This page has been archived and commenting is disabled.

Three Out Of Four: Spain Joins Ireland, Portugal With A Gun To Its Head, Demanding Concessions

Tyler Durden's picture





 

Previously we noted that, just as expected, the weakest PIIGS - Portugal and Ireland - wasted no time to start rumblings about a "suddenly slowing economy" in the aftermath of the Greek bail out which achieved nothing but to delay contagion by 48 hours (we won't bother readers with the blow out in Italian bond yields any more), and to unleash demands by everyone else to get the same concessions, in essence pushing Europe into an even deeper hole, forcing Golum Van Rompuystiltskin to say he was only kidding about the 4-5x EFSF leverage: he really meant 45x. Confirming that the tsunami of demands has been unleashed is today's announcement from the Bank of Spain that not only was Q3 GDP flat (read: negative), but that the deficit target for the year would not be achieved. Google translated from Expansion: "The Bank of Spain says the Spanish economic growth was zero in the third quarter from the previous quarter and warns that there are significant risks that may prevent achieving the deficit target this year. The Bank of Spain said that the information available for the third quarter suggests that the pattern of decline shown in the previous quarter "would have continued in the middle months of the year, in an environment marked by the deepening crisis of sovereign debt euro area." Truly nobody could have seen this coming, yet it is odd how it was casually slipped in broader discussion three short days after the Greek bailout.

The Bank of Spain admitted that absent for that mysterious exporting force (somehow everyone in the world is exporting to someone: just who is importing?) the country would be in a recession:

The report said domestic demand would have experienced a further decline in the third quarter (with a GDP contribution of -0.8 percentage points from April to June period), reflecting the contraction of the components of public spending and the path still down in residential investment, while household consumption and business investment showed little progress.

 

Instead, "net exports remained a mainstay of the economy and increased its contribution to GDP growth (up 0.8 percentage points) due to the dynamism of exports of goods and tourism.

Yet what is more troubling for the country is that it has indicated it will miss deficit targets for the year: an event which will have implications on both its rating and the treatment of the ECB vis-a-vis the SMP's purchases of its bonds.

The deficit target at risk

 

"current trends indicate the existence of risk of occurrence of a deviation from the deficit target of 6% of GDP in 2011, as a result of weak tax collection and spending of inertia, mainly in the area of the CCAA, "says the Bank of Spain.

 

The agency explains that "the magnitude of the deviation is within the margins that can be corrected through proper management of budget implementation in the remainder of exercise."

 

In any case, "if the budget execution data in the coming months indicate the likelihood of these risks materialize, it would be necessary to adopt additional measures in line with the unconditional nature of the commitment by the Government in meeting the fiscal targets and the close scrutiny to which public finances are subject amid the current sovereign debt crisis ", defends the organization headed by Fernandez Ordonez.

And by additional measures, the country means incite further protest once more cuts are announced, which in turn will lead the country to demand debt cut concessions in order to appeas the "angry mob" in the process getting another rerun of Greece.

The only question we have now is: when will the 4 out of 4, Italy, finally make its anticipated appearance on the concessions-demanding bandwagon and tell Europe to take it or leave it... and but "it", we mean a 25%-50% haircut on its debt.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 10/31/2011 - 15:13 | Link to Comment srsly-wtf
srsly-wtf's picture

Gap Down Bitchez....but it won't...

Mon, 10/31/2011 - 15:23 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

DOLLAR new highs.. 

Mon, 10/31/2011 - 15:35 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Off Topic and if you like The Bernank and despise Ron Paul (yes, you would meet the DSM criteria for sociopath, if so), look away:

 

10-31 14:59: The Fed failed to fully document authority to rescue AIG (AIG)

 

But hey - it's all good; Goldman, JPM, Barclays, HSBC, Buffet/Munger, and many, many others with CDS winning bets against the derivative department of that world renowned insurance giant, AIG, all GOTS PAID IN FULL, courtesy of the U.S. Taxpayer (i.e. forced, involuntary bloodletting to the tune of 202 billion - just for AIG - and counting).

