This page has been archived and commenting is disabled.

Spain 'Discovers' 28 Billion In Debt

Tyler Durden's picture





 

Back in late March, we pointed out - much to the chagrin of the LTRO-funded Spanish-sovereign-debt-stuffing banks of the tapas-nation - that, in a similarly misleading manner to Greece's 'leverage' the debt-to-GDP data for Spain was significantly higher than official estimates. Once sovereign guarantees, contingent liabilities and their responsibilities to the EU and the ECB were included things got a whole lot uglier. Now, slowly but surely, as reported by Reuters this evening, some of these bilateral guarantees/loans are coming to light. Instead of the expected EUR8 billion of 'regional refinancing' expected for 2012, it turns out there is EUR36 billion and as Reuters notes "the difference is due to bilateral loans from Spanish banks to the regions worth 28 billion euros that were not made public previously" adding that "It could unnerve further investors concerned by the capacity of Spain to curb its public finances and reform its banking sector." Critically this stunning 'discovery' should be worrisome since the plan, given the regions are virtually blocked from public market financing - due to the high cost of funds, was/is for the sovereign to guarantee (there's that word again) their issuance explicitly. Ironically, as de Guindos and Hollande are chummy borrow-and-spendaholic growth-seekers versus Merkel's safe-and-austere determination, so now the Spanish authorities must lend exuberantly to their regions while at the same time demanding deficit targets are met (or else?) - or as one Reuters' source objects: "You can't tell them on one side that they have to be austere and on the other side give them unlimited liquidity". Irony indeed.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 05/23/2012 - 23:47 | Link to Comment Cursive
Cursive's picture

 

 

"You can't tell them on one side that they have to be austere and on the other side give them unlimited liquidity". Irony indeed.

Ah, yes, the irony of Schrodinger.

Wed, 05/23/2012 - 23:55 | Link to Comment knukles
knukles's picture

And of course, "not previously made public".
What else somebody gonna say when asked where the cat is?
Notihin' in my bag!

Wed, 05/23/2012 - 23:57 | Link to Comment Joe The Plumber
Joe The Plumber's picture

Oh what a tangled web we weave
When we first try to deceive

Thu, 05/24/2012 - 00:08 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Hala Mierdrid!!!  Hala Mierdrid!! Teneis mierda en la cabeza si no derrocais al asesino de paquidermos!

 

Thu, 05/24/2012 - 00:47 | Link to Comment Harlequin001
Harlequin001's picture

Ooops, another 'rounding error'...

Thu, 05/24/2012 - 01:08 | Link to Comment redpill
redpill's picture

As an aside, just because no one has mentioned it, I appreciate the Quixotic windmills in the title graphic, very apropos Tylers.  Your cleverness is not lost on the 'pill!

 

Thu, 05/24/2012 - 01:47 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Madrid must be a sister city of Sacramento.  The leaders of both could swap legislatures and no one would notice.

Thu, 05/24/2012 - 02:32 | Link to Comment redpill
redpill's picture

Don't insult the Spanish so gravely.

Thu, 05/24/2012 - 03:19 | Link to Comment Oh regional Indian
Oh regional Indian's picture

oops and uh-oh and gee, look what I found.

Another HOLE.

Need more DOLE.

BobDole. Remember his South Park Bobble Head?

Anyways, it's Spain folks. Spain has been the conduit, via Santander, to shore up South America massively, mostly for developingthe energy sector (see all those Finds off Brazil recently) Eco-tourism and raping and pilaging the rain forest. But this 28 bill is a small pill.

As one or the other (Brazil/Argentina) take a hit on anything, Santander will become the whirl-pool that sucks the life out of the Euro. See where Hundreds of thousands of hectares are owned by the PTB. It's a follow the money game.

Europe has been destroyed by too many factors for it to right itself in any way shape of foorm resembling what it is today. 

ori

the-deep-perversion-of-language

Thu, 05/24/2012 - 08:58 | Link to Comment UBIGDummy
UBIGDummy's picture

Fook SPAIN,  Hope they crash and burn.  Ever since they stole from a salvage company with the help of a STUPID JUDGE who does not understand 1000 year salvage laws.  Worst part is they did not even pay the salvage company 2 million dollars it took to find the sunken ship, and recover the silver gems and artifacts.  

Beautiful country but screw them.

