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Theater Of The Absurd: Spain To Provide 14% Of Funds For Third Greek Bailout
The ink is not even dry on the much fought extension of the Greek bailout, so hated in Greece because it perpetuates the "austerity" memorandum conditions and already Spain, which as a reminder is suddenly not on very good speaking terms with the Syriza government, is stoking the anti-austerity fire in Athens even more when moments ago Spain's Guindos revealed that not only is a third Greek bailout imminent, and will cost Europe's (and America's via the IMF) taxpayers between €30 and €50 billion, but that Spain, whose banks were completely insolvent as recently as 2 years ago and were only "saved" thanks to the ECB's direct and indirect (repo) bond monetization pathways will provide between 13% and 14% of the funding!
- "THIRD GREEK RESCUE' TO BE EU30B-EU50B: SPAIN'S DE GUINDOS
- SPAIN TO PROVIDE 13-14% OF EU30B-EU5O 3RD GREEK RESCUE: GUINDOS
What makes the announcement doubly ironic (the broke bailout out the insolvent, or is the bankrupt saving the liquidating?), is that after yesterday's allegation by Tsipras that there was a "conspiracy" between Spain and Portugal to derail the new Greek government, earlier today German Finance Ministry spokesman Martin Jaeger tells reporters in Berlin that "Tsipras’ remarks that Spain and Portugal took negotiations over Greece’s bailout to the brink of failure in a bid to avoid domestic political consequences was “a very unusual foul play.”
He was further quoted as saying that “we should not interfere in the affairs of our partner governments" and that "we don’t do that in the euro group. This isn’t how we do business." Jaeger continued that “we have a very high recognition for what both countries have achieved in the past few years on their reform path."
He concluded by saing that Greek govt’s behavior doesn’t correspond to the “usual pattern” which forms the basis of Eurogroup negotiations. “A lot of trust has been lost in past weeks.”
Then the EU itself showed once again quite clearly that in the case of banker interests vs common Greek people, it will side with the former, after earlier today EU Commission spokeswoman Mina Andreeva told reporters in Brussels that "Greece, the euro area and international authorities “struck a very clear deal last week" adding that Greece’s sctions on aid review more important than words.
“What matters now beyond any public statements is that Greece implement its reform commitments swiftly and with a termination, and this will be key to a successful conclusion of the review and the strengthening of the Greek economic recovery."
But what actions does Greece need when the second it is forced to actually implement reforms, here comes Spain, yes don't laugh, and bails it out. Again.
Completing the comedy is that the "suddenly very concerned" Spain, just hours earlier Spain’s deputy minister for the European Union Inigo Mendez de Vigo said that "Greece should do less talking, do more reforms."
But why if Spain will be so kind as to provide the funding needed for the next Greek bailout (one which we predicted in November is inevitable), and the bailout after that, and the one after. In fact, why reform anything if Mr. Draghi "will get to work" in perpetuity, making the old "democratic" model in which elected politicians decide how to fix the country dead as the dodo.
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Yeah we agreed to that this morning, but you'll have to get the rest of the money from somewhere's else.
If Greece doesn't get the money now, then it will refuse to help fund the bail out Portugal next month.
Portugal is already complaining about the Spanish bail out, which they anticipate funding in another six weeks or so.
The system doesn't work unless everyone plays by the rules.
Laughing while the ship sinks: https://www.youtube.com/watch?v=vnuAh3esdpE
Definition of Insanity?
Spain bailing out Greece must be a good deinition of insanity. In a world where any debt to GDP ratio over 100% is accepted as unsustainable and unable to be repaid Spain has a debt to GDP ratio of 313%...almost identical to Greece which has one of 317%. Talk about the blind leading the blind... off the cliff.
those aren't the numbers of the sovereign debt, and your "over 100% rule" used to be for sovereign debt only. apples and oranges
Europe is simply creating the dominos ... a pecking order. IF ... when Greek falls ... it will be Spain's bank that take the hit, not Germany's. Shelter the children? Nah ... eat the children first
And then they will SELL these bonds back to the ECB..and poof..its gone thru the washer again...see how easy it is to print and pay....or should I say print and give..no one is paying anything
This is like checkin' in with a local junkie to see what recreational drugs he recommends.
Sheesh
To boldly kick the can all the way off the cliff.
It's like a couple of alchoholics propping each other up!
The whole Syria proxy war is dirty. Serena Shim had proof and they killed her.
New Anonymous op as White House still ignores murder of American reporter Serena Shim in Turkey
Rrriiiicardo montelban, Ricardo Montelban...
too funny
Then Greece can bailout the US....
The central banksters are laughing all the way to their banks.
No Fiscal responsibility with infinite fiat money. It's whatever people believe.
"The ink is not even dry on the much fought extension of the Greek bailout, so hated in Greece because it perpetuates the "austerity" memorandum conditions..."
not hated enough to warrant Greeks asking for a return of the Drachma... and actually being happy of seeing their state balance it's budget, for once
all this ZH humour is just that: a way of trying to look away from countries like Portugal, Spain, Greece, Ireland etc. balancing their budgets
mixed in the popular meme that there ain't any fiscal conservatives anymore on this planet, hence yogibear's comment
so, what is the ECB going to buy, from mid-March on? except that the ECB can only buy a small fraction of this fabled QE, and the rest is done by the national banks?
The subjects of these countries have no say in the budget process. Duh! All the money loaned has been stolen! The people tried to have some say with Tspiras but, whoops no deal. The bankers and politicians know there is no recovery from this mess, they just want to continue until they can't... stuffing their accounts as much as possible until;
1 revolt
2 collapse
1.I have elected something out of the norm, when are you going to?
