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What Spanish Recovery?
One of the prevailing themes in recent weeks has been that Spain has transformed out of Europe's economic basket case into a success story. This was further exemplified today by the following quote by DieselBOOM:
- DIJSSELBLOEM: SPANISH RECOVERY IS ON TRACK
- DIJSSELBLOEM: SPAIN COULD BE FRONT RUNNER OF EURO-AREA RECOVERY
It could, if one listens to bureaucrats peddling snake oily hope, but certainly not based on actual dynamics in its housing market, where mortgage apps have tumbled 90% from all time highs, pocket change investment by Bill Gates notwithstanding, and where even the YoY change has now trippled dipped.
... and certainly not based on loan to companies or households, which continue to be the worst in the Eurogroup.
So one wonders: with a housing market deader than ever, and with loan creation that is the worst in the Eurozone, will the modest bounce in employment, which as we explained last week was all driven by a seasonal jump in temp and self-employed workers, just where is Mr. DieselBOOM and the endless ranks of Eurotopians seeing this mythical Spanish recovery? Aside from the IBEX of course, which like every other liquidity-bubble dependent indicator is merely reflecting the roughly $3 trillion in annual global liquidity injections by the world's central banks?
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Sovereign Debt Crisis 2.0
Coming 2014
When there are no real options left to do but lie.
Kinda reminds me of that guy.........."Uhhh, that hot chick just like put out because I have this like ginormous cock man..... She couldn't get her hands off me......"
There has never been a better time to buy a new Spanish vacation home!
New residential development on the east coast of Majorca near Porto Cristo, naturally beautiful area, crystal clear waters of the Mediterranean, sandy beaches on the surrounding coves, wide array of amenities include water sports and golf, idyllic lifestyle, only 58 km from the Palma de Majorca international airport with easy access to main European cities, 2 bedroom apartments in private estate on the edge of the Cala Anguila beach, lush gardens, flowers, native plants and trees, swimming pool.
404 Cala Anguila Porto Cristo, Porto Cristo Majorca
2 beds | 2 bath | 1061 Sq. Ft.
$327,000
Spiderman towels not included.
Hola Senor Bull :)
'GO AWAY! 'BATIN!'
The recovery may not be on track, but the hype certainly is. The Spanish Recovery Narrative is almost one year old, so it is a good time to review Spain's economy and debunk the narrative.
http://dareconomics.wordpress.com/2013/10/28/update-spanish-recovery-narrative/
"peddling snake oily hope"
Boris would say... "not oily hope but Yak spudge hope"
Please correct me if I take poetic license.
Spain and the Euro can limp along another 10 to 20 years. Finally when ZH readership drops to 50 diehards and even the Tylers have capitulated it will go boom.
Everyone loses in a collapse with 90 percent losing most everything. Contrarians always capitulate after watching a process go on far longer than they anticipated. Nobody can win.
"There has never been a better time to buy a new Spanish vacation home!"
At $308/square foot?
You are out of your fucking mind!
Quality construction!
No expense is spared for the interior design
and surface treatments.
Just a few moments stroll
from the beautiful beach.
Hurry! Call now!
While inventory is still available!
I have been to Palma de Majorca. Its mostly Brits who can't swim and fat Germans in speedos fighting over lawn chairs.
ROTF, LMAO. So true, so true.
Have you tried the "Naturist" beaches, that are so favored by the Germans, Dutch and Scandinavians? No 'Mericans, Brits or real Catholics, of course, as they don't like to show "naughty bits". ;-)
If Janet gets her way the Fedll be monetizing this shit, too.
@ Horseman - still overpriced - in a year from now you'll buy that place for 25 % less.
DIJSSELBLOEM: SPANISH RECOVERY IS ON TRACK
I think he meant to say ON THE TRACKS...
...and the light at the end of the tunnel is an oncoming train.
The same applies to all other European economies. In the UK we are bombarded with daily government propaganda about the economy " accelerating, bouncing back, turned the corner " Osborne is a dinkum clueless dickhead , who raves about the economic rebound , which is a paltry 0 ,8 % better than last year. What he fails to mention is that GDP is still below 2007 levels.
Thanks Tyler for Posting it,
Apparently the NSA is trying to find the recovery too by spying on 60 million Spaniards.
I wonder what the cost of that was, not including data storage. Might have been enough to fuel a small spark in the Spanish economy.
They sure do waste a lot of money to find out who is screwing who. They could just as easily go to one of the free on-line porn sites an call it a day. But this is government, and they aren't happy if they aren't spending.
IT'S BECAUSE OF THE NSA!! THEY DID THIS!!! PHONE TAPS AND REAL ESTATE CRASHES GO HAND IN HAND! OR EAR TO EAR IN THIS CASE!!
