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Spain Caves, Admits It Needs European Bailout

Tyler Durden's picture




 

And so those lining up at the bailout trough are now 4: remember all those lies Spain spoon-fed the gullible press that it didn't need a European bailout as recently as yesterday? You can now forget them. From Reuters: "Spain said on Tuesday that credit markets were closing to the euro zone's fourth biggest economy as finance chiefs of the Group of Seven major economies were to hold emergency talks on the currency bloc's worsening debt crisis. Treasury Minister Cristobal Montoro sent out the dramatic distress signal in a radio interview about the impact of his country's banking crisis on government borrowing, saying that at current rates, financial markets were effectively shut to Spain. Montoro said Spanish banks should be recapitalised through European mechanisms, departing from the previous government line that Spain could raise the money on its own and and prompting the Madrid stock market to rise. But his comments on Spain's borrowing sent the euro down after the 17-nation European currency earlier hit a one-week high against the dollar on expectations that a conference call of G7 finance ministers and central bankers may hasten bold action." Well, Germany got its wish: it got Spain to admit it is broke. Just as it wanted - because remember: all Germany is, is a true lender of last resort unlike the ECB: after all they are the decision makers. And Germany knows very well that it needs Europe desperate when it is forced to accept any conditions to the German DIP loan that Schrodinger Schauble proposes. Which means forget anything positive will come out of the G7, and certainly forget anything actionable will come out of the ECB's June 7 meeting. If anything, things will first get much worse, before things get better. And finally, don't forget just who benefits the most from EURUSD at parity or lower... That's right: Germany.

Speaking of June 7, this may well be the D-Day for Europe, but not because of the ECB. Recall, that "Spain will test the market on Thursday by issuing between 1 billion euros ($1.24 billion) and 2 billion euros in medium- and long-term bonds at auction." Yep - Spain issuing 10 year bonds in 48 hours. Best of luck gentlemen - and this just as the country formally announced it is insolvent. Zero Hedge suggests that Spain promptly cancel the Thursday auction before it is too late.

More from Reuters:

Emilio Botin, chairman of the nation's biggest bank, Banco Santander told Reuters Spanish banks needed about 40 billion euros in additional capital, adding that "there is no financial crisis in Spain". Montoro said the figures were "perfectly accessible".

 

But his dramatisation of the debt situation set a stark backdrop for the conference call of the United States, Canada, Japan, Germany, France, Italy and Britain, plus European Union officials, which two G7 sources said would start at 1100 GMT.

 

Montoro's comments appeared aimed at pressuring the ECB and EU paymaster Germany to find ways of intervening. But the central bank has so far shunned calls to resume purchases of Spanish government bonds, and Berlin has said it is up to Madrid to decided whether to apply for assistance if it needs help.

Speaking of the G7, and confirming that Europe is nothing but a total basket case, Reuters informs us again, that instead of broke Europe appeasing its only source of funds, they are.... bashing it.

Germany is likely to come under severe pressure to do more to stimulate growth and help the euro zone on a conference call between finance ministers of the world's major economies on Tuesday, a senior G7 source told Reuters.

 

"It will become a Germany bashing sesssion," the source said, requesting anonymity due to the confidential nature of the call.

 

The source added that ministers would discuss the situation in Spain on the call and confirmed that Germany was pushing Spain to accept an EU rescue to help it recapitalise its stricken banks.

 

"They don't want to. They are too proud. It's fatal hubris," the source said of the government in Madrid.

They just did.

Finally, regarding the latest myth that there is enough actual funding in various emergency funding mechanisms to support Spain and Italy, we got back to yesterday and bust this particular mth, courtesy of Bridgewater.

 

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Tue, 06/05/2012 - 07:35 | 2495192 slewie the pi-rat
slewie the pi-rat's picture

L0L!!!

wait till timmah & christineL get wind of this?  Hahaha! 

 

Tue, 06/05/2012 - 07:38 | 2495200 Sabibaby
Sabibaby's picture

When they get wind of this they'll say it stinks! 

Classic Silent But Deadly... but how did we at zh already know this was coming? We watched them eat the beans...the magical fruit!

Tue, 06/05/2012 - 07:45 | 2495219 slewie the pi-rat
slewie the pi-rat's picture

they were in madrid together last week

they left on thursday (?) and then marioECB is given the "consolidationPlanMan-dateLeadership" squididity

if this isn't totally choeographed by the fuking banksters right down to these very numbers i'll eat angela's shirt!

