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As Dominoes Resume Tumbling, Valencia Follows Catalonia In Demanding EUR3.5 Billion Bailout

Tyler Durden's picture





 

Spain is hotting up again. Just a day after Catalonia's beggars-are-choosers moment, Valencia is making headlines with its rear-view mirror demands for a bailout:

  • *VALENCIA NEEDS FUNDS TO COVER PAST YEARS' SPENDING: OFFICIAL
  • *VALENCIA NEEDS OVER EU3.5BLN FROM SPAIN REGIONS FUND: OFFICIAL
  • *VALENCIA TO NEGOTIATE AID AMOUNT WITHIN WEEKS, OFFICIAL SAYS

It would seem the sheer idiocy of yesterday's unconditional demands have been recognized as at least these come with comments that they had previously 'promised' to meet 1.5% deficit targets, but we wonder, given the bailout is to pay for past years' spending what that 'promise' is worth. With expectations that a liquidity fund will be produced within 10 days according to his statement, it appears they are all coming out with their begging bowls:

The Minister of Economy, asked whether he deserves some appreciation of the fact that Catalonia has said he does not want any political status when applying for the rescue, said: "I respect the opinions of others. Basically the condition is clear and stated Minister Montoro at the last board of Fiscal and Financial Policy. "

 

"The condition is that the commitment of the autonomous community to meet the deficit of 1.5% and we and Catalonia, we are committed to meeting this goal," he said.

 

In this regard, he added that Catalonia, which has also benefited from the fund, has already said that "going to meet the deficit of 1.5% and that is the condition that no other", he underlined.

The region of Murcia earlier today also demanded EUR700mm bailout.

 


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Wed, 08/29/2012 - 09:25 | Link to Comment The Axe
The Axe's picture

Question?   why are yields not exploding on this information....?

Wed, 08/29/2012 - 09:27 | Link to Comment fonzannoon
fonzannoon's picture

Probably because this is not the first go around with these places demanding bailouts. Everything is just regurgitated headlines from months ago. Nothing blew up then, why should it now?

Wed, 08/29/2012 - 09:29 | Link to Comment Popo
Popo's picture

It's just another round of "We need money because we made tons of ridiculous promises to get elected".

People aren't even phased by stupidity anymore.

Wed, 08/29/2012 - 09:31 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Here's a list of our current demands......we'll have more later.

 

Wed, 08/29/2012 - 09:40 | Link to Comment BaBaBouy
BaBaBouy's picture

Free Paper Fiats for all Spaniards (NO GOLD, Just Fiats) ...

It's A EURO Given Right!

Germans must pay for it ALL...

Wed, 08/29/2012 - 10:03 | Link to Comment Stackers
Stackers's picture

"Anyone moves and the nigger gets it"

Wed, 08/29/2012 - 09:50 | Link to Comment maxmad
maxmad's picture

But Mom, how come my little sister gets more than me!  I want more too!

Wed, 08/29/2012 - 09:33 | Link to Comment Non Passaran
Non Passaran's picture

The rumor about that scumbag Draghi working on the very big bazooka announcement. It better be true or September will turn in hell on Earth.

Shorts, bitchez.

Wed, 08/29/2012 - 09:43 | Link to Comment SheepDog-One
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Probably about as true as Bernank's own 'QE3 surely any minute now just sit tite' BS.

Wed, 08/29/2012 - 09:53 | Link to Comment maxmad
maxmad's picture

Oh wait, he already used the bazooka on the "we will do whatever it takes"    That was the nuclear bomb, they got nothing left..

Wed, 08/29/2012 - 09:25 | Link to Comment Dick Darlington
Dick Darlington's picture

And so the wonders of the political utopia turned into dystopia aka euro continue...

Wed, 08/29/2012 - 09:27 | Link to Comment doomandbloom
doomandbloom's picture

can i have some more, por favor..?