Fri, 05/25/2012 - 19:36 | Link to Comment lucas991
lucas991's picture

International treaties generally hold that warships sunk in battle are protected from treasure seekers you dumbass. And if you want to blame somebody blame the U.S District Court.

Thu, 05/24/2012 - 00:57 | Link to Comment ChrisFromMorningside
ChrisFromMorningside's picture

8 billion revised to 36 billion? Kinda like how JPM's 2 billion loss became 3 billion then 5 billion? Kinda like every month the BLS releases headline stats then a few weeks later, woops, looks like we forgot to account for a few hundred thousand layed off people (I guess it can be easy to miss them if they aren't working for the federal government or McDonalds). Now its like hey, surprise buttsecks!, looks like our piece-of-shit dangling-on-the-precipice regional banks are in 3x more debt than we told you about, to the tune of almost 20 billion, woopsie LOLZ.

This shit is such a total joke. The people who are still propping up this blatant charade are bona fide criminals of the most dangerous, sadistic, misanthropic kind.

Thu, 05/24/2012 - 01:09 | Link to Comment Harlequin001
Harlequin001's picture

but it's for our collective benefit isn't it?

That makes them patriots doesn't it?

Shouldn't we be giving them a pay rise?

The world will be such a better place once these banks are recapitalised, won't it?

Just askin'...

as a gold holder I think they should print some more money. Print, print, print, print, print, aaannd print some more...

Go fuckers, go.

I've got gold... and I don't give a shit... We like printing, I was thinking of becoming a printer myself cos they'll soon be in short supply... expanding market and all that.

Thu, 05/24/2012 - 01:02 | Link to Comment Harbanger
Harbanger's picture

I know several languages so I feel the need to correct you.  A la . is 2 words not one.  It means "to the" in Spanish.  Hala sounds like halal, but it really doesn't translate into any language.

Thu, 05/24/2012 - 01:14 | Link to Comment Ahmeexnal
Ahmeexnal's picture

"Hala Madrid!" is the battlecry of Real Madrid fans.  "Hala" means "Forward" in scumbag Madrid slang.

http://en.wiktionary.org/wiki/hala#Spanish

Thu, 05/24/2012 - 01:20 | Link to Comment Harbanger
Harbanger's picture

You're right .  I'm just learning their scumbag Madrid slang :)

Fri, 05/25/2012 - 19:30 | Link to Comment lucas991
lucas991's picture

Menudo retrasado que estas hecho...

Thu, 05/24/2012 - 00:46 | Link to Comment Yen Cross
Yen Cross's picture

" When we practice to {FIRST}, deceive"?   Just a test.

Thu, 05/24/2012 - 06:31 | Link to Comment boogerbently
boogerbently's picture

Spain, Portugal, Ireland, Italy, France......

is WHY Greece will need to be dealt harshly with.

If they get "easy money", everyone else will want some, regardless of the moral/social/ethical implications.

(See.....America)!!

Thu, 05/24/2012 - 00:02 | Link to Comment vast-dom
vast-dom's picture

 (TOXIC) LIVING/UNDEAD ZOMBIE BANKS

 

  EL GATO IS

Thu, 05/24/2012 - 01:29 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

SHORT THE WORLD.

AMIRITE?

Thu, 05/24/2012 - 11:44 | Link to Comment Apeman
Apeman's picture

... OUTOS BAGGOS?

Thu, 05/24/2012 - 00:02 | Link to Comment ACP
ACP's picture

Ah, they're just trying to make the QE4 "threshold."

Thu, 05/24/2012 - 00:50 | Link to Comment Harlequin001
Harlequin001's picture

'"You can't tell them on one side that they have to be austere and on the other side give them unlimited liquidity". Irony indeed.'

and why not all of a sudden when we've been doing just that for years...

Wed, 05/23/2012 - 23:49 | Link to Comment HD
HD's picture

Surprise, you're insolvent! Who wants austerity cake with unlimited calories?

Wed, 05/23/2012 - 23:47 | Link to Comment Parabolic
Parabolic's picture

Hasta La Vista....bitchez!

Wed, 05/23/2012 - 23:49 | Link to Comment Yen Cross
Yen Cross's picture

The " Running of The Bears" , Bitchez!

Wed, 05/23/2012 - 23:54 | Link to Comment HD
HD's picture

One can only hope...