Tue, 06/05/2012 - 07:56 | 2495246 tooktheredpill
tooktheredpill's picture

don't worry, Mario will convince Angela that eurobonds are the go ;-).

Tue, 06/05/2012 - 08:24 | 2495303 slewie the pi-rat
slewie the pi-rat's picture

these bonds cannot and will not be floated by the EU and the ECB as they are now

the banking and political power HAS TO BE CONSOLIDATED and the rules hafta be changed FIRST

this is what marioECB's chairmanship of the taskforce to present the opus assfuk to the 29 summit represents:  the NW0 for the EU

imo this pretty much has to be untenable for germany,  but the abuse>>angela is also choreographed by the banksters, as tyler wryly notes

she won't say too much today, but the finiMini will push back while theJens will be uber-confidently ambiguous and be open to just about anything, while pretending germany is still important, politically, at this point on the yellow prick road paved with intentions fromHell

sign the SNB up for a trilEUR0 bonds and maybe the FED can take a load;  after all, the new EUR,000,000,000,000 bonds will be RESERVES for the cBs at that point, right?

the ECB will become a cBank! and it will own the EU!  and the SNB will own about a 4% vig on the ECB 4evah...  free!  wtf, that's just wunnerful for the EU, too! germany can pay it!

nothing will be left for thePeople 4evah

so there!  ponzi zombie bankster unicorns shitting reserves outa their new tubo-printers!  fun and fungible too!  we're fuking rich!  RICH i tell ya,  BiCheZ!!!

the EU is saved!  the world is saved!  and now, we can all blow up iran together!

YAY!

Tue, 06/05/2012 - 08:30 | 2495319 GetZeeGold
GetZeeGold's picture

 

 

Spain stands up and admits they're alcoholics.

 

Thanks for sharing.......here's a cup of coffee and a chip.

 

Tue, 06/05/2012 - 08:50 | 2495393 fiddy pence haf...
fiddy pence haff pound's picture

I think Geithner's arrival in Spain is designed, not to help Spain,

but to get Spain on board with the idea that it (Spain) will be

used by the US to get the EU and Germany to change their laws

in order to make the ECB into a proper central bank.

They're all pumping the pressure up, and eventually it has to happen,

if I'm reading ZH properly. Otherwise, the whole thing will blow up.

 

Slog blog said that the UK changed laws so that it can fund foreign

countries directly. So, I'm guessing the ECB produces bonds and UK pays for it.

They've got the most to lose if it all goes tits up. The City of London is the eye of the

storm.

 

It's too bad that the ECB couldn't keep funding Spanish banks, under the table.

Gotta save those banks. F&*(k the people. save them banks. ay, conio.

Tue, 06/05/2012 - 13:18 | 2496380 The Monkey
The Monkey's picture

Nice post. This gives us a pretty clear suggestion about how much political force is acting behind the scenes, and how it is increasingly difficult to forge consensus. If we were brought to the edge last year, what forces will have to act this year?

Tue, 06/05/2012 - 10:17 | 2495778 tooktheredpill
tooktheredpill's picture

that's one way of putting it slewie - but yeah they have hinted that eurobonds will be viable at one stage but like you said the time is not right to play that card

Tue, 06/05/2012 - 08:10 | 2495270 LeBalance
LeBalance's picture

if it isn't completely obvious that it is choreographed right down to which shirt Ange is wearing ... LOL!

Tue, 06/05/2012 - 07:46 | 2495222 francis_sawyer
francis_sawyer's picture

What a coincidence!

francis_sawyer, just last night, came to the conclusion that I'll need a bailout... Where do I go to get my cash?

Tue, 06/05/2012 - 07:52 | 2495238 j0nx
j0nx's picture

I agree. I have a baby on the way and could really use a bailout on my end too since my grocery and fuel costs have went up 40% in the past year. I'm just waiting for them to spin the sale of some kind of bailout to Euro banks here in the states to the American people. Even with a baby on the way I am prepared to grease my pitchfork and light my torch if they try. No fucking WAY we pay for a Euro bailout. [DENIED].

Tue, 06/05/2012 - 08:30 | 2495322 slewie the pi-rat
slewie the pi-rat's picture

 

 

  • lamaze
  • la leche
  • la bamba!
Tue, 06/05/2012 - 09:08 | 2495472 francis_sawyer
francis_sawyer's picture

@j0nx

In light of your circumstances, I'll donate most of my bailout cash to you (save for a little beer money)... & I drink cheap stuff anyway...

