Spain's Catalonia Region Demands €5 Billion Bailout, Will Not Tolerate Conditions

Tyler Durden's picture




 

Beggars can once again be choosers. In other news, non-news (the Catalan bailout was announced at least two times before) is news again, and magically drives the amnesiac market all over again.

From Cinco Dias, courtesy of the always amusing google translate, which makes any news, no matter how tragic, quite hilarious without fail:

Catalonia 5,023,000 calls but will not accept the State Policies

 

The Catalan government today applied to join the Spanish Government Autonomous Liquidity Fund, which will borrow EUR 5.023 million, but has warned he will not accept "political conditions" to provide some resources "that are of the Catalans".

 

The Catalan government spokesman Francesc Homs, has stated that the Government will use these resources - the fund is endowed with 18,000 million euros to meet the budget deficit that is required (1.5% of GDP by end 2012 ) and to refinance "maturities outstanding" between now and year end.

 

The Catalan government has finalized this application to join the Liquidity Fund at its first meeting after the summer break.  

Needless to say, Germans, who are ultimately indirectly paying for this unconditional party, are delighted.

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Tue, 08/28/2012 - 08:28 | 2743111 GetZeeGold
GetZeeGold's picture

 

 

Demand? Perhaps they should consider suggestioning?

 

There's no brown M&Ms in the green room.....I can not tolerate these working conditions!

Tue, 08/28/2012 - 08:31 | 2743127 malikai
malikai's picture

Perhaps Catalonia should pay attention to their little village Rasquera's debt solution plan, growing weed:

http://www.bbc.co.uk/news/world-europe-17668617

Tue, 08/28/2012 - 08:34 | 2743131 idea_hamster
idea_hamster's picture

Perhaps Madrid should start to consider all those seperatist and independence movements in Catalonia.

"Hmm...unconditional $5B bailout? Or maybe just 'buh-bye'"!

Tue, 08/28/2012 - 08:37 | 2743140 magpie
magpie's picture

If you can't even throw Greece out the EZ, how are they going to throw a region out of Spain

Tue, 08/28/2012 - 08:39 | 2743146 Manthong
Manthong's picture

Do they have any mines to barricade themselves with explosives in?

 

Tue, 08/28/2012 - 08:43 | 2743152 magpie
magpie's picture

Heh, even with a suicide pact the last times they tried to break loose they needed foreign armies to do it for them.

Tue, 08/28/2012 - 08:50 | 2743173 laozi
laozi's picture

€ 5M ? Seriously. That's nothing. I will not read any article talking about who is getting a million. Get the fuck out of here!

Tue, 08/28/2012 - 08:53 | 2743180 Stackers
Stackers's picture

Everytime I read these types of artcls. I keep having flash backs of the Blazing Saddles scene where Cleavon Little is holding a gun to his own head and threatening "Anyone moves and the nigger gets it"

Tue, 08/28/2012 - 09:44 | 2743332 cahadjis
cahadjis's picture

No, 5 billion. The dot is spanish notation for comma. 5023 million euros.

 

To confuse you more, "billion" in spanish means trillion.

Tue, 08/28/2012 - 09:07 | 2743236 slaughterer
slaughterer's picture

The metastases of bailouts will end all history and negativity for ever.  

Tue, 08/28/2012 - 09:53 | 2743359 caconhma
caconhma's picture

Thanks to Germany traitors-politicians, Germany will be ruined both economically and politically.

Tue, 08/28/2012 - 11:55 | 2743759 The Reich
The Reich's picture

is coming over you in the very near future.

Tue, 08/28/2012 - 08:45 | 2743158 idea_hamster
idea_hamster's picture

Expelling Greece from the Euro is like kicking an unemployed 20-something out of the parents' basement apartment -- he doesn't want to leave and the parents are conflicted.

Catalonia has a well-developed independence movement that has a 100-year-old body of literature, its own language, and growing public approval.  If Madrid even suggests that it might be OK, the Catalan idependence tide would latch onto this as a "bargain" -- and they'd be right. Catalonia gets independence; Madrid saves a $5B bailout plus all the follow-on bailouts that no one is admitting to yet.

