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Eurogroup Statement On Spanish Bank Bailout
From the Consilium:
Eurogroup statement on Spain
The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.
The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request.
The financial assistance would be provided by the EFSF/ESM for recapitalisation of financial institutions. The loan will be scaled to provide an effective backstop covering for all possible capital requirements estimated by the diagnostic exercise which the Spanish authorities have commissioned to the external evaluators and the international auditors. The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to EUR 100 billion in total.
Following the formal request, an assessment should be provided by the Commission, in liaison with the ECB, EBA and the IMF, as well as a proposal for the necessary policy conditionality for the financial sector that shall accompany the assistance.
The Eurogroup considers that the Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, could receive the funds and channel them to the financial institutions concerned. The Spanish government will retain the full responsibility of the financial assistance and will sign the MoU.
The Eurogroup notes that Spain has already implemented significant fiscal and labour market reforms and measures to strengthen the capital base of the Spanish banks. The restructuring plans in line with EU state-aid rules and horizontal structural reforms of the domestic financial sector.
We invite the IMF to support the implementation and monitoring of the financial assistance with regular reporting.
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The road to federal serfdom is paved with euros
Eurogroup statement on Spanish Bank Bailout:
When do the unemployed Spaniards start bombing banks?
Long ETA :)
Addendum to Eurogroup Statement On Spanish Bank Bailout:
Having lived there, I would not be shocked to see a resurgence of ETA and Catalonian separatism.
The unions across Spain got this one. They're already using "home made" RPGs in fighting against the state.
Spain's revolutionary blood is hot and about to boil even hotter.
Leave it to the Spaniards to do something.
http://www.writing.upenn.edu/~afilreis/88/spain-overview.html
I dont understand this at all.
So Greece has no money and needed a bailout from the other EU members. OK. they got one, but thats still not enough because nobody wants austerity there.
Now Spain needs money from EU or IMF in which Greece is a part of. So Greeks are actually giving back money they received to bailout Spain?
If I am Italian, I would be downright steaming mad that we are bailing out Greeks and Spaniards and we get nothin??
I am sure Italy is next, wait a couple of months.And that bailout will be two to three times bigger than the one for Spain which is a few times bigger than the one for Greece.
And dont forget Portugal too.
Perfect timing since Euro 2012 is on right now and then the 2012 Olympics will be here this summer and they can tank the markets like they did right after the 2008 Olympics.
Euro is Germany and France's way to realize empire ambitions.
Italy, Spain, Greece, Portugal are just pawns for German banks. They tried to use cheap labor in Europe's poorer cousins like US did with Mexico, but unlike Mexicans, Spaniards don't want to work in shitty jobs for shitty wages, so money just went to socialist services and Germany used eastern bloc countries for manufacturing.
So all of those countries have nothing to complain. They have memories of glorious past which they gained wealth from colonial profits and can't come to admit themselves that they have to stoop down to China's levels now without her colonies.
In regards to Olympics, central banksters don't tank the market after olympics, they prop up markets until the olympics by giving treasuries free spending money on infrastructure projects to build stadiums and apartments and such.
"When do the unemployed Spaniards start bombing banks?"
The sooner the better. :-)
European revolutions against austerity will set us Germans free!
"we will be most favorably in cashing in those cheques.. "
Ich Bin El Torero!!!!
Yea the finance ministers (did german finance minister say yea also?) can say yes to anything, but did Germany say okay and change their mind?
Olé !!!
This is all phrased in the subjunctive. It is meant to please Obama and soothe markets. Spain has not made a formal request yet--will not until end of month, if at all. Germany has not agreed, really. Expect jubilation then disappointment.
It's another delay tactic. "MoU" ain't a bailout. The fat lady hasn't sung.
This is just another confidence scheme, buying time. So clever. And another form of a lie.
Olé!
Joder!
"The loan will be scaled to provide an effective backstop covering for all possible capital requirements estimated by the diagnostic exercise which the Spanish authorities have commissioned to the external evaluators and the international auditors. "
This bit is indeed hilarious and key.
WTF do they mean with that? An effective backstop for all possible capital requirements. And who exactly are the external evaluators and international auditors?
