to find the hilltop villa on Ibiza....
Don't underestimate the Spanish banks stamina in cooking the books.
hoping so, prices have hardly dropped yet, certainly nothing like the mainland yet, but nothingf's selling either.
hoping so, prices have hardly dropped yet, certainly nothing like the mainland yet, but nothing's selling either.
And the weird shit is [somewhat related to this, but mentioned earlier] that Valencia [muni] and Caja de Ahorros de Valencia, Castellon y Alicante are one of the biggest daily tighteners [all debt universe].
Un-fucking-believable. An Norways spread is being thrown around like a trucker throws around dead whores.
.
Can we laugh of the whole word crisis ?
http://www.asianews.it/news-en/The-world’s-economic-crisis,-the-real-global-warming-18647.html
yellow yellow yellow
Ah yes, the disses,
Disintermediation - elimination of the middleman. Who wouldn't want that?
Disinflation Exporting - always hated my job, good riddance
Disturbed - The Electronic Blips Economy
Haven't seen this here today.may have missed it.............
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7817200/Deutsche-Bank-shorts-2bn-eurozone-sovereign-debt.html
Deutsche Bank............shorting 2bln EuroGermany’s largest bank has revealed it is currently shorting Spanish and Portuguese government bonds, despite the country’s ban on holding short positions in the debt of other European governments
yeah, saw that,
the vertuous German at their best, cheat on their neighbours
Their not all that stupid. They know the money is not going to be there for long, so better work fast to get their big brothers to bail them out.
Poor Frog and Spaghetti banks who have no clue.
That's nothing - 4.2Bil is how much the Portuguese (mis)government, through CGD, burned through in diminutive BPN's financial black hole, so far.
From there, I'm guessing that will be just for starters.
So its austerity for people and bailouts for
banks?
The fast way to save some money is to look for some easy saver programs and they will offer you some great discounts to the things you want to buy and this way you can save some important money .
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