 

Tue, 06/05/2012 - 08:23 | 2495301 brooklynlou
brooklynlou's picture

Obama's willing to offer you a $3000 thingamajig bailout. Just make sure you have your thingamajig paperwork ready and stamped.

Tue, 06/05/2012 - 09:09 | 2495474 francis_sawyer
francis_sawyer's picture

Can't you see? J0nx already has his stamper ready...

Tue, 06/05/2012 - 07:35 | 2495194 Ghordius
Ghordius's picture

And now the cheerleaders for EuroBonds will try to package them in a Banking (Insurance) Union....

Tue, 06/05/2012 - 07:39 | 2495203 Stock Tips Inve...
Stock Tips Investment's picture

It is clear that the crisis in Spain is more serious than mentioned. With youth unemployment near 50%, economic activity lost momentum, the need to cut its fiscal deficit by half in one year and without private financing, the bank must be in deep trouble. Chances are that in the coming months we see that this crisis spreads to more countries of the "old continent".

Tue, 06/05/2012 - 07:41 | 2495205 jerry_theking_lawler
jerry_theking_lawler's picture

Silver Bitchezzz!!

Tue, 06/05/2012 - 07:41 | 2495206 Olympia
Olympia's picture

Global Debt Crisis

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...

Tue, 06/05/2012 - 07:59 | 2495250 Peter Pan
Peter Pan's picture

It will be interesting to see whether the world opts for a debt jubilee or a violent reaction by people at their wits end.

Once the issue of debt is dealt with, it still leaves us with the issues of failing demographics, unsustainable fiscal policies, imbalanced trade and international friction.

Does Europe, the G7, the Bilderbergers or anyone believe they can concoct a plan to solve all this within the next month?

I think they are working on an escape plan to save their position, their wealth and their scalps.

Tue, 06/05/2012 - 08:07 | 2495263 Olympia
Olympia's picture

Bilderberg Group and the crimes against humanity.

 

In 1991, when George Bush senior attacked Iraq and tried to establish the New World Order, has actually provoked a World War. A war the human kind has never seen before; a world war that may not have had the provocative blood-letting of the previous wars, nevertheless its consequences were equally bad for all the peoples. A financial world war, the consequences of which may not have been dead or amputated men and ruins, but in any case they were equally disastrous for both the peoples and the environment.

 

http://eamb-ydrohoos.blogspot.com/2012/02/world-war-iii.html

 

-

Tue, 06/05/2012 - 07:42 | 2495208 timbo_em
timbo_em's picture

If we consider Peter Tchir's last article about the possible outcomes of tomorrow's ECB meeting, I think it's time to run like hell.

Tue, 06/05/2012 - 07:50 | 2495233 Tyler Durden
Tyler Durden's picture

It is a virtual certainty that the ECB will disappoint at this point.

Tue, 06/05/2012 - 09:00 | 2495437 eclectic syncretist
eclectic syncretist's picture

What should they do?  Continue thinking that the way to eliminate debt is to raise credit limits ever higher?  Assuming they continue with this course of action how long will it be before even the general public begins to understand that the true value of fiat money in the absence of mutual trust is zero, and collapse ensues? 

Meanwhile in the US the Bernanke led Fed is more concerned about financial market stability than eliminating debt.  Problem is, the banks he most wants stabilized are already technically insolvent and housing isn't coming back anytime in the foreseeable future, so more credit won't help here either.  And these same banks are not cooperating with the Fed in terms of increasing transparency into the shadow banking system, and with things like the recent JPM fiasco, we could be moving towards a point where the Fed begins to lose trust in the banks inclination to do their part in promoting financial market stability.

All of Bernankes stated beliefs about the Feds ability to foster a stably expanding economy are based on the implicit assumption of trust and cooperativity between the Fed and banks.  I have to wonder if he's begun to reappraise that assumption.

Tue, 06/05/2012 - 07:44 | 2495215 Stoploss
Stoploss's picture

I smell pizza burning somewhere.

Tue, 06/05/2012 - 07:44 | 2495216 caimen garou
caimen garou's picture

you know when they are broke, when they say they are not! what would the euro zone do if it was not for the lie or the rumor? they would all be flushed down the toilet long time ago! our turn is near.

Tue, 06/05/2012 - 07:45 | 2495218 janus
janus's picture

the pain in spain is on everyone's brain.

