"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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Mon, 04/09/2012 - 13:04 | 2328464 francis_sawyer
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"X" (in Spanish) is pronounced "Equis"...

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

Mon, 04/09/2012 - 13:16 | 2328504 LawsofPhysics
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Just when I thought you had relapsed into a complete sheeple, you totally redeem yourself.

Mon, 04/09/2012 - 13:51 | 2328648 knukles
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And the thing worrying the Spaniards most is JP Morgan.

Mon, 04/09/2012 - 14:07 | 2328698 eatthebanksters
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Jamie Dimon, the first dictator of the entire world...

Mon, 04/09/2012 - 14:24 | 2328788 JPM Hater001
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This wont effect bull fights will it?  I would hate to lose the bull fights.

Mon, 04/09/2012 - 21:33 | 2330032 SAT 800
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! Ole'

Mon, 04/09/2012 - 14:48 | 2328893 francis_sawyer
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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...


Mon, 04/09/2012 - 13:19 | 2328521 Thamesford
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that is most interesting

Mon, 04/09/2012 - 14:04 | 2328683 Eireann go Brach
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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!

Mon, 04/09/2012 - 14:46 | 2328884 Non Passaran
Non Passaran's picture

What collateral? They have EUR800 million of debt!

Mon, 04/09/2012 - 17:02 | 2329331 Eireann go Brach
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Xavi, Messi etc you fucking moron!

Mon, 04/09/2012 - 14:48 | 2328900 francis_sawyer
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This is a fine 'Messi' you've gotten us into Stanley!

Mon, 04/09/2012 - 13:05 | 2328470 GeneMarchbanks
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'Source: JPMorgan'


Mon, 04/09/2012 - 13:08 | 2328479 GMadScientist
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Mon, 04/09/2012 - 13:15 | 2328500 UP Forester
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Da Roof!

Da Roof!

Da Roof is on FIRE!

Mon, 04/09/2012 - 13:08 | 2328481 Schmuck Raker
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Yeah, well...hey man, like...that's just your opinion. You know?

Mon, 04/09/2012 - 13:11 | 2328487 asteroids
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I sense a delicate dance going on. Why haven't bond yields skyrockted yet? Are the central banks still secretly keeping things down?

Mon, 04/09/2012 - 13:16 | 2328506 UP Forester
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They're always secretly keeping things down.

Unless they want to secretly keep things up.

Mon, 04/09/2012 - 13:15 | 2328499 LawsofPhysics
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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.

Mon, 04/09/2012 - 14:02 | 2328677 youngman
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JPM is only doing what is in the best interest of their CLIENTS.......remember that.....lol

Tue, 04/10/2012 - 06:35 | 2330637 Ghordius
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true words from BlaBlaBlythe - gotta believe them - lol

Mon, 04/09/2012 - 13:15 | 2328501 ShankyS
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I'm surprised the good 'ol US of A is not on that list. 

Mon, 04/09/2012 - 13:19 | 2328518 UP Forester
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The US has been fudging numbers longer than there has been the EU.

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

Mon, 04/09/2012 - 13:19 | 2328528 CvlDobd
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Jorge Lorenzo won MotoGP race one. He will invest his winnings and Spain will be saved.


Mon, 04/09/2012 - 14:35 | 2328840 Metalredneck
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The revolution will be motorized.

Mon, 04/09/2012 - 13:23 | 2328542 skepticCarl
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Even in terms of nude beaches per kilometer of sea coast, Spain badly lacks the rest of the Med.

Mon, 04/09/2012 - 13:36 | 2328590 wang (not verified)
wang's picture

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 ("")

Mon, 04/09/2012 - 13:59 | 2328669 bobola
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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........


Mon, 04/09/2012 - 14:02 | 2328682 JustObserving
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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.



Mon, 04/09/2012 - 16:20 | 2329223 Snakeeyes
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Check out teen unemployment in Europe and the US. We are all Keynesian Slaves now!


Mon, 04/09/2012 - 17:10 | 2329367 Nozza
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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?

Tue, 04/10/2012 - 06:28 | 2330632 tabasco71
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.

Mon, 04/09/2012 - 16:24 | 2329236 vh070
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.

Mon, 04/09/2012 - 16:52 | 2329304 slewie the pi-rat
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no speak inglis

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