Wed, 05/23/2012 - 23:58 | Link to Comment Yen Cross
Yen Cross's picture

I appreciate your comments " HD". Thanks for taking the time to reply.  P.S. ? Where is Slewie/

Thu, 05/24/2012 - 00:45 | Link to Comment HD
HD's picture

Not sure. He has a clone running around last I saw...

Thu, 05/24/2012 - 01:05 | Link to Comment Yen Cross
Yen Cross's picture

I found him ( Slewie). Thanks HD. Have a good Memorial Day Weekend.  BE SAfe

Thu, 05/24/2012 - 01:19 | Link to Comment HD
HD's picture

You too mate.

Wed, 05/23/2012 - 23:59 | Link to Comment Joe The Plumber
Joe The Plumber's picture

Wow

YC said something I finally understood

Thu, 05/24/2012 - 00:37 | Link to Comment Global Hunter
Global Hunter's picture

twice now?

Thu, 05/24/2012 - 00:51 | Link to Comment Yen Cross
Yen Cross's picture

Thank you.

Wed, 05/23/2012 - 23:49 | Link to Comment Hulk
Hulk's picture

unnerve further investors

Thats it, I am out for good. Anybody invested in sovereigns or munis, at this point, is completly out of their fucking mind...

Wed, 05/23/2012 - 23:53 | Link to Comment Yen Cross
Yen Cross's picture

What can't go down, must go up "HULK".  Get ready for the squeeze.

   Just Kidding.

Wed, 05/23/2012 - 23:57 | Link to Comment Cursive
Cursive's picture

@Hulk

Seriously, I can't contemplate how obvious the next market decline is and who is going to be on the other side of the trade.  ZH reported earlier today that we have record short EURUSD holdings.  The counterparty risk here is immeasurable.

Wed, 05/23/2012 - 23:58 | Link to Comment monopoly
monopoly's picture

The sad part is we are still far from the end game. And I know most here wish it were over... so we could start over.

Wed, 05/23/2012 - 23:58 | Link to Comment ebworthen
ebworthen's picture

O.K., I need a shaving bowl, a horse, and a loyal servant; oh...and Lady Dulcinea.

Thu, 05/24/2012 - 00:03 | Link to Comment Yen Cross
Yen Cross's picture

 Will that be all Sir?   Beluga/Osetra/ Sevruga, with your " Rothschilds" { B.C. 0001} ?

Wed, 05/23/2012 - 23:59 | Link to Comment veyron
veyron's picture

As they would say: It's always darkest before the dawn.

Although its not clear if they can survive the night ...

Thu, 05/24/2012 - 00:05 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

I was a lurker on this site for quite some time. I would always read stories like this about how ZH would discover how some number was wrong, which would in turn really show how grim shit is. Lo and behold a few months later the news would become public, and the Tyler's would always be vindicated in my view. That motivated me to sign up and try to contribute as much as I can.

It is truly a sad world when I have to rely on a fringe blog ( don't take the wrong way) for accurate and truthful news.

Fuck you MSM, if I can figure this shit out, you have no excuse.

Thu, 05/24/2012 - 00:14 | Link to Comment Advoc8tr
Advoc8tr's picture

They are not interested in 'figuring it out' and any excuse trotted out will be lies intended to save their necks ...... their mission BlueCollaredOne is to intentionally deceive you (us)

Thu, 05/24/2012 - 00:22 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

I'm in agreeance, which is why I only read any MSM piece now just to see what lies people are fed.

The media used to be the entity that were in charge of keeping politicians, bankers, and CEO's accountable. Now they are just around to soothe any natural fears that the sheep naturally feel by simply having their eyes open to what's going on around them.

Thu, 05/24/2012 - 00:43 | Link to Comment Dead Canary
Dead Canary's picture

Public opinion polls are unnessasary. All you need to do is read the MSM to know what people are being told, err, thinking.

Thu, 05/24/2012 - 01:03 | Link to Comment Cathartes Aura
Cathartes Aura's picture

it's been my (long held) experience that most of the world's truth is found around the edges, rarely dead center.

It is truly a sad world when I have to rely on a fringe blog ( don't take the wrong way) for accurate and truthful news.

The media used to be the entity that were in charge of keeping politicians, bankers, and CEO's accountable.

