Desperate Spain Wants European Rescue Fund To Be "The Bigger The Better"

Tyler Durden's picture

No, there is no desperation in Spanish PM's Rajoy statement at all. The head of the economy, whose unemployment rate just soared to a ridiculous 23% in the past quarter, registering the largest drop since the Lehman collapse, pretty much made it clear that without European (read German) fiscal aid viagra, the unemployment rate may soon reach that of Chicago, only without the typo. Reuters reports that Spain favours the creation of the largest possible European financial rescue fund to prevent future crises, Prime Minister Mariano Rajoy said on Tuesday, adding that his government will meet its budget deficit target this year. "We support a rescue mechanism, the bigger the better, for it to act as a dissuading element for certain things that we've been going through lately," Rajoy told reporters after meeting his Portuguese counterpart, Pedro Passos Coelho. He said Spain will meet its budget gap goal of 4.4 percent of GDP this year. Judging by the Spanish (un)employment chart, and specifically recent trends therein, we will take the under. And the over on the Enzyte jokes.

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LawsofPhysics's picture

Spain and Portugal already negociating the terms of their default.  Hey Ireland, you want in on this (Why Ireland hasn't hung it's bankers already is beyond me, prehaps the beer is cheap)?

Irish66's picture

You know who took huge position in Irish banks

NewThor's picture

Only pharoahs can fight pharaohs.... I've trained up some good ones.


Dr. Engali's picture

My mom.   Sorry couldn't resist. You probably won't get it if you don't have kids who watch Regular Show on cartoon Network.

Ruffcut's picture

Bigger is better,where it comes to tits. But, more than a mouthful is a waste, to some. Even truckloads of big tits can't save this shitbag scam.

Everybody can't be on welfare. This is the best plan they've got, rut roh.

VanillAnalyst's picture

"more than a handful and you're risking a sprained thumb."

francis_sawyer's picture

Why Ireland hasn't hung it's bankers already is beyond me

They're still too busy trying to scrape O' Bama's wheel axle off their streets & haul it to the junkyard...

JenkinsLane's picture

Because "the boys" don't understand fractional reserve banking or leverage.

Buck Johnson's picture

Spain makes me laugh all the time.  Nothing is wrong but they want that bailout to be alot bigger "the bigger the better".  Spain, Italy, Portugal all the PIIGS and other countries all sound like conmen trying to get money from Germany.  They know that they will never pay and ther German people know they won't either.  The elite in Europe want the US to come in and give a couple of trillion but the US won't do it because they have the electorate to think about and also they don't have the money.

GeneMarchbanks's picture

Yields dropping for a welcome respite but for how long?

mr_T's picture

Squeeze some more euros like rest of them. Only a matter of time till Italy France Germany and other start begging for the helicopters to come. Default and go back to pesatas.. shit too expensive here in Madrid.

disabledvet's picture

Signed "the onion peeler."

SheepDog-One's picture

All is well, as long as unlimited free money continues and the peasants just accept their austerity measures (all your assets are belongs to us) without a whimper.

Derpmonger's picture

Austerity should be demanded by the peasants to return to fiscal sanity. Governments should be gutted and national land and property be sold off to help pay the bills.  In fact the only government that should be left is a hefty police force to protect the property rights of the assets they just sold.



Ruffcut's picture

Yep, sell the national property to all the elites, as they don't already control it.  Those who able to buy retail, would be taxed into poverty, like we are already becoming. Brilliant idea, NOT.

Derpmonger's picture

I was just seeing if anyone would bite.  Looks like you are smarter than the average teatard.

disabledvet's picture

Whadya mean "not"? That sounds like a great idea. I STAND AT THE READY poor people!

redpill's picture

Soon they'll be running with the bond vigilantes.  Try not to get gored!

Derpmonger's picture

We have useless eaters, and useless eaters that drive around and look busy all day.  People with jobs are really more of a burden on society if you think about it.  They are a waste of fossil fuels.

Cult_of_Reason's picture

Soros: The situation is about as serious and difficult as I've experienced in my career.

As he sees it, the world faces one of the most dangerous periods of modern history—a period of “evil.” Europe is confronting a descent into chaos and conflict. In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties. The global economic system could even collapse altogether.