 

it will be interesting, when all is said and done, which event is cited by a consensus of historians as 'the catalyst'; and it will be more interesting still when the single historian of genius identifies the actual culprit.

gentlemen, it has begun.

janus says "bene"

http://www.youtube.com/watch?v=ADmX9eMEV9U&feature=related

Tue, 06/05/2012 - 10:02 | 2495718 TWSceptic
TWSceptic's picture

Spain will drive the eurocrats insane, but for their mistakes someone else will get the blame. They'll have taxpayers feel the pain, but eventually it will all be in vain.

Tue, 06/05/2012 - 07:47 | 2495225 chubbar
chubbar's picture

Who gives a shit what the G-7 are saying? What is being planned at the Bilderberg meeting, that is more relevant.

Tue, 06/05/2012 - 07:53 | 2495239 francis_sawyer
francis_sawyer's picture

Planned at next Bilderberg?... Like what, which altar boy to sodomize first? Weighty decisions indeed...

Tue, 06/05/2012 - 07:47 | 2495226 Olympia
Olympia's picture

It was Germany that took huge loans from the American FED. It was Germany that put the markets up to buying ownership shares of the European Central Bank, which has burdened the States with sins. It was this State that lured the rest of the Europeans into a dissolute life so that it can pass the burden of its debts, hence its own sin to them. The current epidemic of debt crisis has begun from Germany, it is just that it kept its disease a secret and at the expense of everybody else, and now that it is in a better shape, it has gone hunting in order to take advantage of the disease it itself had created. The first State to have sickened has gone hunting for the one who was most weak in dealing with the disease, and that was Greece. If Germany had not been over-indebted, the European states would have never been vulnerable to the markets’ attacks.  If Germany had not been over-indebted the European states would have never been forced to mortgage their existence so that Germany’s bosses can get their money.

________________

The Eastern gates of Europe at risk: How Northern Europe shoots itself in the leg

http://eamb-ydrohoos.blogspot.com/2012/05/greece-among-salem-witches.html

Tue, 06/05/2012 - 08:27 | 2495309 brooklynlou
brooklynlou's picture

Germany put a gun to their head?

Tue, 06/05/2012 - 08:33 | 2495334 Joe A
Joe A's picture

So it is all Germany's fault then. Nobody forced countries such as Greece and Portugal to borrow money.The Greek government consistently lied about its economic figures (with the help of Goldman Sachs) first to get into the Euro and then to keep up appearences. Italy the same thing. If you borrow money, one day you need to pay that back. And borrowing money costs money.

Another myth popular in Southern Europe: German low wages caused all of this. Really? First of all, even low wages in Germany are still higher than in other countries. Secondly, Germany kept its wages low in order to finance the inclusion of the ex-DDR which cost them 10 times as much as they thought. Thirdly, it is not about the wages, it is about labor cost per unit produced, which is low in Germany. This means that the German economy is a very efficient economy. If Germany would raise the wages -which they will- that entails that German products will become more expensive but it also means that Germans will have more income at their disposal which they will spend, most probably on German products.

This link of yours is a load of bullsh*t. So it is the fault of the protestants then? They want to destroy the orthodox and the catholics? These latters destroyed themselves because unlike protestants who believe that you should do your best in this life in order to get rewarded in the next, in catholicism everything is allowed (including the fondling of little boys) as long as you say your hail-mary's and ask the big guy in the sky for forgiveness before you die. I am originally a catholic and am from a country with protestants, lived for some time in a country that was predominantly catholic so I know the difference between the two. I now live in a country with majority orthodox and believe me, of these three flavors of the christian religion, the protestants by far have the better work ethic.

Tue, 06/05/2012 - 09:05 | 2495461 Olympia
Olympia's picture

The current anti-Greek hatred, that characterizes the ridiculous modern German leaders, is only normal. By managing the country, with the most unattractive and appalling history in Europe, they are trying to devalue anyone they consider having exactly the opposite features. Furthermore, there is a personal matter as well. Why is that? Because most of these leaders are ex-Stalinists and as such they hate those who invented Democracy. Most of them are “castrated” accountants and bureaucrats and therefore they are consumables for history and they cannot resist the temptation to “throw stones” at the immortal parts of it. If you are a nobody, there is a gain to connect your name with someone immortal even by insulting him.