Wed, 08/29/2012 - 09:29 | Link to Comment insanelysane
insanelysane's picture

I never realized how schizo the Spanish are.  They go from "we don't need anything from anyone" to "we need your money now or we are all doomed" in a flash.

Wed, 08/29/2012 - 09:33 | Link to Comment Vincent Vega
Vincent Vega's picture

It's not just the Spanish. Have you forgotten Hank Paulson?

Wed, 08/29/2012 - 10:35 | Link to Comment Zero Govt
Zero Govt's picture

w, w, w, who could ever f, f, f, f, forget Wank P, P, Paulson 

Wed, 08/29/2012 - 09:32 | Link to Comment TrumpXVI
TrumpXVI's picture

And NO conditions, Dammit!

Wed, 08/29/2012 - 09:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Ten pallets of red M&Ms......15 cases of Johnnie Walker Blue label.

 

Just put it all in the trunk of the limo.

 

Wed, 08/29/2012 - 10:03 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I prefer the blue M&Ms.

They can be passed off as knockoff Viagra in the new barter economy. Just use a blue Sharpie on the tiny M&M label on each one. :)

Wed, 08/29/2012 - 09:34 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

One of those "If you move, the sheriff gets it" Blazing Saddles moments.

Don't move

http://en.wikipedia.org/wiki/Blazing_Saddles

Wed, 08/29/2012 - 09:37 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Ha ha, yes CD, now say it with me "contagion".

Wed, 08/29/2012 - 09:50 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

con·ta·gion(kn-tjn)

n.
1. a. Fiat disease transmission by direct or indirect contact.
b. A fiat disease that is or may be transmitted by direct or indirect contact; a contagious fiat disease.
c. The direct cause, such as a printing press or computer, of a communicable fiat disease.
 
2. Psychology The spread of a behavior pattern, attitude, or emotion from person to person or group to group through suggestion, propaganda, rumor, or imitation.
 
3. A harmful, corrupting influence: feared that violence on television was a contagion affecting young viewers.
 
4. The tendency to spread, as of a doctrine, influence, or emotional state.
Wed, 08/29/2012 - 10:48 | Link to Comment falak pema
falak pema's picture

wait till 3D printing makes contagion look like depassé. We will all soon be printing our own money. What a bankster can do I can do at home!

Blazing saddles need never worry any more, the sheriff is a thing of the past like the Oligarch. Raging sitting bull meets crazy horse in fiat china shop, like at little big horn.

We are the free breed of personalised credit from me-banker/printer to me-borrower/consumer. Me no wannabe coralled by OK sheriff. Full circle jerk in money perk. What a runaround on hyperinflation merry-go-round. 

Instant oligarchs will be so common that going back to being a peasant will be so classy it will make the Forbes 100. 

Talk about hyperinflated egos, they will be a dime a dozen like hyperinflated siliconed tits and dikks, the rage of the deflationist contrarian humour. Making the bubble go "pop"!

How the world can flip flop in the batting of an eyelid. Tipping moments are so rare they are priceless; even when we despair about their non erruption to right wrong and change the dominant silly song of bunga bunga fiesta fed on steriod pumpanomics. A total eclipse of the heart becomes thing of the past. Deflationist Hope becomes new dope without the sham of perpetual scam. I'm running out of bullets. 

Mel Brooks had one thing going for him : he made us laff at the absurdity of man!

Like that other funny little man in "all you've wanted to know about sex (but never dared to ask)". 

Don Quichotte did father some great song and dance satirical teams. Hey Dulcine you wanna ride round my looney Neil Armstrong park? It won't help the DJIA but it will make ya laff! 

Wed, 08/29/2012 - 09:43 | Link to Comment Baron Robber
Baron Robber's picture

Ha Ha Ha that is great CD - I have told people for 4 years that they should watch that clip to understand what TBTF Bank strategy is.

Wed, 08/29/2012 - 09:34 | Link to Comment Rip van Wrinkle
Rip van Wrinkle's picture

Shrapnel.