The Federal Reserve Bank, under the tutelage of The Bernank, William 'iPad2 is delicious' Dudley, and Brian 'Charity Unto JPM & Goldman' Sack (not to mention current Treasurer of the U.S. and former head of the NY Branch of the Federal Reserve) - corruption like we've never seen before, bitchez.

Mon, 10/31/2011 - 15:37 | Link to Comment Canuckistan Al
Canuckistan Al's picture

I dont know about you, but I sure would like to kick Goldman in the Sack.

Mon, 10/31/2011 - 16:24 | Link to Comment Miss Expectations
Miss Expectations's picture

Hell's bells, more paperwork issues?

Mon, 10/31/2011 - 15:29 | Link to Comment Stoploss
Stoploss's picture

But, but, Robotard said the market would grind higher!!@#!%$^*

Mon, 10/31/2011 - 15:31 | Link to Comment Beastmanager
Beastmanager's picture

Gap?? You mean ZARA?

Mon, 10/31/2011 - 15:36 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

good to see you posting, srsly, wtf?

and, you have the macro- & micro-economic terminology down well, already! +++  maybe an avatar?  wtf pics - Google Search:  that freaking cat looks adequately pi-rat-ical to moi!

the R2K held on pretty well this morning but is starting to break down a bit, now, but if these down-day markets were any more orderly, sedate, and proper, i'd hafta take a shower and put some clothes on, BiCheZ!

 

Mon, 10/31/2011 - 19:52 | Link to Comment Buck Johnson
Buck Johnson's picture

It's all falling apart before it really even started.  If Greece gets a 50% cut, WE want a 50% cut.  LOLOLOLOLO, this is just getting better and better.

Mon, 10/31/2011 - 21:02 | Link to Comment philipat
philipat's picture

Who cares. Let the PIIGS fail and the French Banks fail. Let them sort out their own problems so the rest of us can move on.

Mon, 10/31/2011 - 15:15 | Link to Comment JenkinsLane
Mon, 10/31/2011 - 15:15 | Link to Comment Me XMan
Me XMan's picture

Wow! Spain?

Mon, 10/31/2011 - 15:55 | Link to Comment kaiserhoff
kaiserhoff's picture

But, but, but, the fat lady said we had to make sure this didn't happen.

You mean there is no free lunch? 

 

Mon, 10/31/2011 - 15:15 | Link to Comment Dick Darlington
Dick Darlington's picture

I really really wonder where does Spain reap these "growth" figures from... Busting real estate bubble, insolvent banking sector, 22% unemployment, 48% unemployment among the people under 25 yrs old etc etc. Would really like to see updated version of the analysis made and revealed by the "anonymous blogger" abt yr or so ago.

Mon, 10/31/2011 - 15:26 | Link to Comment Alvaro de Esteban
Alvaro de Esteban's picture

Don´t forget we, in Spain, have some of the best cooks (food, facts & figures) in the world.

And we can do it by ourselves without hiring GS

Mon, 10/31/2011 - 15:41 | Link to Comment Richard Chesler
Richard Chesler's picture

Sure. but can you make chorizo de pigman???

Mon, 10/31/2011 - 16:31 | Link to Comment Use of Weapons
Use of Weapons's picture

Its made of donkey, so there's room for some of the MF crew in there.

 

Mon, 10/31/2011 - 21:05 | Link to Comment philipat
philipat's picture

That's why even Adrian failed and is now trying to sell hamburgers?

Mon, 10/31/2011 - 16:03 | Link to Comment jm
jm's picture

Big mistake is looking at governent debt to GDP as opposed to trying to estimate total debt to GDP ratios, although such estimates are hard.  Anyway you slice it a big chunk is coming on the government balance sheet.

There is, I suppose, a place for factoring in general citizen willingness to pay and sacrifice for certain advantages.  DV01 trumps these concerns.  In fact, credit risk itself is closely tied to interest rate risk here.

While there may be a hard floor on Spanish real estate due to German and UK bids, this floor is cyclical and correlated to home country GDP.