I think if you look into both those statements, you'll find that "the media" has been in league with "the overlords" (whoever you want to point fingers at all along) for as long as "the media" has existed - it's a tool to be used to maintain control over the narrative, and has been. . . forever?

all truths, real truths, are to be found away from majority opinions, tucked away in the corners, only realised as information once one's mind has begun to connect the dots, or whatever meme one wants to use to explain,

waking up to truths.

Thu, 05/24/2012 - 06:57 | Link to Comment smb12321
smb12321's picture

No, it's like FOX or NPR. News is a matter of interpretation and emphasis.  I truly believe that most the nitwit "journalists" believe what they say.  Most truly think that spending and debt is the road to success; they really think that increasing taxes of a few rich folks is "good" and yet realize it does nothing for the deficit.   They firmly believe that the State's job is to take care of its citizens and it only has their best interest at heart. So, yes it is a con game but not in the way you suggest.

Thu, 05/24/2012 - 00:42 | Link to Comment Central Bankster
Central Bankster's picture

The first rule of fight club is, dont talk about fight club.

Thu, 05/24/2012 - 06:05 | Link to Comment BeetleBailey
BeetleBailey's picture

Welcome BlueCollaredOne!

Indeed, ZH is the truth. Tyler and the crew shoot straight here.

Thu, 05/24/2012 - 00:06 | Link to Comment chump666
chump666's picture

lol

 

Thu, 05/24/2012 - 00:09 | Link to Comment sitenine
sitenine's picture

"It could unnerve further investors..."

ROFL - No shit!

Thu, 05/24/2012 - 01:22 | Link to Comment UP Forester
UP Forester's picture

Nothing can unnerve Jamie, Lloyd, Ben and John....

....well, I guess forget about John, he's busy bundling, now.

Thu, 05/24/2012 - 08:35 | Link to Comment XitSam
XitSam's picture

The ones you list aren't investors, they're rapists.

Thu, 05/24/2012 - 00:09 | Link to Comment world_debt_slave
world_debt_slave's picture

when will the rest of the world "discover" the sham called the US Government, et al?

Thu, 05/24/2012 - 00:10 | Link to Comment eurusdog
eurusdog's picture

And this, I am sure, will be EURO positive.

Thu, 05/24/2012 - 00:13 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

Maybe, But tomorrow will still be interesting. Facebook can be shorted, and I see a lot of vultures circling.

Thu, 05/24/2012 - 00:18 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Well, Suckerdude already sold his shares:

 

SAN FRANCISCO (MarketWatch) -- Facebook Inc. FB +3.23% Chief Executive Mark Zuckerberg has sold 30.2 million shares and director Peter Thiel has sold 16.8 million shares of the social-networking company, according to securities filings published late Tuesday.

http://www.marketwatch.com/story/facebooks-zuckerberg-thiel-sell-shares-...

Thu, 05/24/2012 - 00:22 | Link to Comment palmereldritch
palmereldritch's picture

Mark prefers the nickname,

Suckerherd

Thu, 05/24/2012 - 01:30 | Link to Comment palmereldritch
palmereldritch's picture

-1 Lol

It appears Mark's publicist disagrees

Thu, 05/24/2012 - 00:26 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

He sold less than 8%, probably for tax reasons as well as some liquidity. He still owns 25% of the company. It's a non story IMO, just another distraction for us to sift through.

http://whoownsfacebook.com/

Thu, 05/24/2012 - 00:32 | Link to Comment palmereldritch
palmereldritch's picture

As i understand it the shorting can't really start until the 29th when options are available...and then there is the whole issue of stock liquidity to lend for shorting.

Oh well, perhaps these guys could lend a hand:

http://money.cnn.com/galleries/2012/technology/1205/gallery.facebook-ipo...

Thu, 05/24/2012 - 00:41 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

You're 100% correct, thank you before I made an ass out of myself tomorrow at work. I'm going to blame this error on the fact that tonight is trivia night at my favorite bar and I'm about 9 jack and cokes deep. For some reason I was thinking it was already the 28th.

If you're drinking as you read this, or hungover while reading this go ahead and give a up vote.

Thu, 05/24/2012 - 00:50 | Link to Comment palmereldritch
palmereldritch's picture

I'm always drinking when I post here, as any mods watching my typing can attest...lol

P.S.  Be safe.  Take a cab and leave the coyotes at the bar :)

Thu, 05/24/2012 - 00:59 | Link to Comment El Tuco
El Tuco's picture

FB....It's going to zero....