To me, a European living in Finland, this sounds like "we need a hell of a lot of money from someone who we'll blackmail, and some jerks who'll earn big-time on this bailout will tell us how much they want".
What a farce.
The funny part is the jerks who will earn big-time on this bailout are the ones who caused the problems that require the bailout!
So true.
This whole thing is just so fucked up.
There's also other banks in other countries in trouble. Remember Dexia in Belgium? That bad bank is smouldering underneath too.
Why, then, did Dexia not get support from eurozone, and Spanish banks do? Not that Dexia should have, it's just that eurozone apparently has two measures when it comes to small countries and big ones.
I guess I'll file for economic asylum in Turkey or something.
"This whole thing is just so fucked up."
Yep. That's all that need be said - mathematically I'm thinking something like this:
(thing)sofuckedup = either 0 or infinity. Probably goes towards infinity then explodes to zero. Then we start again following the barter markets for food, water and medicine.
Don't underestimate the Europeans will to hold the union together. Don't underestimate the ability of existing sovereigns to backstop the bailouts.
But, don't believe for a second that the recession in Europe will get much worse before it gets better.
Any big rip is an opportunity to short a market that has already topped out for the year.
and for the confidence...
do you know why the meeting started at 16h.?
Siesta ends at 16h! No kidding!!
My favorite part is how about 10 days ago and multiple times before we were assured by the PM himself no bailout would be needed. For all you delusional collectivist-statists I present this as the normal procedure of governments lieing until events force the truth. The biggest lie is that socialism/ collectivism can work anywhere with anyone. It always destroys the countries and people that try it. The USA will have its turn, too. The rest of the planet cannot bail us out. In fact, the multiple stupid bailouts will pull everyone else down. If the Germans decide to reconquer Europe I will consider it a collections action. God bless you Germans!
The rest of the planet cannot bail us out.
Ofcourse we can. When we run out of our printed paper, you bail us out with your printed paper. Rinse, repeat.
But ahh the people who provided the raw materials and labour. Poor fuckers. They need to do more. Austerity maybe.
I agree with you up to a point. That is what they will try. The problem is they cannot give the paper any real value without our cooperation. Hyperinflation is the result or a simple worldwide default.
Eric Sprott says 100 billion euros is not nearly enough, and the ECB is majorly behind the curve here.
As most people know, there HAS to be a stimulus. There’s going to be this meeting of the EU people over the weekend. There’s been some wonderful work done about the size of the bank runs in Europe, and they’re just monstrous in size. I’m sure that the shortfall in the Spanish banking system is going to be very AIG-like where one day the AIG losses were $40b, and the next day it was $60b, and the next day it was $100b, and three days later it was $185 billion and who knows how much it really was. I was sitting there and I asked someone, how many mortgages do they have? And they said, they have about a trillion. I told them, well the hole will be about $400 Billion then because I’m sure all those things are 40% underwater! So this 100 billion euro suggestion (for Spain) is WAY below the number! Of course it doesn’t matter what the capital deficiency is, how much of the money is leaving the banks? When money leaves a bank, the asset theoretically, well, they’ve got to write a check, but how do you write a check when you can’t sell an asset? That’s why they have to keep getting bailed out.It wouldn’t matter whether they had all of the capital in the world. If every deposit leaves, the check they have to write is unbelievable.
http://www.silverdoctors.com/eric-sprott-theres-not-going-to-be-a-recove...
Funding Gapping hole to be filled
Sprott is right, and it gets worse over a longer term. The consensus estimates have further housing declines in Spain estimated at about 15%, but, mean reversion requires closer to 35%.
This is only the first time of ad infintum that Spain will have to go to the till.
Indeed, the world can ill afford a global recession. Expect fiscal and monetary stimulus to be next up.
Don't fret because various governments, banks, pension funds, insurance companies, union funds and calPERS all say that average annual returns of 8%+ on capital, each and every year for the next 50 or so, will help to ameliorate what only now appear to be quite significant budget gaps.
BWAAAHAAAHAAAAHAAAAA!!!!!!!!!!!!
*Even raging, full retard permabull Jeremy Siegel (who pretends that equity indexes aren't routinely and massively re-jiggered, that survivorship bias doesn't exit, and whose models of historical equity market returns are a casebook example of absurdum ad infinitum) blushes when he hears such talk.
