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Spanish FinMin "Concerned" As Public Debt Surges To New Record
Spain’s public debt climbed sharply in September to a new record high of 954.863 billion euros, casting doubt about the government’s ability to meet its target for the end of the year. Even finance minister Cristobal Montoro acknowledged that "there are concerns about the pace of the increase," adding that this meant bringing down the public deficit even more of a priority. As El Pais reports, according to figures released Friday by the Bank of Spain, the state’s outstanding obligations climbed 10.181 billion euros in the month from August to a level equivalent to 93.4 percent of GDP. The government’s target for the full year is 94.2 percent, a figure that has already been revised upward. The central bank estimated GDP in the 12 months to September at 1.022 trillion euros.
But, apart from that, Spanish bond spreads near pre-crisis lows...
Yep - makes perfect sense...
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Records everywhere all the time and everybody is so depressed!
I believe what the finance minister says because he has a cristo-ball
Worst case Yellen will send them a few helicopters with:
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
The Sheeple believe in helicopters that do not exists.
Credit/debt creation in dollar terms peaked in 2007 at around $4.7T annualized.
Credit/debt creation is dangerously close to going negative like 2009. Last quarter it was a mere $175B, annualized at $700B, way below the amount needed to sustain the unsustainable.
The system is missing about $25T from the system if it were properly running, humans have no ability to sustain an need for exponential growth.
Bullshit. It is a "debt is money" world now. Are you saying less money has been created (out of thin air)?
I don't think so, it's simply going to the 0.1%, that why you don't "see" it douchebag.
http://research.stlouisfed.org/fred2/series/BASE/
Credit/debt was destroy at annualized rate of $0.86T rate in 2009. All credit/debt is created out of thin air. Sorry, if you were right you tell me where it's all stored, it's a fiction.
Total Credit Market Debt Federal Reserve Z1 report.
2008 2009
53499.1 53413.3
-$86B Credition creation for calendar year 2009. Should be well north of +$4T if operating correctly.
http://www.federalreserve.gov/releases/z1/Current/z1.pdf
What kind of Joket are you???
Another U.S. city mulls bankruptcy due to soaring wages and pensions
http://www.reuters.com/article/2013/11/13/us-usa-municipality-hot-spring...
I can add, basic math buddy.
I know the helicopters are coming, their coming... I keep waiting and the numbers are about to go negative.... Sorry eventually liquidation of the walking unfunded liabilities... my guess 1-2 billion are going to have to go.
Guys like you will never understand the reality, thats why the 0.1% fucks the 99.9% since centuries.
For me its ok as I am in the right camp
It has nothing to do with me, it's basica Math. Humans have no ability to supply/demand at an exponential rate long-term, usually 60-80 years or so and then the graph goes vertical.
You can go complain to God I guess that he invented Math.
The Fed's job is simple, convince the Sheeple the non-existent are coming, thereby delaying the outcome... the outcome has always been known, just like result of adding 1 + 1 is known.
I would actually expect the numbers to go up in Q3 as the government was not taking on the debt needed do to the congress to expand the balance sheet.
the outcome being the complete collapse of fiat currency and the inability of the planet to suport the exponential growth of the human population. Yes, that is correct and the math supports that outcome.
YEAH. We're in deflation now. Somehow this is supposed to make a difference does it? Uh let's see, what are our possible outcomes?
fiat deflation -> devaluation of fiat through monetization of debt -> hyperinflation -> start over with revalued gold
fiat deflation -> destruction of fiat through bank default -> start over with revalued gold
fiat deflation -> voluntary devaluation by decree -> start over with revalued gold
fiat deflation -> ????? -> recovery!! -> inflation picks up, credit expansion -> start over with revalued gold
Sounds like gold is going to jump to the moon! I'm just not sure what to do now. Anyone can give investment advice?
Absofuckinglutely!
Spain just exited the Euro tarp. They're fixed and their paper is as good as gold.
Hahahahaha yeah, walküre, we're fixed... the past few days over breakfast we've just been looking at the paper going "whaaaaaaaa?"
I need a drink.
So why the exit? Did someone point a gun at Spain to get out or else? Ireland has exited the tarp as well. Are they preparing for a default?
Spain needs to threaten to implode the Euro and the ECB will come around with a bailout again.
There is nothing to worry about here. All is well. Spain is in full recovery.
The graph chart makes no sense in the x axis. what is 1.04m &.934m? Is it meant to be 1.022b & .954b?
AUSTERITY in Spain? Does austerity mean government deficits of 10 percent of GDP? And what would occur in Spain's streets when they interpreted austerity more conventionally, i. e. a balanced budget policy?
Well said.
btw same situation in France
This will all be better when interest rates return to 'normal'.
Wait, what?
Spanish banks buying Spanish bonds.
Auto eroticism.
Scarily enough, TV and newspapers in spain have lately become flooded with ads attempting to market this crap to individuals.
You can NEVER have too many Spiderman towelz (or so I've heard!)
True, Spanish banks borrow money from ECB at 1%. Buys Spanish bonds at 4%. Been given very "special" treatment, and can count Spanish bonds as equity. Spanish people (through taxes) therefore give Spanish banks approx 3% without being asked. Food for Revolution.
Fire the garbage workers.
Surely some accounting error. Nothing that a GS currency swap scheme can't fix.
Citzens of Madrid taking out loans to have their garbage removed! Meanwhile as soon as they get home they put the loan papers on the top of the garbage pile to be hould away with the rest of the worthless unpayabe trash!
In Spain, the pain falls mainly on the plain.
No worries. US Investors buys it all. "Europe is recovering" remember? Spanin and France will surprise US Invetors properly 2014.