Wed, 08/29/2012 - 09:35 | Link to Comment falak pema
falak pema's picture

Jevons paradox proves its efficiency to predict the fiat pump principle encouraging credit demand; as ECB guaranties credit at low rates! 

The more Draghi hints he can solve Euro problems efficiently by pushing print button, the more people shout "help"...

Jevons paradox - Wikipedia, the free encyclopedia

Wed, 08/29/2012 - 09:36 | Link to Comment stika
stika's picture

as for the bankupt and corrupt Italy it seems City of Turin has huge financial problems, while Alessandria (same regione) practically is left with no money to pay the vermins. check out!

Wed, 08/29/2012 - 09:41 | Link to Comment Flaming Ferrari
Flaming Ferrari's picture

Dios mio! Does Mr Mario know about this? He's going to need more lemon pledge.

Wed, 08/29/2012 - 09:47 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I read Velencia and figuresd 'Another California municipality went broke' and I showed no surprise. 

The race to the bottom continues....

Wed, 08/29/2012 - 10:31 | Link to Comment Zero Govt
Zero Govt's picture

i was in Valencia a few days ago, very nice city wrecked by Govt installing traffic lights every 20 yards where traffic is a stop-start-stop-start clown show of fuel sapping, brake grinding Govt road (mis) management 

the (over) ambitous Major has built a very beautiful monument to his own ego, the Science Museum, which has no practical commercial use and was a vast black hole of money waisting and will continue to sap other peoples money to maintain it

on the beaches the farse continues. The State Police mounted on quad-bikes 3 at a time farting up and down the beach all day chasing Africans selling knock-off sunglasses and videos. Is it Valencia taxpayers job to fund the defence of global sunglass, film and music companies because i'm sure the locals like the tourists will find if you ask the Police to find a real thief they'll shrug their useless shoulders, fill out a form (to gather dust) and get back on their quads to fuck around all afternoon chasing trivia

Govt wrecks everything, this bailout merry-go-round is the blind leading the blind

Wed, 08/29/2012 - 10:27 | Link to Comment Zero Govt
Zero Govt's picture

the usual solution with credit card debt-spending junkies is to cut up the card, slash spending, give them a smack in the mouth and tell them to grow up

in politics local councils go running to the nanny State for another credit card and national politicos go to international nannies for new card lines

and you thought voting for politicians was the solution to your problems... hell they can't even wipe their own arses without crying to nanny

fuck Govt, it's a total disaster

Stop Paying Your Taxes; don't feed the spoilt rotten brats

Wed, 08/29/2012 - 10:31 | Link to Comment boh knows
boh knows's picture

Let markets do their nature process of elimination. Let these countries fail and rework from the inside-out. Its inevitable that the worst will come later this year. P

Wed, 08/29/2012 - 10:32 | Link to Comment boh knows
boh knows's picture

Let markets do their nature process of elimination. Let these countries fail and rework from the inside-out. Its inevitable that the worst will come later this year. P

Wed, 08/29/2012 - 11:06 | Link to Comment wonderatitall
wonderatitall's picture

as the supreme magistrate of the republik of me...i demand a billion euro bailout ...charge it to the obama/bush criminal cartel aka, goldman saks

Wed, 08/29/2012 - 15:41 | Link to Comment guiriduro
guiriduro's picture

Catalonia is only nominally bust - it has spent like it was taking home most of its tax (as the specially-excepted Basque country does), while not, in fact, being allowed to keep much of its tax take.  On paper, therefore, Catalonia is bust (as a function of what central government allows it to keep), but not as a representation of its earning power - and if it were to become independent, or merely achieve the same 'exceptional' status as the Basque country, Spain itself would be in a much worse situation.  So things are quite different than in Valencia, which is proper bust without a hope of ever taxing its constituents enough to fill the gap - par for the course for the ruling PP party (same as run central government.)

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