The dominos will never fall. We'll all be enslaved, but the dominos won't fall.
A house of cards can be propped up only so long...
...but a hell of a lot longer than we have patients for. It's already a fantasy system and there is much, much more wealth to be sucked out... It'll be years and years... and then they'll restructure it all in their own terms and it'll keep on going.
Fully agree with you. We better settle for paying much longer for this charace. But down it will come, and the later, the harder. And, most likely, when just about nobody expects it. Ain't that the Heisseberg Principle?
You may be right, but I think you underestimate the velocity of money and the determination of hungry/homeless/hopeless people.
Emile Zola once said: "You can't free slaves which revere their chains." So there's little hope left to see the soccer-watching, beer-consuming masses stand up for a better future of their children.
There's a reason all the ongoing financial fraud is concealed in highly complex structures, so even many lawyers don't comprehend the details.
Financial bullshit is simply not the killer. Money is an invented concept, and so is the value in gold. Governments will always have the ability to control by edict imaginary, invented concepts.
That is not what takes it all down. Oil scarcity is. That's what started this ball downhill and that is what will steepen the hill.
Nothing else. They can keep this going as long as they want because what they are manipulating doesn't exist in nature. Oil does, and they can't create it, and that is what will unravel it all.
I'm with you on oil scarcity. Just -- the current banking malaise seems to have less to do with the dwindling natural resources, and more so with a 700 trillions in derivative debt sized house of cards where already one or two cards have been pulled.
Oil peak production is a long, flat plateau that will last years. As oil become marginally more expensive, other fossil fuels, and alternative energy, and new energy technology will incrementally come on line. Solar technology is advancing along many fronts, in many countries. I will not be surprised when artificial photosynthesis becomes a viable liquid energy producing source. The children of the 21 st century will be using multiples of the energy that their parents and grandparents use today.
It's way easier for them to kill demand. Aren't the "globalists" trying to elliminate the useless consumer? Any paradigm shift won't be in Joe-Sixpack's best interest.
" I will not be surprised when artificial photosynthesis becomes a viable liquid energy producing source."
I actually do research in this area so I found your comment both naive and amusing. I will be very suprised if it ever becomes viable-I certainly wouldn't invest my own capital-but other people's money-that's another thing entirely. Its a scam to get grant money, write papers, go to conferences in exotic locations and get awards from other scientists who also work in the area (have done all of these). Its interesting and challenging science, of course, but as a viable technology to replace fossil fuels, no way. It costs more to produce the materials than one can ever get out in energy. Sort of like the biofuels scam.
Nuclear fission is the only viable proven technology for large scale energy production.
Close your eyes...now turn around...TA-DA! Maaaagic!
Exactly, see my comment just above yours.
So, again, the common people have to suffer for the excesses of the banks. Why are no banking reforms instituted in such a process?!
Zombies of europe...wake up from your football induced coma and realize your are enslaving yourselfs generations deep....
Unfortunately, one of the preconditions of becoming the walking dead is that you don't wake up..
Same problem here.
"Financial assistance." LOL !!
Financial RESCUE !! (But only if the German National Court agrees....)
If this goes through, Italy is going to be sucking hind tit.
Wow. This is amazing. Germany will respond favorably I assume. As will the US, which funds 1/10th of the IMF.
What a fucking shitshow the banking system is.
The US supplies 17.69% of any funding..... Spain 1.7%, Greece 0.5%, italy 3.3%..................................
Wonder how the Greeks feel about bailing out the Spainish.... Thats 500 Million Euros to the Greeks not insubstantial......
Amen brother. They've come up with a solution to freeze up capital and add more debt to the national balance sheet. Fucking brilliant... Where does this push the Spanish Debt to GDP ratio?? LOL!
PS- Lovin' the avatar.. always tellin' of the times.
Dow will be up 500 points then down 1000 points
The Eurogroup supports the efforts of the Spanish authorities BLAH BLAH BLAH welcomes their intention to seek financial assistance BLAH BLAH BLAH the Spanish authorities will present a formal request shortly BLAH BLAH BLAH respond favourably BLAH BLAH BLAH measures to strengthen the capital base of the Spanish banks.