 

http://www.technologyreview.com/web/40437/?p1=A3

 

 

Thu, 05/24/2012 - 01:24 | Link to Comment chump666
chump666's picture

gawd he is awful, an awful sweaty nerd.

Thu, 05/24/2012 - 00:24 | Link to Comment palmereldritch
palmereldritch's picture

  No one expects the Spanish liquidation!

Thu, 05/24/2012 - 00:45 | Link to Comment eurusdog
eurusdog's picture

just curious how many got the mp reference?

 

Thu, 05/24/2012 - 00:25 | Link to Comment Atomizer
Atomizer's picture

 

 

Banks on Europe's Edge Face $122 Billion Refinancing Bill - Aug 2, 2010 11:33 AM ET

Italy’s Intesa Sanpaolo SpA has the most debt coming due at $28 billion, followed by UniCredit SpA with $21 billion, according to data compiled by Bloomberg. Italian banks must refinance a total $69 billion of bonds this year and $157 billion in 2011, while Spanish lenders have $28 billion and $73 billion of debt that needs to be paid.

http://www.bloomberg.com/news/2010-08-01/banks-face-122-billion-bond-tab-as-europe-pays-up-to-sell-credit-markets.html 

Our coffers have dried up, can you spare me a Euro? 

This EU [Spain] story reminds me of the MSM running numerous stories about how many times they killed Abu Musab al-Zarqawi until his Nike shoes/nine lives expired.

Abu Musab al Zarqawi video bloopers

http://www.adl.org/NR/exeres/32839F70-8AFB-41A0-855F-88E5456CBDC0,8C8C250F-DA79-405F-B716-D4409CAB5396,frameless.htm

 

/Sarc

Thu, 05/24/2012 - 00:27 | Link to Comment Trimmed Hedge
Trimmed Hedge's picture

I blame that Waddell & Reed fat-fingered guy...

Thu, 05/24/2012 - 00:34 | Link to Comment Dead Canary
Dead Canary's picture

The bag is devoid of cats.

Thu, 05/24/2012 - 00:37 | Link to Comment palmereldritch
palmereldritch's picture

Should the bag then go in the river?

Thu, 05/24/2012 - 00:46 | Link to Comment Dead Canary
Dead Canary's picture

Sure. That's where my silver is. (wink, wink)

Thu, 05/24/2012 - 01:00 | Link to Comment palmereldritch
palmereldritch's picture

I believe I know your financial advisor...he has a PhD in Quantum Finamics...a Dr. Schrödinger!

Thu, 05/24/2012 - 01:40 | Link to Comment Dead Canary
Dead Canary's picture

My silver both exists and does not exist. (Depending on who's asking)

Thu, 05/24/2012 - 07:50 | Link to Comment palmereldritch
palmereldritch's picture

The silver explains why no investment in gold.  Cat's got your tungsten....

Thu, 05/24/2012 - 17:29 | Link to Comment Dead Canary
Dead Canary's picture

Touche Monsieur.

Thu, 05/24/2012 - 00:54 | Link to Comment jack stephan
jack stephan's picture

goy my ass, scrooge mc duck told you to suck it.  hahahahahaha

Good night and good luck.

http://youtu.be/QcCNELhflVM

Thu, 05/24/2012 - 01:03 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

...going to be a long hot Summer. http://www.youtube.com/watch?v=KjNVxHxi638

Thu, 05/24/2012 - 01:08 | Link to Comment Iranian Dictator
Iranian Dictator's picture

Free money in the ES right now. 10 point spread between ES and AUD/JPY. 

Thu, 05/24/2012 - 01:13 | Link to Comment Gamma735
Gamma735's picture

The more debt down the blackhole, the more mass the blackhole gains, the more the gravity it has to soak up all available liquidity.

Thu, 05/24/2012 - 07:05 | Link to Comment smb12321
smb12321's picture

This is EXACTLY how the few folks left who actually pay income taxes are beginning to look at the situation - money thrown down the black hole of debt.  I swear to god most of these folks would willingly pay more IF spending was reduced and the extra money went directly for debt control.  The odds of that happening are the same as Europe suddenly becoming an engine for growth.

Thu, 05/24/2012 - 01:21 | Link to Comment q99x2
q99x2's picture

No problem. Germany will find another overlooked $28 billion if they dig a little deeper into their accounting.