Tue, 08/28/2012 - 08:49 | 2743171 magpie
magpie's picture

Well, if that's settled they still have to decide whether to keep the Euro or not

Tue, 08/28/2012 - 09:21 | 2743270 sessinpo
sessinpo's picture

And why would TPTB want to throw Greece out. Greece is like a fish on a hook, a hook so deep down the throat, it can't get off it. Let Greece or anyone else struggle all they want. In fact the more they struggle and borrow more, the more Greece is on the hook. More leverage later on for the central planners.

 

All these plans to save various countries and regions are really plans to get a stronger hold and control of those finances. That's why we have constant drama back and forth without resolution (until it can't be resolved anymore). It's like the guy that goes to the mob to borrow $10k.  A year later, you find him in debt to the mob for $100k. Eventually the mob comes and takes it all from you, your assets and your life.

Tue, 08/28/2012 - 10:29 | 2743467 ElvisDog
ElvisDog's picture

TPTB will keep Greece in the EU as long as they are able to stripmine more wealth, either real or future obligations, from Greece than the money they are putting into Greece. Simple as that. The mafia reference is appropriate, because this is "not personal, just business".

Tue, 08/28/2012 - 08:44 | 2743156 disabledvet
disabledvet's picture

You can simplistically compare this to extortion...or you can stop being an idiot for a moment and understand the "power of the center" under direct attack from the Regions. Big deal...move along sheeple!

Tue, 08/28/2012 - 13:17 | 2744062 drysafe
drysafe's picture

The thing is, Catalonia (which includes Barcelona) is the most advanced region of Spain economically (arguably more advanced than Madrid, despite what many consider an unfair, center-skewed distribution pattern for federal tax revenues).

If they lose this economic engine, the Basque region (another bright spot on the Spanish map) will probably follow and pretty soon what Madrid is going to be left with to govern will be only the perpetually poor Galicia and Andalusia.

And, politically, this is a non-starter. Spain will sooner descend into a civil war than follow an orderly split like Czechoslovakia.

Tue, 08/28/2012 - 08:26 | 2743112 maxmad
maxmad's picture

"This is the freakin Catalina Wine Mixer" 

Tue, 08/28/2012 - 09:39 | 2743316 The Chief
The Chief's picture

"Pah!"

Tue, 08/28/2012 - 08:27 | 2743115 Jason T
Jason T's picture

give then the "soup nazi" treatment: "you want no conditions?, no bailout for you!  Next!"

Tue, 08/28/2012 - 08:27 | 2743116 malikai
malikai's picture

Just fucking pay me. Now.

Regards,

Catalonia

Tue, 08/28/2012 - 08:28 | 2743118 maxmad
maxmad's picture

Collapse ON!

Tue, 08/28/2012 - 08:29 | 2743119 magpie
magpie's picture

You know the drill, rant around, Merkel in SS uniform, then line up at the ECB after a Draghi 'all clear'.

Tue, 08/28/2012 - 08:30 | 2743123 GS-DickinDaMuppets
GS-DickinDaMuppets's picture

WTF - When will this Sh!t finally end,

 

...doing GOD's work...GS-DickinDaMuppets

Tue, 08/28/2012 - 08:30 | 2743124 Neethgie
Neethgie's picture

catalonia is a socialist hell hole, who have spent all their money now expect more..

Tue, 08/28/2012 - 09:33 | 2743300 SilverNoob
SilverNoob's picture

Exactly. Give us 5 billion or else. No conditions, blow jobs or reach arounds. 

Catalan chutzpah. Paella munching mofos.

Tue, 08/28/2012 - 12:43 | 2743936 FeralSerf
FeralSerf's picture

"Hell hole" is a mischaracterization of Barcelona.  

Tue, 08/28/2012 - 08:31 | 2743129 Chief_Illiniwek
Chief_Illiniwek's picture

Until they hold their breath, these demands cannot be taken seriously.

