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Bank Of Spain Nationalizes Banco De Valencia
Some headlines from Spain, confirming that the buck did not end with Dexia, and that another bank which accounted for 0.74% of total Spanish assets has just folded. For now it is just the smaller ones. Soon, it will be the bigger ones.
- DJ Bank Of Spain Takes Over Banco De Valencia
- DJ Banco Valencia Has 0.74% Of Spain's Total Bank Assets
- DJ Bank Of Spain To Grant Up To EUR2B In Loans Tp Banco De
- DJ Bank Of Spain To Inject Up To EUR1B In Banco De Valencia
And the same from Bloomberg's perspective.
- BANK OF SPAIN REMOVES BANCO DE VALENCIA MANAGEMENT :BVA SM
- BANCO DE VALENCIA COULDN'T TAKE STEPS TO ENSURE VIABILITY
- FROB TO GIVE BANCO DE VALENCIA EU2 BLN CREDIT LINE :BVA SM
- FROB TO SUSCRIBE UP TO EU1 BLN OF BANCO DE VALENCIA CAPITAL
- SPAIN RESCUE FUND FROB TO ADMINISTER BANCO DE VALENCIA :BVA SM
Who is next?
And here is Peter Tchir's take:
If Dexia was Europe's Bear Stearns, what is Banco de Valencia? Maybe there will be one per country? Maybe the whole thing doesn't end until some banks actually default. Letting Lehman default was probably one of the good things that happened and the only reason we talk about double dip rather than having remained mired in a deep recession. Defaults need to occur to clean up the system, to let politicians (as scary as that is) to target money and liquidity to where it can do the most good. We learned the wrong lessons from Lehman and are encouraging Europe to make the same mistakes. Had Greece defaulted a year ago, do you really believe we would be in worse shape now, than we are? So maybe Greece was Europe's Bear Stearns?
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Quick, before the new goverment forms.
"Here comes the new boss, same as the old boss"
Game On...
Looks like World Fin System Takedown is on...
"BANK OF SPAIN REMOVES BANCO DE VALENCIA MANAGEMENT"
How rude!
Rude, but what makes the Bank of Spain think they can do a better job...
Somebody has to be the fall-guy of last resort. Otherwise, there would be no 'confidence' in the system.
It starts with a trickle. It ends with a torrent.
But when will the big wave come that wipes everything clean?
Buehler, Buehler?
The market is down, the ECB rumours start:
"The prospect of another cut in the European Central Bank's policy interest rate appeared to increase Monday, with council member Ewald Nowotny telling reporters that "anything is conceivable" in the face of a dramatic economic slowdown and increasing financial stress."
http://mobile.bloomberg.com/news/2011-11-17/spain-s-unsellable-real-esta...
always the plan... collapse what is left of the "real" economy... and centralize banking and government into ever few hands. all hail the NWO. fight now, or 1984 is reality.
I guess they took the bull by the horns. Ole!
Shit, so much bad news coming out that it is hard to track all of it, so why bother! When to the civilians start the run on the banks?
Patience grasshopper....patience...
hahaha!
got oranges?
Look for lots more nationalization in the coming days. It's the only viable alternative to recapitalizing when there ain't the money to recapitalize with. Sometimes nuclear waste simply has to "disapear"
Greatest Fear
By BlacknessRose ...
My greatest fear is losing my family
My greatest fear is losing my friends
My greatest fear is reading a book
And not knowing how it ends
My greatest fear is heights
My greatest fear is clowns
My greatest fear is dark nights
And eerie, strange sounds
My greatest fear is the future
My greatest fear is the past
My greatest fear is yet to come
And is coming in fast
Indeed, SHTF.
Anybody know if Stolper is getting ready to make another LONG eurusd call?
http://vegasxau.blogspot.com
Suddenly, in just one day, the unholy alliance that would bail out the world has crumbled
I encourage everyone interested to take a look at that spanish bank bail out vehicle FROB, also known as tax payer rape fund. So little equity, so much leverage...
Banco Bunco.