Anybody got a good strong laxative? The Eurogroup badly needs one.
Careful with the medicine now, compadre. An enema administered currently might flush out all of Brussels, and take Berlin along in the process.
It's only bad if one is downstream.
Hey, I didn't say I'd be against it. ;)
All for healthy life and healthy money.
auditors?
in spain?
priceless!
i will pay 5 cents on the dollar for any PM-denominated torquemada IOUs (up to $20 total) with DNA
Wonder how Greece votes will view this
WE ARE ALL SPANISH! after siesta that is...
Damn it, I feel like a paella but I can't even find a decent tapas bar near my area.
i didn't know europe still had another 100 billion to spare... why did they run to china first if they had it all along?
and what's the interest on the loans? 1%? a day?....
and now EUrope is down another country to save the rest...
this little piggy went to the market...
this little piggy got killed by a driveby....
this little piggy didn't pay back his shark loan...
and this little piggy....
I will repeat again what I said earlier. There is NO agreement here.
Look at the Spanish statement and look at the Eurogroup statement.
There is NO agreement on the amount of money, or the interest rate or the conditions attached to it or the timing of the implementation. There wil be NO new money hitting the Spanish banks on Monday.
This is just a confidence boosting statement of intent with no agreement between the two sides.
Oh, you mean the 'ol Wimpy line from Popeye "I'll pay you Tuesday for a hamburger today" routine... Brilliant!
Yup, I must say I read it the same way. Euro-statement is conditional.
On the key phrases, they use conditional statements.
The financial assistance would be provided by the EFSF/ESM [...]
[...] an assessment should be provided [...]
[...] the Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, could receive the funds [...]
But when it comes to Spain's responsibilities, it's clear:
The Spanish government will retain the full responsibility of the financial assistance and will sign the MoU.
So indeed, what agreement?
And more.
Can't all these public statements just be a war of perception?
If Spain says there's an agreement, then how difficult is it for eurozone to back off and deny that? This may very well be a public announcement to strengthen their negotiating position. In which case, of course, it is pure blackmail.
Just a hypothesis. But if you'd have to get 100+ billion (or whatever), wouldn't you play it dirty to get it your way? I.e. directly to the banks and not to the govt?
With the euro statement, that can still go both ways. But down and down we go..
These meetings and their pronouncements may be short on specifics, but the big picture is that the bailout tide is coming in. It will wash over Germany, and even the U.S., as it becomes the common wisdom that the western banking system is so intertwined, that bailouts of various large participants, from sovereigns to banks, wherever necessary, will be forthcoming.
Agree, the bailouts are coming.
My only point is that perhaps it is not settled yet in what form. And while the big picture drags everything down anyway, the specifics do matter.
Bail out banks -> bank problem
Bail out countries -> people problem
Plus, significantly, there's the complete lack of morals when eurozone bails out banks in Spain because Spain can't bail out their own banks, while in other countries, like Belgium, both Fortis and Dexia had to go down because no-one would bail those out. Let alone what's going on in Greece and Ireland.
If I were Greece, I'd so for Syrizia -- or rather, not vote at all and buy ammo and guns with my last savings, and go in for some killing in Frankfurt. Dammit.
very well noticed!
This entire week has gone down this way... no solid forward motion (decisions made), just verbal propaganda and the market algos making up the rules as they go along. At some point the adults have to come back to the table and remember that now, not only do European banks have to delever but so do U.S. banks.... all while global growth has been kicked in the crotch AND the foundation of the derivative party is cracking faster than most care to admit.
Yep, before their can get any actual funds transfer, the bank run will be full scale requiring capital controls and a bank holiday. I'd bet on capital controls and a bank holiday long before I'd bet on implementation of funds transfer by 17 different EU states to Spain. That could take months to year to happen.
That was certainly my impression. My base case for next week is this actually accelerates the problems in Spanish, and possibly more importantly German, French, Italian, and UK banks as the credit markets are very well aware (finally) that the EFSF/ESM aren't really funded operating institutions yet.