Tue, 08/28/2012 - 08:35 | 2743136 GetZeeGold
GetZeeGold's picture

 

 

Don't push it little mister....cause they'll totally do it!!!

 

Tue, 08/28/2012 - 08:33 | 2743132 Anasteus
Anasteus's picture

The original article refers to 5 million, not 5 billion as titled. 5 million is nothing, it's not worth mentioning.

Tue, 08/28/2012 - 08:36 | 2743139 Racer
Racer's picture

Can I have some 'nothing' please

Tue, 08/28/2012 - 08:54 | 2743187 ZeroAvatar
ZeroAvatar's picture

Gibs me dat.

Tue, 08/28/2012 - 08:45 | 2743159 Anasteus
Anasteus's picture

No, no, the title is ok, it's actually 5 billion. The google translator confuses comma/dot delimiter.

Tue, 08/28/2012 - 08:56 | 2743201 laozi
laozi's picture

Oh. I reacted to that too. 5M would not even pay for ONE of Berlusconis bunga bunga parties.

Tue, 08/28/2012 - 08:46 | 2743161 Non Passaran
Non Passaran's picture

Okay you moron, go to Wikipedia or somewhere and learn about decimal points in continental Europe.

Tue, 08/28/2012 - 08:49 | 2743170 Anasteus
Anasteus's picture

I am directly from Europe...

Tue, 08/28/2012 - 08:51 | 2743174 GetZeeGold
GetZeeGold's picture

 

 

No kidding? Can I have some of your free money?

 

Tue, 08/28/2012 - 08:58 | 2743206 laozi
laozi's picture

Stop right there Sir. You have to wait for QE3 like all the rest.

Tue, 08/28/2012 - 09:26 | 2743284 sessinpo
sessinpo's picture

That explains a lot.

Tue, 08/28/2012 - 09:42 | 2743324 cahadjis
cahadjis's picture

Shame you not knowing that 5.023 is same as 5023 in european notation. Confusing i know but it's how it is.

Tue, 08/28/2012 - 08:47 | 2743166 SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

In today's "brother can you spare a bailout" world, 5 billion isn't nothing either.

Tue, 08/28/2012 - 08:56 | 2743200 Ar-Pharazôn
Ar-Pharazôn's picture

ehmmmmm perhaps you should consider to go back to school............... reading lessons especially

Tue, 08/28/2012 - 09:28 | 2743288 SilverNoob
SilverNoob's picture

No Senor, no.

 

The original article mentions 

"5.023 millones de euros"

The Spanish don't seem to use commas to denote thousands, but use the decimal, which is rather confusing.

That's 5.023 billion Euros. What do you think they would do with 5 million euros? 

Tue, 08/28/2012 - 08:34 | 2743133 orangegeek
orangegeek's picture

And the Euro is up again this morning. 

 

Insolvent countries - more bullish news.

Tue, 08/28/2012 - 08:38 | 2743143 JJSF
JJSF's picture

The core and peripheral are completely seperating

Countries like Czech Republic and Poland's currencies are getting hit when the euro gets hit.. But their economies are much healthier.. Buyying these currencies has been my thing for about 3 weeks now..

http://mlatrader.com/czk-analysis-close-to-support-at-median-line-czk-a0...

Tue, 08/28/2012 - 08:44 | 2743155 Non Passaran
Non Passaran's picture

Hmmm couldn't you make the same argument about CHF?
What are they going to do when the rest crashes? Export their way out?
(I'm lazy to check but I wouldn't be surprised of their CB's had some sort of peg to the Euro).

Tue, 08/28/2012 - 08:59 | 2743208 Ar-Pharazôn
Ar-Pharazôn's picture

CHF is pegged to the Euro at current rate of 1 Euro = min. 1.20 CHF

Tue, 08/28/2012 - 09:02 | 2743218 Ar-Pharazôn
Ar-Pharazôn's picture

as a swiss citizien i would say that if EU implodes, we will experience our baddest times since WWII

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