Tue, 06/05/2012 - 10:16 | 2495772 Joe A
Joe A's picture

Oh dear. So Germany is the evil empire? And Greece is the devine country? What would the old Greek think of modern Greece now I wonder? I love Greece and I love the Greek people and the average Greek is getting screwed by the bankers. I think it would have been better for Greece if they defaulted two years ago and went back to the Drachme. It would have been hard but Greece would be two years further now. Instead they got Goldman Sachs Papademos -yes from the same GS that helped the Greek government to cook the books- who loaded Greece up with more debt and having Greece to finance their own structual adjustments. But you have to admit that Greece is rife with corruption and tax evasion. Corruption is everywhere but in Greece it seems to be present at all levels. More so at the level of the political and financial elites. The shipping tycoons who let their ship sail under Panamees flag in order to avoid paying taxes in Greece. It is them who sold out the Greek people to the banksters.

Tue, 06/05/2012 - 11:11 | 2495960 Olympia
Olympia's picture

Now you are talking clear! ;)

Tue, 06/05/2012 - 11:30 | 2496028 Joe A
Joe A's picture

I hope the Greek will recover from this and will show solidarity. The Greek have an opportunity to re-invent democracy. It will be very hard, though. I hope to go to Greece again this summer. Beautiful country, friendly people, great history and good food.

Tue, 06/05/2012 - 12:28 | 2496229 Olympia
Olympia's picture

And I am very sure that Greeks will do what you have just said and they will -always- welcome you. 

 

History shall repeat itself in a far greater scale and therefore the benefit for the leading roles shall be much greater. If ancient Greeks won the battle against the barbarity of the East in favour of Europe, then modern Greeks are those who are meant to win the battle against the barbarity of both Eastern and Western world in favour of the human kind. The world has become a little “village” and in this “village” everyone knows what the character of the others is.

Tue, 06/05/2012 - 09:07 | 2495467 Olympia
Olympia's picture

There is no nation of saints and the German nation could not have been one. The question is what is going to happen when profits are no longer made and sacrifices are required in order for the profits to continue coming. The situation is definitely going to change, then. It’s one thing for the rich employee of Schäubleto scold the “pigs” for not paying their “debts” and another thing to send the poor German soldiers to collect.



A problem will arise when the Germans will have to actually defend the "Banksters" interests; but this is an utter impossibility, times won’t allow it. Human quality in today’s time does not allow people to wallow in the mire in order to sacrifice themselves for other people’s interests. The Germans are a shiny “armor” for the "Banksters"; it has an intimidating role and works for as long as that intimidation yields profit. They are like soldiers who join the army for money and not out of desire to become heroes. They are good, disciplined and obedient soldiers during peace time. During war time they change their outlook because facts change. They have joined the army to ensure survival, not death.

Tue, 06/05/2012 - 07:48 | 2495229 Don Draper
Don Draper's picture

It's already too late.  Continue fiddling, please.   Next?

Tue, 06/05/2012 - 07:49 | 2495230 Peter K
Peter K's picture

Anyone notice the German manufactuing orders, especially the Foreign ones? Looks like the sickman of Euroland is baaaaaack. ;)

Tue, 06/05/2012 - 07:50 | 2495232 lewy14
Tue, 06/05/2012 - 07:51 | 2495237 Winston Churchill
Winston Churchill's picture

Stick a fork in Spain,its done.

Now lets move onto the next mosel;Italy.

Hope someones watching in Germany.

Your turn will come unless you exit now.

Tue, 06/05/2012 - 07:53 | 2495242 Peter Pan
Peter Pan's picture

I think Europe is crazy enough to create some kind of European superbank in which all banks will have an interest in proportion to their capitalisation. This will allow for a "transfer union" of sorts between banks and not just nations, so that it acts like a form of deposit insurance and stops massive withdrawls and transfers from weaker banks.

At the end of the day howevr I do not believe that Germany will agree to Eurobonds or any other mechanism for the transfer of risk or capital. Why should they? They will asset strip Greece and then move on to Spain and the others.

Tue, 06/05/2012 - 07:56 | 2495247 columbo
columbo's picture

"He who borrows what isn't hissin must pay it back or go to prison."

Tue, 06/05/2012 - 07:58 | 2495249 eddiebe
eddiebe's picture

Deutsche bank to Spain: Give me your gold, and we'll lend you some more paper.

Tue, 06/05/2012 - 08:16 | 2495280 Dismal Scientist
Dismal Scientist's picture

That is basically the point: overlend to people who can't pay back in fiat, and then demand payment in physical/hard assets. Its so easy to understand, and yet they fall for it every time.