2.In office for 38 days, maybe you want to wait a bit longer?
3.Judging from your pick and mine we should get together and stick to what we do best, which is SEX, rather then talk money..yes?
Insolvent nations lending to insolvent nations, and the circle jerk continues. I thought they had this all cleared up 3 years ago.
Exactly! How is this even possible? Plus doesn't Spain have some of the highest unemployment among its youth?
Spanish politics are doped by ECB. Yes, we can.
HUZZAH!! We've saved Greece- AGAIN!
Thanks buddy !!
Bet the 50% unemployed in Spain love this one.
Agreed, hell, if half of Spain weren't slackers they could contribute 28% to Greece
Spain knows what happens if they don't play along with the farcical theater.
Spain's getting the money from Italy.
The IMF will be happy as Greece will be able to make payments this week. Moody's should easily be able to upgrade Greek debt to AAA++×2 thus allowing debt to be priced at -2%.
They are getting like the rest of the world living paycheck to paycheck except they live bailout to bailout.
Where is Trump when you need him?
"Mariano Rajoy, YOU ARE FIRED."
THIS IS NOT A PONZI SCHEME!!!!!!
Ponzi Dream
Correction: Ponzi Ream!!
Spain gets its dough Rey mee from the Fed - ie. US taxpayers!
Schäuble prepares another 30 billion trap to bond the Greek government with the IMF-type cruel measures. They are ready to pull the trigger any time.
It is like trying to pack shit on to a giant stainless steel bowling ball.
It works fine once there's enough pressure to crush the bowling ball flat.
So successful is debt slavery going in Greece I look forward to an announcement that EU headquarters will move to a 2trillion euro new complex in Athens. The complex will be built on multiple properties currently being used as hospitals and grade schools. Health facilities will be availble in Germany. Education will be limited to 1 facility and 1 classroom teaching only financial innovation but no indiginous Greek students will be allowed.
The Good, the Bad, and the Ugly.
For those of you that don't know, parts of that movie was filmed in Spain.
LOL! A bunch of destitute bums loaning each other money. What could go wrong?
After WW2 the "Atlantic Bridge" was created, some of your bankers are still members to it, it stayed small in membership as to-date counts for only 500 people world wide but yet it forged empires. All based in "loaning"...we will follow your Government's steps and build something similar...but it will only have 3 members.
Under the spreading chestnut tree
I sold you and you sold me:
There lie they, and here lie we
Under the spreading chestnut tree.
1984 (Nineteen Eighty-Four) Dead us dead,, Spain and Greece . .one corpse feeding off the orther
"Dead us dead,, Spain and Greece . .one corpse feeding off the orther "...I take it you are from Iceland?
The offspring of Viking's Slaves should have less to say about free people who created the World and all that is in it today. The corpses of people like the Greeks and Spaniards can give birth to life and glory, while the corpses of new people like your self can only be recycled.
Rest assure that You are better then us in following other people's rules but also rest assure that their rules will end soon, make sure you dont end too.
As a Greek I have nothing to lose that I have not already lost, hence I can do everything, can you?
Can't we see that Europe is now one giant Cricle Jerk?
What is worse, is impending billions in bailout money from the EU, each nation taking aportion of the obligation, to be given to Ukraine to stop it's implosion! Yes, even Greece is going to get a bill for a bailout package for Ukraine. Spain, Portugal, Ireland, all of them will share a % of billions of euros to resuce Ukraine. Now that really is nuts.
Europe is passing the obligations around in a circle hoping reality will not catch up with the banruptcy of the whole EU system.
We are all part of a TEAM.
We must go to Europe for WW I
We must go to Europe for WW II
We must go to Asia for Vietnam War
We must go to Panama for Clean Up of our CIA Asset
We must go to Falklands for Clean Up of UK Asset
We must go to Gulf War I for Clean Up of old CIA Asset
We must Arm Rebels in Nicaragua, Sell Drug and deliver arms to Iran
We must Continue the Opium Trade of the UK to Fund our CIA Operations
We must Protect our TBTF Banks in Financial Fraud to Leverage our Future Contributions by our best CIA Contributors
We must Protect our Money Laundering Banks to leverage our future contributions from our best CIA Contributors
ohh stop it you winger...you get paid for it anyway !!!!
All this makes perfect sense, once we realize the motives of the players.
King Fiat: "I don't need clothes, I can just invent them out of thin air."
Syriza: "The Troika just fell for the biggest head-fake ever pulled off. They are advancing us another $40 Billion of free money. All we had to do is claim we would not pay our next interest payments and they arranged to pay them for us."
Schauble: "Grrrrrrr........"
ECB: "Extend and Pretend, like good little boys and girls everyone." "Remember, fiat can be produced out of nothing, in limitless amounts, and it is sooooo useful."
Austria: "Hey, Troika, we could use some of that fiat. Look - we're bankrupt too!"
Junkman: "As long as no one has to pay taxes on it."
ECB: "All together now - sell each other Credit Default Swaps to cover each other's debts." "Oh, yeah, we already arranged that under the Fiscal Stability Treaty."
ECB: "We get to do QE! We get to do QE! We get to do QE........."
IMF: "More lipstick for the PIIGS."
EU taxpayer: "Zzzzzzzzzzz........"
You are all just jealous :P
The European South will Unite and a new currency will be introduced called DrachmaLira.
We will feast on the delicious foods we grow and you all Northerners can survive on sauerkraut and pork fat.
A classic Video From a Couple of Years ago asking still unanswered questions.
All the numbers they mention have doubled since
? Clarke and Dawe - European Debt Crisis - YouTube
Money, meet Bottomless Pit.