Don't expect to hedge fixed income in this space.  The political calculus skews determination.

Don't expect the ECB to act decisively even when they understand the risks.  They will remain inactive until it is too late and contagion makes the situation impossible.

 

Mon, 10/31/2011 - 15:15 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Who could've seen such events? Well played... your move Merkozy...

Mon, 10/31/2011 - 15:15 | Link to Comment beastie
beastie's picture

a graphic from blazing saddles with the black guy with a gun to his own head would be appropriate here.

Mon, 10/31/2011 - 15:29 | Link to Comment s2man
s2man's picture

Yep.  No body move, or the Spaniard gets it.

Mon, 10/31/2011 - 15:40 | Link to Comment Canuckistan Al
Canuckistan Al's picture

Headline should read: Barber of Saville requests haircut!

Mon, 10/31/2011 - 15:16 | Link to Comment The Axe
The Axe's picture

Is Halloween the new Christmas eve...cause this volume sucks worse then a rotten apple in the old Halloween bag...Did very trader in this market work at MF Global....?

Mon, 10/31/2011 - 15:39 | Link to Comment Temporalist
Temporalist's picture

Pay no attention to the razor blade...

Mon, 10/31/2011 - 15:16 | Link to Comment Vincent Vega
Vincent Vega's picture

Bwahaaaaaaaa! Awaiting ISDA to issue a statement declaring soverign bankruptcies to NOT be credit events. Bwahaaaaaa!

Mon, 10/31/2011 - 15:21 | Link to Comment JenkinsLane
JenkinsLane's picture

Reality is what the ISDA say it is. Are you sure you want to say that Jim? 

 

Now, on face value I appreciate the graph looks terrible. However, if you transpose the axes and turn it 90 degrees - bingo, that's much better!

Mon, 10/31/2011 - 15:17 | Link to Comment israhole
israhole's picture

I read it first at Zero Hedge.   Thanks, TD.

Mon, 10/31/2011 - 15:58 | Link to Comment bigdumbnugly
bigdumbnugly's picture

timmah geithner looking stylish sporting what appears to be a 50% haircut.

so why not the piigs?

Mon, 10/31/2011 - 15:17 | Link to Comment Sequitur
Sequitur's picture

Someone please track delivery of the OfficeMax printer/toner cartridges to the ECB.

Mon, 10/31/2011 - 15:21 | Link to Comment SeverinSlade
SeverinSlade's picture

Rumors swirling that the ECB is in talks to buy OfficeMax's printer/toner division.

Mon, 10/31/2011 - 15:50 | Link to Comment Troll Magnet
Troll Magnet's picture

Shit...I've been long Kinko's in anticipation of this.  Guess I'll just rely on my physical stash of weed to get me through this transitory phase.

Mon, 10/31/2011 - 16:06 | Link to Comment topcallingtroll
topcallingtroll's picture

I hope you have a really big stash.

Maybe collapsaholics ought to think about drugs post collapse. Some quality marijuana seeds ought to be put in storage.

Mon, 10/31/2011 - 15:18 | Link to Comment spekulatn
spekulatn's picture

Paging Dr. Bass.

Dr. Kyle Bass!!

Your next patient is here to see you.

Mon, 10/31/2011 - 16:09 | Link to Comment kaiserhoff
kaiserhoff's picture

Doc Kerkorian?

Mon, 10/31/2011 - 15:20 | Link to Comment SeverinSlade
SeverinSlade's picture

I really hope everyone took Jim Cramer's advice on Friday.  EVERYONE should be piling into equities here, because Hedge funds will put firm floor in the markets...

But that's assuming that anyone that listens to Jim Cramer has any capital left after buying into Lehman the day before it went under.  That NFLX buy at what, $135 was pretty profitable too...right?....RIGHT?!

Mon, 10/31/2011 - 17:47 | Link to Comment YesWeKahn
YesWeKahn's picture

Jim Cramer will tell you that he told everyone to sell during Friday AH session.