Tue, 06/05/2012 - 08:00 | 2495253 People'sRepubli...
People'sRepublicof CT's picture

there are a couple of small Spanish bond auctions this week that will be a good test of investor appetite

Tue, 06/05/2012 - 09:08 | 2495471 Panafrican Funk...
Panafrican Funktron Robot's picture

Humorous/sad to recall when a billion of any major currency was considered a lot of money.

Tue, 06/05/2012 - 08:01 | 2495256 cnx
cnx's picture

"Zero Hedge suggests that Spain promptly cancel the Thursday auction before it is too late."

Why cancel it when you can count on ECB SMP intervention to force the yields down? The same pattern as last year.

Tue, 06/05/2012 - 08:02 | 2495257 The Swedish Chef
The Swedish Chef's picture

 "Emilio Botin, chairman of the nation's biggest bank, Banco Santander"

In Spanish, "botin" means "loot". Oh, the irony...

Tue, 06/05/2012 - 08:05 | 2495258 the not so migh...
the not so mighty maximiza's picture

beyond science fiction now

Tue, 06/05/2012 - 08:29 | 2495315 brooklynlou
brooklynlou's picture

Yep. More like the tail end of a bukake video ...

Tue, 06/05/2012 - 08:05 | 2495259 People'sRepubli...
People'sRepublicof CT's picture

SMP buying may not give the marekts the boost as in the past. Remember in the case of Greece, the ECB demanded that they NOT take any haircut on bonds they purchased. What incentive do other investors have to follow the ECB's buying if they do not share teh same risks of potential haricuts if a restructuring is necessary.

Tue, 06/05/2012 - 08:13 | 2495277 Byte Me
Byte Me's picture

TD

I agree that this is likely insoluble without broken china. Everyone is broke (except you-know-who) and even they don't have the dosh to sort it out, but having read this:

http://www.bbc.co.uk/news/magazine-18281576

..It's clearer now that in the great game of diplomacy, the patsy for the blame-game is being handsomely self-set up.

Best of all, it's in Germany's own self-interest to "save" the current system, noticeably giving great cheer to each satelite state in the EU.

Tue, 06/05/2012 - 08:33 | 2495337 jerry685
jerry685's picture

They will not be the last to cave.....

 

Think ...The money masters....

 

History is repeating itself right before our eyes....

 

Debt free is the way to be right now.....hoarding cash might help too..

Tue, 06/05/2012 - 08:41 | 2495357 kito
kito's picture

If anything, things will first get much worse, before things get better

tyler, are we to believe that germany, even if it wanted to, could bail out spain and portgual and italy??? it seems as if you intimating that germany will wait till the last moment to come riding in on a white horse to save the piigs....hardly seems possible............

Tue, 06/05/2012 - 08:52 | 2495399 DavidJ
DavidJ's picture

The economic situation in Europe is like a circus / confusing drama.  Except hundreds of billions of people are affected.    

 

Tue, 06/05/2012 - 09:15 | 2495503 Panafrican Funk...
Panafrican Funktron Robot's picture

"Except hundreds of billions of people are affected."

 

Unlike most financial instruments, available human capital cannot be leveraged.

Tue, 06/05/2012 - 09:00 | 2495440 Alejandrito
Alejandrito's picture

The spanish government denied this information. Confirming the rescues is close.

Tue, 06/05/2012 - 09:03 | 2495459 eclectic syncretist
eclectic syncretist's picture

Didn't Geithner suggest all they had to do was add a few zeros to the ECB credit account on the computer and everything would be solved?   What part of that didn't they understand (sarc)?

Tue, 06/05/2012 - 09:11 | 2495481 Biggvs
Biggvs's picture

The ECB meeting is June 6, not June 7 as stated in the article. June 7 is an ECB holiday, and we know how Eurocrats love going on holidays.

http://www.ecb.int/press/weekly/html/index.en.html

Tue, 06/05/2012 - 10:22 | 2495792 mayhem_korner
mayhem_korner's picture

 

 

The paradoxical "one option" strikes again.

Tue, 06/05/2012 - 11:36 | 2496050 zippy_uk
zippy_uk's picture

Trap door is open ... byeeeeeeee!

Tue, 06/05/2012 - 11:52 | 2496110 Weyland_Yutani
Weyland_Yutani's picture

I'm long on printing press manufacturers.

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