Bring more Spiderman´s Towel¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡
Next bank to fail :
BANCO POPULAR. POP SM EQUITY TIC TAC TIC TAC
BANKIA 2.0 = BANCO POPULAR/PASTOR
Spanish Equities Recovery has just been manipulated by " FLOWS ORDERS ON THE 10yrs bond" which has made long term bond reequilibrate to mid 4%,
So easy talking - Just pure bullshit Recovery
Nothing has changed in Spain, furthermore things are going worse in terms of: Higher Net debt, Lower affordable Ratios, Negative consumption rates, Infinite Cooked Books, False Frozen Covered Bond markets, False Audit by Oliver Wyman and Roland Berger.
Unemployment and salaries wont recover without DEBT AND DEPOSIT HAIRCUTS...ITS IMPOSSIBLE¡
SO again This is going to crash a this time DRAGHI WONT WIN THE GAME, COS NOBODY IS PLAYING ON THE OTHER SIDE, ALGOS WILL LOSE TOO.
THE GAME IS RIGGED AND OVER.
SPANISH SHORT SELLER.
IBEX BACK TO 5.500
(NEW JAPANIZATION COMING IN SPAIN 20 YEARS DECAY)
But, but, but their Q3 GDP "surged" 0.1%!
Is that a green shoot of recovery by the pool?
Even the IMF's dropped the est. growth for 2014 all the way from a towering 0.9pc to, er, zero, vs 2.6pc for the US. But don't you dare doubt that 3Q 0.1pc growth in Spain. Spain's numbers are always trustworthy, particularly if blessed by Brussels.
Once everyone knows The Secret, these number wil be factual. No?
For all of you not following me on twitter..... I just tried to speak to Tim Cook and they told me to fuck off.
Bad luck, try again and ask for Steve Jobs.
Just use the Ouija app!
... and bring a candle and a glowing crystal ball.
Just ask Joe Bologna of Deutsch Bank, he'll tell you that construction is up along with builder sentiment.
In other words, supply is going to pull demand (he said that this morning on CNBC).
Joe Izuzu's cousin?
If I had some dough I might bottom fish a place north of Lisbon, some great surf towns up there.
Lol. We are not even close to a bottom yet.
You are probably right, but a lot of things are close to replacement cost. So now it's going to be about the desperation of sellers vs the desire of buyers i guess.
Bill, please note that I said, "Be greedy when there is blood in the streets"...not "be stupid when there is blood in the streets" - Uncle Warren
Maybe Spain should have their own currency so that they are not beggar-slaves at the ECB door. "Please Mr. Technocrat, create some more currency for me so that I can make it flow through my economy like the Obumble does in Amerika."
We are NSA, we are your best friend......
Having just got back from Spain, the area where progress seems to be occurring is that more spanish are realising that it is the private bankers they should be blaming for what happened rather than other Euro countries. The talk of reccovery is only being taken seriously by the bankster controlled press and politicians as the problems are systemic and exponential rather than cyclical. This means there is no chance of improvement with time, just continued deterioration. The banksters responsible are starting to make the famous tyrants of history look ok.
So, Spanish NPL's are all taken care of...
That's good.
what exactly is the narrative here? that Spain is worse than in the doldrums because mortgage applications are down? in my own experience in Spain, this is mainly because "the horse is not drinking", i.e. lots of people who own a vacation house or apartment in Spain not only aren't buying or selling, they are paying back their mortgages. which in other places it's seen as "hell coming to earth"
and when I say lots of people I'm hinting to what really fuelled that humungous building frenzy that Spain had for long time: Germans, French, Brits, BeNeLuxers and so on. many of them regard that little property not only as a "spot in the sun", but also as a hedge against inflation. and by expecting inflation - the mortgage market being different than in the US - they don't want to be eaten up by raising rates in the future
now of course the Spanish gov could do what the British is doing, i.e. subzidize the market to keep the prices up. yet what is seen as necessary in the UK (a primary residence market) might be still seen as not necessary in a Spanish market dominated by secondary residences
btw, who the hell listens to what Dijsselbloem says? the algos?
you're not going to get inflation. another spot for Tesla, Solar City and Nissan though I guess. What a scam...the whole property bubble. The only failure is the "failure to re-inflate." I guess. The whole euro/oil trade reeks of manipulation to me. Build all the homes you want...we've become a society of friggin' towel holders.
meanwhile in Portugal ... the vice Prime Minister stated that the country is weeks away from ending the technical recession. You gotta love these shitface lying bullshit eating pig polticians huh?
Was the description enough or not?
I checked - these apartments are literally in the middle of nowhere. 58 km to the airport - you can't get much further away. So $300K+ for an isolated little development on the bad coast of Majorca - are there any greater fools left?
Yes, two of the idiots I work with are the greater fools. They believe they are going to land a nice, spacious holiday flat near the water in Valencia for around $100k.
Fear not, they've read all the "horror stories" and won't get taken for everything and the shirt off their backs.
Right, a couple Anglo schmucks are going to pull the bargain of the century in a country where local lawyers don't reliably understand the real estate transaction process.
spanish real estate is already rebounding. however you gotta make sure that you buy into smth on the basis of more than just a nice picture made 6 years back. lot of this stuff will just be dilapidated forever.