Mon, 10/31/2011 - 18:45 | Link to Comment Ronaldo
Ronaldo's picture

And Cramer says, "There is always a Bull Market Somewhere"!  Maybe in Pamplona dipthong!

At one time I thought I should listen to hear what he had to say.  Now I am glad that I listened before believing his drivel.

 

Mon, 10/31/2011 - 15:19 | Link to Comment Manthong
Manthong's picture

We need to keep the stuper going.. mix up another bucket of Sangria, and don't hold back on the Everclear!

Mon, 10/31/2011 - 15:20 | Link to Comment lolmao500
lolmao500's picture

If Spain doesn't like it, they can leave the euro.

Mon, 10/31/2011 - 15:20 | Link to Comment Cdad
Cdad's picture

...all while the long bond goes totally apeshit nuts.  I wonder...is there any "risk off" signal NOT present in today's session?

Mon, 10/31/2011 - 15:31 | Link to Comment Cdad
Cdad's picture

Any second now, a BlowHorn [CNBC] reporterette shall report that capital inflows into treasuries indicates capital outflows from marked to fantasy equities...because they always report the reverse effect.

Any second now...the BlowHorn will show that it has even a fraction of an ounce of integrity left.  

Holding.  My.  Breath.

Mon, 10/31/2011 - 15:34 | Link to Comment Cdad
Cdad's picture

Ooops...Bob "the cheerleader" Pisani passes on the opportunity to explain it to the waitinig public.  I am becoming concerned that Bob actually does not have enough brain stem activity left to drive vital organ functions.

Mon, 10/31/2011 - 16:08 | Link to Comment Piranhanoia
Piranhanoia's picture

They can't do anything because Corzine owes them $800K plus for "soivices rendered"   Did MF advertise on CNBS or was it payola?

Mon, 10/31/2011 - 16:41 | Link to Comment Cdad
Cdad's picture

Good question.  Don't know.  I pay no attention to adverts...especially financial services adverts.

Mon, 10/31/2011 - 15:24 | Link to Comment Eireann go Brach
Eireann go Brach's picture

The Irishman who uttered the now famous "Wankin fuckin Bankers" rant on Youtube deserves another view as a reminder of how the average folks in Ireland really feel..please EU sir, may we have our 50% haircut handout please LOL!  http://www.youtube.com/watch?v=koY6kXhQDQo

Mon, 10/31/2011 - 15:21 | Link to Comment SheepDog-One
SheepDog-One's picture

Great reporting Tyler. Only place around laying out whats really going on.

Mon, 10/31/2011 - 15:22 | Link to Comment Sequitur
Sequitur's picture

Yes ZH is on fire today.

Mon, 10/31/2011 - 15:28 | Link to Comment Hippocratic Oaf
Hippocratic Oaf's picture

but........but.......kim kardASSian is getting a divorce. Shouldn't that take precedence?!?!

Mon, 10/31/2011 - 16:16 | Link to Comment SeverinSlade
SeverinSlade's picture

"Yes ZH is on fire everyFUCKINGday."

There, I fixed it for you.

Mon, 10/31/2011 - 15:21 | Link to Comment Jiggy
Jiggy's picture

"that absent for that mysterious exporting force"

I think this is code... Spain is counting the export of Euros as GDP positive. Its the latest thing in accounting for debt ridden countries

Mon, 10/31/2011 - 15:22 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Wait till France jumps on the bandwagon.

A 50% haircut for all its' creditors?

WHY NOT?

Mon, 10/31/2011 - 15:53 | Link to Comment falak pema
falak pema's picture

UK will require 90%

and USA 100%...then we'll know how to configure the new western world. Like a people's autocracy. Utopy on ice, anarchy on vice, kleptocracy on dice.

Mon, 10/31/2011 - 15:22 | Link to Comment monopoly
monopoly's picture

How could anyone or any entity have known this. How is this possible. Another country sounds the alarm bell. I never would have guessed any of this. I thought Greece would be the first and last. 

How simple of me. My goodness.

