"Spain Is Not X"... And Why That Is Actually A Bad Thing

Tyler Durden's picture

The place that worries Michael Cembalest, of JPMorgan, the most is Spain. Historically, the kind of dismal position it finds itself in currently has not ended well with 13 defaults since 1500 A.D. and he suspects its going to take a lot of bilateral aid and ECB financing to prevent another one.

Source: JPMorgan

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francis_sawyer's picture

"X" (in Spanish) is pronounced "Equis"...

I'll take a pair of them right now... Cold! (with a side of chips & salsa)...

LawsofPhysics's picture

Just when I thought you had relapsed into a complete sheeple, you totally redeem yourself.

knukles's picture


And the thing worrying the Spaniards most is JP Morgan.

eatthebanksters's picture

Jamie Dimon, the first dictator of the entire world...

JPM Hater001's picture

This wont effect bull fights will it?  I would hate to lose the bull fights.

francis_sawyer's picture


You have to go back and re-read that thread... (I know what you're referring to)... I commented afterwards (after yours), You missed the /sarc on that one...


Eireann go Brach's picture

Spain will need to put the Barcelona football (yes not fucking soccer) team up as collateral for a bailout!  Messi has to be worth at least half a billion!

Non Passaran's picture

What collateral? They have EUR800 million of debt!

Eireann go Brach's picture

Xavi, Messi etc you fucking moron!

francis_sawyer's picture

This is a fine 'Messi' you've gotten us into Stanley!

GeneMarchbanks's picture

'Source: JPMorgan'


UP Forester's picture

Da Roof!

Da Roof!

Da Roof is on FIRE!

Schmuck Raker's picture

Yeah, well...hey man, like...that's just your opinion. You know?

asteroids's picture

I sense a delicate dance going on. Why haven't bond yields skyrockted yet? Are the central banks still secretly keeping things down?

UP Forester's picture

They're always secretly keeping things down.

Unless they want to secretly keep things up.

LawsofPhysics's picture

If any of this is reliable, my humble translation is that JPM is about to shake-down Spain.  The true cost of capital (bond yields) is being suppressed by CBs and will continue to be until either the entire world is shaken down or the CBs are positioned to profit from WWIII, hedge accordingly.

youngman's picture

JPM is only doing what is in the best interest of their CLIENTS.......remember that.....lol

Ghordius's picture

true words from BlaBlaBlythe - gotta believe them - lol

ShankyS's picture

I'm surprised the good 'ol US of A is not on that list. 

UP Forester's picture

The US has been fudging numbers longer than there has been the EU.

America, FUCK YEAH!  BLS to save the fuckin' day, yeah....

CvlDobd's picture

Jorge Lorenzo won MotoGP race one. He will invest his winnings and Spain will be saved.


Metalredneck's picture

The revolution will be motorized.

skepticCarl's picture

Even in terms of nude beaches per kilometer of sea coast, Spain badly lacks the rest of the Med.

wang's picture
wang (not verified) Apr 9, 2012 1:36 PM

The only country that I can find that is in worse shape than Spain is:

Number of days when the sun shines (just about anywhere)

Number of days where the temperature does not go below freezing (just about anywhere)

Seville Oranges and Rioja wines (just about anywhere)

Cost per linear foot for a seafront property ("")

bobola's picture

Spain was importing a big portion of the materials to build their ships used to plunder the America's starting in the 16th century.

The shipping brought a river of silver and gold back to Phillip II's treasury.

They funded an endless war in the Benelux region and never really controlled the spending.

History repeats itself........


JustObserving's picture

Spain's GDP is $1.41 trillion.

USA's debt and unfunded liabilities grow at $8.13 trillion a year - every 63 days, the US of A adds the GDP of Spain to its debt and liabilities.

We are much worse off than Spain.



Nozza's picture

It is chilling. I look back to my time around 25 - thinking about settling down, starting career, getting first car etc etc. Where's the hope for the spaniards? The other 50% are working but just how safe, secure, optimistic are those in work?

tabasco71's picture

Not f**king very.  I work for a spanish business and am recently really thinking about moving back to a UK one. However the UK ones are all laying people off too.

There is a lot of lay-offs to come in the Spanish 'banking' sector following the restructuring of the savings banks down there.  Not really banking at that level though, more like post office workers, but as that table says, there are more bank branches/capita than anywhere else.

Beats me completely as I hate bank branches - what is there to do there that you can't do on the internet/phone and then go do something interesting.

vh070's picture

Been a long time since I've had a good tortilla de patatas.  Looks like it's going to be cheap next year.