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Andalusia Seeks Greater Bailout From Spain, Says Amount For Regional Bailout Fund Was "Underestimated"
The latest headline out of broke Europe, where Germany entering recession apparently benefits from a rising EURUSD even as Mario promises to print even more currency, is perfectly expected: the insolvent Spanish region of Andalusia has requested even more bailout aid. From Bloomberg:
- Spanish region of Andalusia says it is seeking more aid from Spain
- Andalusia Says Spain Must Help as Regions Shut Out of Markets
- Fund set up by central government to aid regions is only option
And what we have said all along:
- Amount for Spanish regions’ fund was “underestimated:” Andalusia spokesman says
All of this is perfectly expected. This is what we reported last week:
What may however surprise many is that as of Friday, Spain's "temporary" €18 billion regional bailout fund is now practically empty: a discovery which will hardly make any additional regions, who have so far dragged their feet in demanding a national bailout, happy with the Prime Minister's handling of Spain's creeping bankruptcy.
Calculating:
- Total bailout fund size: €18 billion
Bailouts already requested:
- Cataluña: €5.023 billion
- Andalucía: €4.906 billion
- C. Valenciana: €4.500 billion
- C. La Mancha: €0.848 billion
- Canarias: €0.757 billion
- Murcia: €0.528 billion
- Baleares: €0.355 billion
- Asturias: €0.261.7 billion
Subtotal: €17.179
Bailout funding left: €0.821 billion. Oops.Those who waited in hopes things will get better: tough luck.
And as we observed last week, here is why the regional "bailout issue" is only going to get much worse.
To summarize: Spanish regions: broke; Spanish banks: broke: Spain itself: on the verge of being bailed out by Europe. => Time to buy more SPGBs.
Do now you see what happens Larry, when you keep bailing out and bailing out and bailing out insolvent entities, whose capital shortfalls are merely plugged on a one-time basis and nothing fundamentals ever changes, as they merely go broker and broker?
At some point the klepto-socio-fascist Ponzi money ends. Until then, to quote Chuck Prince: "you must keep dancing."
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How about "fuck no"?
Hey Honey, I need some more money put on my debit card. I underestimated how much I could spend on Hookers 'n Blow.
they're 'avin a laugh
slap 'em and send them packin back to the nursery to sulk
"At some point the klepto-socio-fascist Ponzi money ends."
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Yes, but that will require taking the printer away from them and that will require blood. So, in the meantime, long financials. bastards.
I dislike the truth of your comment.
The war will be awesome in scope because they will have taken all the resources for themselves by the time the populace wakes up.
Or not enough ever wake up, and they all die from a lack of resources.
That is the frustrating part with this slow bleed. People just except it and go back to sleep while the criminals continue to loot the country. By the time the sheeple realize what has happened it will be too late and the police state will have shut everything down before they know it.
It is the "Boiling the Frog" syndrome.
There is the possibliity that the masses never wake up.
The unthinkable has become a possibility.
Near total thought control using the public school system and the completely corrupted main stream media.
The Cental Planners Best Bet is to play this out slowly and avoid any headline moments.
I would say most of the population is almost completely conditioned and 90% asleep.
Think about QEfinity. It barely caused a ripple.
LawsofPhysics - no blood required for this revolution, nor even sweat, or for the mundane task of taking the parasites monopoly money printer away to the scrap yard
i keep telling everyone how easy peasy it is...
Stop Paying Tax ...the rotten tree (Govt) on/off which all monopolists hang sucked dry
the world's a simple machine, you just insert a spanner in the works in a key area.. 'CRUNCH'
Priiiiint!
We need some nitrus for the printer.
Smokin'.
As in ruins.
Shut out of markets. Sounds familiar. Very 2008sh except we're not talking merely banks here.
Anyone feel the urge to buy Gold today?
I have that urge everyday. You sayin' that's not normal?
Let them eat their fiat.
they're flooding the bankers and politicos insatiable gobs with Fiat right now, like it'll soon be going out of fashion (past its sell-by-date)
gobble gobble
having wrecked the whole economy the destruction of money will be the next hot potato issue for them to deal with, if anyone's listening to them at that point
i'm perplexed so many gurus and Statists are already drip feeding us the line a new monetary system is in the wings ready to replace the last one trashed
somewhat over-confident the people will swallow anything from any new political establishment ...50/50 wether any of the elite make it through what's coming gauging the amount of anger there'll be toward these subversive destructive thieving anarchists
will the biggest shithole in history, Govt, survive to offer new monopoly money system?
my view is it's wishful thinking we're going back to any politicially (monopolised) society after this shitcake explodes... Govt is naked for all to see, nothing but a bunch of lazy greedy crooks who solve nothing, but make all matters far, far worse.... they can "go fuck themselves" will be a widespread sentiment for decades to come
those already with designs on the future of money will have to compete with their money systems, provide real worth and value in the marketplace, not shit forced down peoples throats by self-authorised monopolists of society.
Stop Paying Tax ....suck Govt dry, let Freedom flood in (and a free market in money)
This couldn't have been anticipated...total shock!
Another headline misprint. That should be MISUNDERESTIMATED, as are most of the world's problems these days.
One can assume that the BLS is responsible for calculating how much money is required for the bailouts since the estimate is never over.
misunderestimated
discombobulateerrorcalifragalitically lacking in computatorial calculationasupernumerically estimatedmoremoremoreifficly challenged.
And, there is no debt crisis, anywhere.
They may continue to get further into debt and continue to get poorer, but that is not going to prevent them from borrowing more. Nothing will change, and they will print until it all blows up. That is the only thing that they can do. They don't have the balls to do the right thing and default. It's too painful to lose that seat of power.
Did I say 18 billion in total? I meant "monthly".
what are the odds of a peg euro usd 1 to 1 to fight an economic war or would bric nation re-peg their currency's
Where's my bailout?
C'mon Ben, $1 million to everyone who paid taxes last year would be real stimulus - or is it the "moral hazard" thing holding you back?
Andalusia to Madrid: "U GIV M3 MOAR PHR33 MUNEYZ OR I PWN U"
Athens: ANDALUSIA R NOOB!
U GIV M3 G0LD OR I KS U hAXorZ!!!111!!!
Why doesn't Spain get alittle help from some of the south America countrys they have a rich historic past with? ow because the E.U. lured them in with cheap koolaid and seized control of bi-lateral trade (souvernty).
The Banks and Corperations now do what the government use to do but keep all the liquidity in the savings account. Tourism aint gona cut it even know its a respectable $61.6 billion.
http://www.statista.com/statistics/167461/national-debt-of-spain/It's nice to see some money being being printed for something other than giving to the banks. Might even get our street lights repaired soon!