Thu, 05/24/2012 - 01:22 | Link to Comment Intoxicologist
Intoxicologist's picture

I just got home from work and fired up my magic box to ZH to have this headline greet me.  All I could do was chuckle.  Will the hilarity ever end?

As a side note, we had CNN on at work today and there was Mittens promising to cut unemployment.  Someone couldn't hear it and asked, "What's he saying?"

I replied, "Mitt's gonna pin unemployment to the ground and cut it's hair down to 6 percent!"

I guess unemployment is gay.

Thu, 05/24/2012 - 01:35 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

I like your style.

Only criticism I have is you should have ended your post with "Tip your waitress, try the steak. I'll be here all week."

Anything less is uncivilized.

Thu, 05/24/2012 - 01:44 | Link to Comment Intoxicologist
Intoxicologist's picture

Well, I am the waitress, and the bartender, and I will be there all week, so I thought it would be rudundant to verbalize it.  Plus, it was chicken night, not steak.  You work with what you have...

Thu, 05/24/2012 - 01:51 | Link to Comment BlueCollaredOne
BlueCollaredOne's picture

+1.

I would love to meet a bartender/waitress who was awake. You are a gem.

Thu, 05/24/2012 - 02:10 | Link to Comment Intoxicologist
Intoxicologist's picture

Thank you for the kind words.  Its sometimes hard to strike a balance between being a ZH addict and then working with a generally stupified public.  I slip things in once in awhile at work to see who gets it and who doesn't. After five years at the same place, more and more people are gettin' it.  Saturday nights excluded.  That's just dumbness, though there's less of them than there used to be.  No job, no weekend up north partying.  Less tips for the Intoxicologist. :-(

Edit: Did I say "tips?"  I don't make any tips.  I am paid by the hour.  I wash dishes and take out the trash.

Thu, 05/24/2012 - 01:40 | Link to Comment MayerRothschild
MayerRothschild's picture

maybe they priced it in peseta?

Thu, 05/24/2012 - 01:57 | Link to Comment lucas991
lucas991's picture

"Ironically, as de Guindos and Hollande are chummy borrow-and-spendaholic growth-seekers"

 

 

Sorry to tell you, but you clearly don't know anything about De Guindos.

Thu, 05/24/2012 - 02:27 | Link to Comment John_Coltrane
John_Coltrane's picture

This article gave me a great idea.  I just loaned myself $1M.  I was feeling quite rich until I realized I was hopelessly in debt. 

Thu, 05/24/2012 - 03:05 | Link to Comment Deo vindice
Deo vindice's picture

Now you just have to figure out how to 'lose' that loan. Then you really will be rich.

Then you can go out and buy some clothes suitable for an emporer to parade in.

Thu, 05/24/2012 - 03:36 | Link to Comment Nachdenken
Nachdenken's picture

Do the actual figures matter ?  We have passed the stop and turn signs long ago, but keep mucking along. 

Where and when is the cliff ?

Thu, 05/24/2012 - 07:10 | Link to Comment smb12321
smb12321's picture

You are so right.  It is all so pointless for the PIIGS (and probably France).  All the idiotic meetings, summits, conferences, talks, discussion groups - none of that matter one whit. The whole idea of an economy consisting of producers, buyers, lenders and innovators has long been forgotten.  It's all about slogging continually rising debt back and forth. 

What's so sad is that Spain, Italy and Greece were once such nice happy go lucky places with friendly people and good food.

Thu, 05/24/2012 - 04:14 | Link to Comment Tom Green Swedish
Tom Green Swedish's picture

Now all they need is a huge cash injection from Bernanke.

Thu, 05/24/2012 - 06:19 | Link to Comment sudzee
sudzee's picture

Digital money is annonmous until the computers stop and and the creditors come lookin for the debtor. If greece leaves the EU we will see an accounting. Till then don't trust "the books" of any entity, bank or soverign. If spain just found anther 28billion i'm sure the world, at the reckoning, will find quadrillions.

Thu, 05/24/2012 - 07:50 | Link to Comment Roy G Biv
Roy G Biv's picture

"You can't tell them on one side that they have to be austere and on the other side give them unlimited liquidity."

Isn't this what Bernanke told Congress, but then wants QE3 anyway ??

Do NOT follow this link or you will be banned from the site!