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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.

 

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Wed, 05/23/2012 - 23:47 | 2457760 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 | 2457781 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 | 2457785 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 | 2457806 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 | 2457871 Harlequin001
Harlequin001's picture

Ooops, another 'rounding error'...

Thu, 05/24/2012 - 01:08 | 2457913 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 | 2457985 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 | 2458045 redpill
redpill's picture

Don't insult the Spanish so gravely.

Thu, 05/24/2012 - 03:19 | 2458069 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 | 2458428 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 | 2464025 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 | 2457885 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 | 2457904 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 | 2457901 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 | 2457910 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 | 2457933 Harbanger
Harbanger's picture

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

Fri, 05/25/2012 - 19:30 | 2464013 lucas991
lucas991's picture

Menudo retrasado que estas hecho...

Thu, 05/24/2012 - 00:46 | 2457869 Yen Cross
Yen Cross's picture

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

Thu, 05/24/2012 - 06:31 | 2458232 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 | 2457796 vast-dom
vast-dom's picture

 (TOXIC) LIVING/UNDEAD ZOMBIE BANKS

 

  EL GATO IS

Thu, 05/24/2012 - 01:29 | 2457953 BlueCollaredOne
BlueCollaredOne's picture

SHORT THE WORLD.

AMIRITE?

Thu, 05/24/2012 - 11:44 | 2459043 Apeman
Apeman's picture

... OUTOS BAGGOS?

Thu, 05/24/2012 - 00:02 | 2457797 ACP
ACP's picture

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

Thu, 05/24/2012 - 00:50 | 2457878 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 | 2457761 HD
HD's picture

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

Wed, 05/23/2012 - 23:47 | 2457762 Parabolic
Parabolic's picture

Hasta La Vista....bitchez!

Wed, 05/23/2012 - 23:49 | 2457767 Yen Cross
Yen Cross's picture

The " Running of The Bears" , Bitchez!

Wed, 05/23/2012 - 23:54 | 2457780 HD
HD's picture

One can only hope...

Wed, 05/23/2012 - 23:58 | 2457788 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 | 2457866 HD
HD's picture

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

Thu, 05/24/2012 - 01:05 | 2457907 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 | 2457930 HD
HD's picture

You too mate.

Wed, 05/23/2012 - 23:59 | 2457789 Joe The Plumber
Joe The Plumber's picture

Wow

YC said something I finally understood

Thu, 05/24/2012 - 00:37 | 2457851 Global Hunter
Global Hunter's picture

twice now?

Thu, 05/24/2012 - 00:51 | 2457877 Yen Cross
Yen Cross's picture

Thank you.

Wed, 05/23/2012 - 23:49 | 2457768 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 | 2457779 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 | 2457784 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 | 2457786 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 | 2457787 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 | 2457798 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 | 2457790 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 | 2457799 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 | 2457818 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 | 2457829 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 | 2457856 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 | 2457902 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 | 2458262 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 | 2457860 Central Bankster
Central Bankster's picture

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

Thu, 05/24/2012 - 06:05 | 2458212 BeetleBailey
BeetleBailey's picture

Welcome BlueCollaredOne!

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

Thu, 05/24/2012 - 00:06 | 2457804 chump666
chump666's picture

lol

 

Thu, 05/24/2012 - 00:09 | 2457809 sitenine
sitenine's picture

"It could unnerve further investors..."

ROFL - No shit!

Thu, 05/24/2012 - 01:22 | 2457937 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 | 2458370 XitSam
XitSam's picture

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

Thu, 05/24/2012 - 00:09 | 2457810 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 | 2457811 eurusdog
eurusdog's picture

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

Thu, 05/24/2012 - 00:13 | 2457814 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 | 2457824 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 | 2457831 palmereldritch
palmereldritch's picture

Mark prefers the nickname,

Suckerherd

Thu, 05/24/2012 - 01:30 | 2457954 palmereldritch
palmereldritch's picture

-1 Lol

It appears Mark's publicist disagrees

Thu, 05/24/2012 - 00:26 | 2457837 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 | 2457847 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 | 2457854 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 | 2457863 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 | 2457893 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 | 2457943 chump666
chump666's picture

gawd he is awful, an awful sweaty nerd.

Thu, 05/24/2012 - 00:24 | 2457830 palmereldritch
palmereldritch's picture

  No one expects the Spanish liquidation!

Thu, 05/24/2012 - 00:45 | 2457867 eurusdog
eurusdog's picture

just curious how many got the mp reference?

 

Thu, 05/24/2012 - 00:25 | 2457834 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 | 2457839 Trimmed Hedge
Trimmed Hedge's picture

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

Thu, 05/24/2012 - 00:34 | 2457849 Dead Canary
Dead Canary's picture

The bag is devoid of cats.

Thu, 05/24/2012 - 00:37 | 2457853 palmereldritch
palmereldritch's picture

Should the bag then go in the river?

Thu, 05/24/2012 - 00:46 | 2457868 Dead Canary
Dead Canary's picture

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

Thu, 05/24/2012 - 01:00 | 2457895 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 | 2457973 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 | 2458310 palmereldritch
palmereldritch's picture

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

Thu, 05/24/2012 - 17:29 | 2460314 Dead Canary
Dead Canary's picture

Touche Monsieur.

Thu, 05/24/2012 - 00:54 | 2457881 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 | 2457894 BlackholeDivestment
BlackholeDivestment's picture

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

Thu, 05/24/2012 - 01:08 | 2457914 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 | 2457923 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 | 2458266 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 | 2457934 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 | 2457936 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 | 2457961 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 | 2457982 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 | 2457986 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 | 2458010 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 | 2457974 MayerRothschild
MayerRothschild's picture

maybe they priced it in peseta?

Thu, 05/24/2012 - 01:57 | 2458000 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 | 2458039 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 | 2458070 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 | 2458093 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 | 2458269 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 | 2458124 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 | 2458219 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 | 2458309 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 ??

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