 

:)))))))))

Mon, 10/31/2011 - 15:24 | Link to Comment Lower Class Elite
Lower Class Elite's picture

Isn't it about time for another convenient "geopolitical event"?  What's old Kim Jong Achmidinejidadeedah up to these days?

 

Mon, 10/31/2011 - 15:30 | Link to Comment Piranhanoia
Piranhanoia's picture

think the dip from NK passed the family business to his idiot son due to his syphillis getting in the way of cognition, and 1/3 of the population is dying of starvation going into winter.

the reactionary from Iran is in the shits with everyone now, and has been told to shut up if there isn't a script. And they have forced him to take long acting tranqs that make him dizzy,  dizzier.

but that's just a guess.

Mon, 10/31/2011 - 15:33 | Link to Comment eatthebanksters
eatthebanksters's picture

you mean Kims Dong Ill and Achmed Nutjob?

Mon, 10/31/2011 - 15:39 | Link to Comment JenkinsLane
JenkinsLane's picture

ronry and I'm a dinner jacket

Mon, 10/31/2011 - 16:10 | Link to Comment Saxxon
Saxxon's picture

My thought as well.  What alternative do they have?  How do you sell Hardship to the angry, roiling mass?

War.

Mon, 10/31/2011 - 15:24 | Link to Comment firstdivision
firstdivision's picture

...and the only people surprised are Merkel and Sarkozy.

 

China is defo not going to be helping out Europe now.  1100 by open tomorrow...

Mon, 10/31/2011 - 15:48 | Link to Comment scatterbrains
scatterbrains's picture

1st Mar Div?  How's things in Hollywood ?

Mon, 10/31/2011 - 15:24 | Link to Comment lolmao500
lolmao500's picture

What will be fun to watch is when the US asks for a haircut on their debt.

Mon, 10/31/2011 - 15:30 | Link to Comment Beastmanager
Beastmanager's picture

When is the Chinese Halloween day?

Mon, 10/31/2011 - 15:31 | Link to Comment Sudden Debt
Sudden Debt's picture

Think more Western style: SCALP THAT DEBT!

 

Mon, 10/31/2011 - 15:26 | Link to Comment Piranhanoia
Piranhanoia's picture

Does it surprise anyone that these ancient nation states are telling the Eu to go iceland themselves?

Mon, 10/31/2011 - 16:19 | Link to Comment Mercury
Mercury's picture

Now that the wolf appears to be handing out needs-based goodies, this is the version of  The Three Little Pigs where each pig fashions his house out of material weaker than the last...

Tue, 11/01/2011 - 10:42 | Link to Comment TruthHunter
TruthHunter's picture

version of  The Three Little Pigs where each pig fashions his house out of material weaker than the last...

 

And the wolf dies from contaminated bacon?

Mon, 10/31/2011 - 15:28 | Link to Comment earleflorida
earleflorida's picture

just-in-time "5 year internal plan" gets adopted on the fast track in china,... look-out below

Mon, 10/31/2011 - 15:29 | Link to Comment Eurodollar
Eurodollar's picture

Spain is in such a weak position that it looks fairly certain it will aim for debt haircuts and then leaving the euro to devaluate the living Sh** out of its own pesetas. With unemployment @ 21.5% and youth unemployment so high that wherever I go in Europe I see spanish youth applying for jobs it is not easy to get back into the game when production is low. There isn't room for everyone in the olive fields.

 

As I posted earlier, this bodes well for mansions in Spain and sangria in the sun. Property mayhem ahead!!! The marked to pink unicorns repossessed properties on spanish bank balance sheets are heading for very deep water with a oxygen tank holding seconds worth of breath. Watch this sector crumble and put many a bank in problems. Not only are the properties them selves useless, but a lot of SCAM marked to market (lol) land is going to be busted too. As if that isn't enough the developers of Spain will more or less all become a thing of yesteryear. The multi billion sum they owe banks are only kept up on hope of better times and to maintain the unicorn marked values of bank balance sheets.

