- advertisements -
What's new with the banks ?
Bend over, German taxpayers, here it comes again.
only 70B? That is less than one day of POMO!
GREAT NEWS! BTFD!!
Massive bust in Spain will be the catalyst for disaster:
Gold 1300 soon it seems........
Go Jerry Maguire on me! 2T Itallion style! SP? sorry...
Italy is 2 Trillion in debt and over 100% GDP! Anyone want to discuss that with me?
Thankfullyl it's contained.....
Until you look at the charts....
Truth is the last thing one would find on a banker's job description, or a corporation's charter.
It's ALL lies.
The only cure is 1oz silver bullets.
EligibleSpanish.com ..coming soon/under construction.
if you can always rollover you bad loans...it won't matter...until you can't!!!
Piigs on acid?
You're always perfectly capitalized...if you have more guns on your side.
Jim, that was a good post. YEN
Take out country Spain and put in USA, run the same story just adjust the dollar number higher.
US banks hiding trillions...big deal
did they call Germany yet for money?
Fractional reserve banking is the shadow slowly creeping over all the land.
this is only 5% of gdp, sounds woefully optimistic to me
But no worries, Spain is not Greece, which is not Lehman, which was most certainly NOT Bear Stearn's.
One wonders which one is AIG?
I own this 'ghost signing' CO. LLP.
Not only in Espana...Italy too.
Monday, 27 June 2011
Spreads between Italian and German 10-year bonds hit the highest level since the creation of the euro, while banking shares suffered a shock plunge following market rumours of an imminent downgrade of Italy's sovereign rating.
What are you talking about, here in Italy we are all swimming in gold, fancy silk robes and soft bunny fur slippers....NOT
Yeppa Yeppa andale andale muchacho
Your honesty is (XAU). Yen...
Now if we could just cast James Woods as Miguel Blesa de la Parra...
The spanish themselves are STILL counting real estate in Pesetas. (that'd be a huuuuuuuge number ;-)
The Spanish have systematically avoided tackling their bad debt problem since 2008.
If you have a country with 46% of pre-credit crunch GDP coming from property and construction, why would anyone be surprised they have been hiding a problem (unless you are an investment bank research analyst).
The problem may be a whole lot bigger than 50 billion Euros as the collateral value of the underlying real estate is worth nothing like that now.
The banks in Spain are also responsible for valuing property and may not be marking the real value to market.
The Spanish banks are also not repossessing defaulted properties, but they are counting the delinquent and defaulted money owed as new loans. This supports property prices and shows strong loan growth, all with tacit government approval.
There are more new homes for sale in Spain than in the USA with vast ghost towns (ciudades fantasma) finding no buyers. see Ciudad Valdeluz and Sesena.
All the countries with historically poor fiscal management and high interest rates before joining the Euro (Greece, Portugal, Ireland, Spain and Italy) are avoiding the hangover now the cheap money party has ended.
Not one of their politicians wants to be held responsible, so they continue to kick the can down the road until the game is up, which might be quite soon.
For the future, look to the past. See the Nikkei 225 since December 1989.
This is news? The US has been doing this since at least 2008. Mark-to-fantasy prevails.
I'm currently living in Mallorca, Spain and yes it's true. Protests are becoming more and more commonplace. 20 and 30 somethings are living back home with Madre and Padre. After Greece, Spain is next. The Gold and Silver coin shops are experiencing record sales here. As my local shop owner says, "Who wants their money in the bank?" Let alone in a dying political experiement: the EURO.
Feel The Flow: http://www.guidetosilver.com
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.