As Spain Closes Very Weak 12-18 Month Bill Auction, Iberia No Longer Sneaks Between The Cracks

Tyler Durden's picture

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celticgold's picture

the chinese are learning Spanish

topcallingtroll's picture

The chinese smell an opportunity.

topcallingtroll's picture

The chinese smell an opportunity.

topcallingtroll's picture

Nobody wants to work in spain because socialists have provided virtually unlimited welfare for the able bodied unemployed.

Hopefully socialists have wised up and people are cut off after a time limit, but it is too late to head off an unpleasant day of fiscal reckoning.

The lazy quit looking for work a long time ago because the available jobs were undignified and only fit for north africans.

Now the few john galts are giving up. This will be fun to watch as the socialist experiment in europe implodes.

Loose-Tools's picture

Is that "Socialist" or "Corporate Socialist". You need to be more specific.

Treason Season's picture

Actaully, Generalisimo Franco initiated the policy.

writingsonthewall's picture

 "Everyone was very quick to say that there were no contagion risks bubbling out of Lisbon, but people were very rash in those original assumptions," economist at 4Cast Jo Tomkins said.


Everyone? - who is everyone?

People? - what people?

Economist? - what economist?

You fugging mug - the rest of the world has realised for a long, long, long time that the contagion could not be stopped (without a collapse of the Euro) - only idiot economists believed any different.

Many economists say Spain has distinguished itself from Portugal, Greece and Ireland after a slew of austerity measures and structural reforms but contagion fears remain and the T-bill auction results suggests a sharp rise in bond yields at Wednesday's auctions.


....well then 'many economists' are fugging idiots then. What is this? a reverse meritocracy where the stupid and loudest make it to the top?


When we burn the bankers we should throw in all the economists too - they really have no shame - they are taking the piss.

topcallingtroll's picture

Not everyone believed it was contained, but people who are in denial or believe in magical thinking or who look for scapegoats did not want to see the evidence.

If you looked at the evidence the conclusions drawn were extremely painful and pessimistic. A way of life known for two generations has to go, to be replaced by austerity and insecurity.

There are none so blind as he who will not see or as yogi berra put can see a lot by just looking.

Treason Season's picture

"A way of life known for two generations has to go, to be replaced by austerity and insecurity."

You first topcallingworm.

Dick Darlington's picture

Big crunch on the SPGB curve continuing today. Interesting to see how the other spanish govt entities' bonds will fare since they're even more illiquid (FROB, FADE and ICO). And of course the spanish covered bonds, esp those issued by the cajas, which have gained big during the recent "Spain is solvent" -bonanza.

topcallingtroll's picture

Is there a free place to quickly find the spread between spanish and german bonds. A widening spread will need to be watched closely even by people who dont trade international bonds. This spread is the canary in the coal mine.

milanitaly's picture

What Europe understands all too well is that if and when Spain goes, Italy is next. And then it is all over.

It will be enough Spain. You have not to wait for Italy for the Euro game over

Bubbles the cat's picture
Bubbles the cat (not verified) Apr 18, 2011 9:31 AM

Anyone remember Spain, Portugal, Greece and Ireland 40 years back when people rode donkeys to market? If not, you'll get the opportunity to see it again soon.

Treason Season's picture

40 years ago!? I saw burros on Gran Via in Madrid in 1988.

Bubbles the cat's picture
Bubbles the cat (not verified) Treason Season Apr 18, 2011 11:47 AM

Yeah. But they ain't stoppin at 1988. They're goin back to circa '73.