Take my thoughts with a grain of salt i.t.o. market reaction...been pretty spot on since last November but was absolutely 100% wrong about last week...but I could see a pop and massive drop on Monday (maybe even without the pop). Will have my eye on gold/copper (and their correlation), tsy's/bunds/perhipherals, and the Shanghai Comp before the U.S. open for guidance. Not much dry poweder left in any event...got pretty much max short into the futures close Friday.
Vamos a festejar!
@MiniCooper... no money on monday, just euro fluff, it looks like they agreed a procedure to consider the bailout lots of feelgood stuff...
"Following the formal request, an assessment should be provided by the Commission, in liaison with the ECB, EBA and the IMF, as well as a proposal for the necessary policy conditionality for the financial sector that shall accompany the assistance."
So there is conditions on this loan? Confused...
EL DORADO BITCHEZ!
El doraodo as in EUROPE! they found it! finally!
cities of gold! yeah!
oh noes here come the conquistadors
all they have to do now is kill off and inslave the locals and everything is theirs!
Uh yes but have you noticed Europe is the natives ?
Desperado is more like it
Lol 40 billion! How quaint.
This number ain't even in the ballpark.
I understand the audit is being done by the same auditors who did the EU bank stress tests... lol
Market reaction +or-??
If they really are getting 100 billion with no strings attached the market will rally.
Shouldn't we have seen that already on friday??
What will happen is the euro will rally and the dollar will tank. Stocks will rise because of that and better economic outlook for the area in general.
Until they realize it only made the situation that much worse. Do you give an alcoholic a bottle of jack if you want them to quit drinking? What length of time does this buy Spain? Just some thoughts
Peace
It's hard to say how much time this buys. If they do not make any reforms they will be back in same situation eventually. I still can't believe they are getting this money without any conditions. I will be trying to confirm this with more sources today and tomorrow.
I think they will be awful quiet on the terms until after the greek election.... If spain announces with no conditions Syrzia probably wins an outright majority in Greece.... Then they get theirs, the Italians and Irish will of course Que up. The frogs already tossed in a retirement age cut, so they will come into the picture at some point. The moral hazard here is unbelievable...... Merkel and Bernake really cannot be this stupid can they? because they get a can kick that will last a month at least...
So to answer the OP the stock market will rock and the bond market will tank come monday.... Look for under 1.4 percent on the 10 year comming to a theatre near you next week.
Merkel is a political pawn and if I dare say so, she has been pawned.
Bernanke is a private banker and he's one of the group doing the pawning.
Wake up and smell the roses.
Uhm, if the 10 year is going to 1.4%, then that is a bond market SURGE, not a tank. The PRICE rises, the yield drops. The yield drops, the price rises.
If you're a bond holder and the yield is going to 1.4%, you're going to make solid profits, just as you have since September when yield was 2.58%.
This is why US T bonds have been the strongest performing financial instrument for about 18 mos now. You don't make your money in yield. You don't intend to.
You make it in capital gains as deflation crushes all hope and leads to panic buyers into those bonds.
"Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, could receive the funds and channel them to the financial institutions concerned."
The EU banks are desperate to get this money...
Where I come from "Fund for Orderly Bank Restructuring" becomes F.O.B.R. when shortened. Not F.R.O.B.
That's because you're not in Spain.
Fondo de Reestructuración Ordenada BancariaShould be Fund Underlying Bank Agglomeration and Restructuring ...... FUBAR
Hey! You stole my line!
FUBAR is right!
And USA is led by SCOAMF
A very simple illustration on Central Planning failures. Many of you were taught.
There was an old lady who swallowed a fly | Nursery Rhymes |British Council
Sit back and watch the system eat itself from within.
/sarc
Starve the locals feed the banksters. Imprison the banksters.
The IMF said 40 billion and the Eurogroup said 100 billion. They cant even agree on the ballpark!
Note: MOU = Bullshit Signification
Well they gotta have something to show Merkel...
Stock pumpers use MOUs all the time .. LOL
It must be me, but what exactly is happening here?
What interest rate are these banks going to get money at and how much money?
I also love that fact that although the money technically bypasses the spanish govnt, they are still on the hook for the loans.
Does this not take spanish debt/gdp to new hights?
I hope they dont plan on trying to sell bonds soon. I can't see that going well.