Evil Bugeyes's picture

But, somehow, I'm sure he will find a way to make another fortune from the misfortune of millions.

ucsbcanuck's picture

Correction: But, somehow, I'm sure he will find a way to make another fortune from the misfortune of millions who were stupid enough to believe that their politicians could give them German living standards for free.

francis_sawyer's picture

In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties

Yeah he should know... After all, he caused it all...

Ropingdown's picture

When he says "America"  he means "NYC."  Everybody's huddling there and trying to clear out all non-PD guns.  They'll pay for the rioters to motivate the thing, clamp down, and stay on their side of the Hudson.  We should have had 33 Liberty moved a loooong time ago. 

Gavrikon's picture

I am fucking sick of hearing how Germany should be throwing more good money after bad.  If I sound like a payer of German taxes who is pissed off after filing his return, well, . . .I am!

kurzdump's picture

YOU are, all the other German people seem to be OK with that.

Wipeout2097's picture

You hear that being said in English, don't you?

carbonmutant's picture

"Tuesday, the UN’s labor body said that Germany’s policy of wage restraint in recent decades had harmed its EU neighbors and contributed to the current euro debt crisis."

Looks like Soros is right about the coming class war...

francis_sawyer's picture

hopefully they'll start with him...

yogibear's picture

Spain, yeah baby,  suck all the money you can from those Euro bankers!! Then default! Greek them.

A comedy for sure. Merkel and Sarkozy can do their dog an pony show on saving the Euro and stretch out the pain. Throw more banker money in the black hole.


disabledvet's picture

I've heard it "sells itself when said in Spanish" actually. "El mucho mas de la dinero de la segundo por favor. GRACIAS...un CASABLANCA!" at least that's what it said in the paper. How could the EU "el resisto"?

847328_3527's picture

Size does matter after all?!

ekm's picture



crawldaddy's picture

PPT seen here.

basically set the bird over the buy button and take a nap, the US PPT is on it.

ucsbcanuck's picture

Wasn't there a Simpsons episode where he set the bird over the Y button, and it almost resulted in a nuclear meltdown?

ekm's picture

And of course we will welcome them back at 9AM until 10.15AM tomorrow. That is not top of early morning SPX orgy.

ekm's picture

Correction: 9.30 til 10.15

Bam_Man's picture

You (or they) were off by 4 minutes.

Buying binge began at 3:11 pm.

GeneMarchbanks's picture

That's called demand, you silly.

crawldaddy's picture

"Tell Mr. Knuckles I'll have the money for him on thursday, I promise"

I swear its beyond sureal that nations have basically come to this.


Bam_Man's picture

What would you expect this clown to say?

Something like "We should be able to get by without anymore of the ECB's free ponzi cash"?

Caviar Emptor's picture


It's pretty simple:

It's going to be : Goodbye, Armageddon....and........-Hello, Biflation!

In every way, shape and form ECB will go down the same path as the Fed and end up amplifying the already powerful biflationary forces reverberating through the global economy. Result?  Slow to contracting growth with rising costs everywhere for everyone (and of course, fewer jobs, falling real median incomes and household net worth, plus no significant debt reduction)


Today's Petroplus bankruptcy should serve as yet another beautiful, picture perfect example of what happens in an economy where biflation is running away with it: even energy giants can't win (!) as margins get squeezed so hard and in every which way that they become insolvent.


And the same rule applies on a macro level to all national economies, EuroZone and other Zone economies, the Anglosphere, the NATOsphere, the Petrosphere, and the Dragonsphere.  

So in summary, the medicine is worse than the illness. 


carbonmutant's picture

"Garcia-Margallo called for a massive Europe-wide fiscal stimulus program to be coordinated by the European Investment Bank, saying that it should be on the scale of the Marshall Plan. Furthermore, he called on the European Commission to spend $120 billion euros to stimulate youth employment. Youth unemployment is 49% in Spain and well over 25% in most European nations except Germany.

Garcia-Margallo rather bluntly and spectacularly called for a debt union and the issuance of Eurobonds, saying such measures were a necessity."