I hope they dont plan on trying to sell bonds soon. I can't see that going well.
no, bonds has to be bought by the just bailed-out banks with money which will be provided by the EFSF.
with one word: this (digital) money is lost.
This is an invitation for Greece votes to vote Tsipras and then black mail Germen.
Spain will become the next slave nation. Slaves controlled by the unelected EUSSR conquistadors.
Mark my words, this is just another EU fudge because NO actual hard agreement is in place here.
They have ducked the issue because no one can agree on the conditions and that is the sticking point.
"The financial assistance would be provided by the EFSF/ESM"
The ESM does not exist yet, so it has to be the EFSF only, unless it's coming from a parallel universe inwhich the ESM already exists, or via time travel from a future where the ESM exists, perhaps that was the secret purpose of the LHC all along.
"The ESM is due to be launched as soon as Member States representing 90% of the capital commitments have ratified it, which is expected in July 2012" (wiki)
They better have the thing turnkey ready and tested, mucho dinero is going to flow through that euro-treatment plant.
They ask 100bn but it will be multiples...
Who gives a flying fuck what the Eurogroup says - and wtf is 'The Eurogroup' anyway?
Long gold.
Desperado
Desperation. To have a bullshit announcement like this with more holes than whores in Bangkok .. it simply reeks of DESPERATIOIN.
June 16th matters, nothing else. Greece is voting. The leaders have no clue and they have no plan. Just bullshit. Greece is the beginning of their end.
Spaniards are already in the streets and blocking important entire road sections. Do the Spaniards stop protesting because the banker's are requesting a blank cheque from Germany?
Who would be so stupid? As if they haven't learned anything from history. The banker's are going to get lynched and the leaders who haven't reigned in the bankers are guilty of treason.
Ah, if it were so... But sadly, the raping has only just begun.
http://www.youtube.com/watch?v=JeNA80mo5DI&feature=related
Finland is asking for collateral if the funds are coming from the EFSF.
"The Euro-group supports the continuation of the central banking and bankster 'something from nothing' ponzi.
More catered meetings and conferences in luxury accommodations with hollow resolutions, promises, and of course austerity to ensure the continuation of banker bonuses and malfeasance.
The little people of the world must be bled to maintain our hegemony, therefore, more taxpayer money and debt on future generations will be shuffled about."
Monday will be a positive day for the markets.
The greatest private fraud of human history.
Who are the great fraudsters who are becoming the murderers of the human kind? How does the economy "illness" threaten Democracy and the freedom of people?
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
---------------------------------
By knowing what happened in indebted Greece, where loan sharks created “bubbles” and the current inhuman debt, one can understand the inhuman plan in total ...understand where this plan started just to bring all states at the same end ...understand how this type of plans are established...
some old news:"Spain negotiates the sale of more than 200 tanks Leopard 2E to Saudi Arabia"
(..and ze Germans would have an economic return of the 30% of the total amount of this hypothetical contract.)
http://pakarmydefence.blogspot.it/2010/10/sale-of-more-than-200-tanks-le...
...and today's Spanish press:
"El Rey impulsa la venta de 200 carros de combate a Arabia Saudí"...but according to the Deutsche Welle:
http://www.dw.de/dw/article/0,,16003944,00.html
"...members of the German delegation said that the Saudi request for German Leopard-2 tanks will not be on the agenda." (???)
(What a confusion!)
Best thing for Spaniards to do is withdraw your deposits and stop paying your mortgages.
If you interested in the direction of equities over the next several weeks, you have to be paying attention to the USD index. http://bit.ly/MvP8Q9
Wow! The people of Spain must be proud that the Banks get 100 Billion in bailouts and the taxpayer is once again on the hook!
I'd like to get a sound bite from lead members of Germany's paliment as to weather they will approve "their peoples" hard earned money to flow down another toilet thats now called the EFSF
Yep, mighty fine time of year to be in Europe you know. Bonfires,tear gas, neo-nazi's running amuck. Yep, good times...
BTW America, your turn will come. Have you hugged your Banker today???
This 'bailout' of Spain is just a ruse to get through the Greek elections with a 'favorable' outcome (if that were possible) for the euro.
How is the problem of too much Spanish fixed by more debt?