 

Italy, will try to remain in the euro I believe. They have quite a bit of output potential to put it bluntly. They will however have to take some struggles far and to the extreme to remain a euro candidate. Austerity must kick in, and it will hurt. They got to do something fast before the cost of borrowing becomes so high that they can't go to the market. If they start failing on their plans, and they are not forced to keep the pace I am afraid the ECB and the EFSF won't have enough firepower to keep them afloat. Should that happen we have lost France. Then the contagion ball is well planted in Versailles and it is time to head on a very long vacation. Much more action is needed in Italy than the raised pension age by way to late. I have been critical of mr Berlusconi before in my posts, but no matter how much bunga bunga (and quite frankly; we all would do the same I believe) he is a statesman. If he keeps this up, he will go down (ehrm, no immoral intended) in history as one of the greats.

Lets hope the world remains a wonderful place

Mon, 10/31/2011 - 15:30 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

gold: when you absolutely refuse to be conned.

Mon, 10/31/2011 - 15:39 | Link to Comment Long-John-Silver
Long-John-Silver's picture

It's still on sale today. Get your physical Silver and Gold while you can still buy the stuff and have it delivered to your hot little hands.

Mon, 10/31/2011 - 15:44 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

correctamundo. got a pocketful today for gits and shiggles.

Mon, 10/31/2011 - 15:32 | Link to Comment Sudden Debt
Sudden Debt's picture

AH SPAIN!!

NEXT UP: FRANCE!!!

 

Mon, 10/31/2011 - 16:29 | Link to Comment plantigrade
plantigrade's picture

don't forget little Belgium

Mon, 10/31/2011 - 15:44 | Link to Comment Beastmanager
Beastmanager's picture

Spain is belly up, the sooner they leave the Euro the better, but now they will try to get a haircut before leaving the euro. I guess greece will pioneer that strategy.

Mon, 10/31/2011 - 15:36 | Link to Comment Temporalist
Temporalist's picture

"Baby we can talk all night.  But that ain't getting us nowhere."

"Now don't be sad...two out of three ain't bad.
http://www.youtube.com/watch?v=q8JA9Qs2Mho

Mon, 10/31/2011 - 18:51 | Link to Comment Ronaldo
Ronaldo's picture

Gotta like the "MEATLOAF"!

Mon, 10/31/2011 - 15:37 | Link to Comment Long-John-Silver
Long-John-Silver's picture

This situation reminds me of the the new sheriff scene from blazing saddles when he threatens to shoot himself.

http://www.youtube.com/watch?v=upvZdVK913I

Mon, 10/31/2011 - 15:37 | Link to Comment phraseshifter
phraseshifter's picture

the PIIGS "Barbershop Quartet"has two openings,please submit recommendations:

  1.Sweeny Todd                                                                                                                                                  

  2.Barber of Seville                                                                                                             

 3.

 4..

                                                                                                               4.

Mon, 10/31/2011 - 15:39 | Link to Comment Trader47
Trader47's picture

1st time here, and what a nice bunch of people we have here,, All Heads up

Just back from (Algarve)Portugal,, lived there for 6 years, moved back to the UK due to family health issues in 2010,,, Portuguese are the most friendly people in whole of Europe, apart from the odd misery, they dont deserve this

Here is an eye opener from the real state of the economy there,,,,,,,,,Crashhhhhhhhhhh,, only a matter of time, what a shame?

http://www.theportugalnews.com/

Been in property business in Algarve for long time,,,, (main job, Precious Metals dealer in London), property sales in Algarve down big time this year ,,especialy after July,,,(mind you I sold 1 Apartment , same price as I paid in 2004!!!)Thank you BOE for debauching the GBP)

PIIGS,UK,US, and the rest heading STRAIGHT to >>> http://www.youtube.com/watch?v=abZlWqVeLzg&feature=related

Buy GOLD,,, Short Equities

T47

 

 

Mon, 10/31/2011 - 15:41 | Link to Comment Kokulakai
Kokulakai's picture

 

 

 

G-Pap's call for a referendum hints at buyers remorse.

Perhaps this is a deal one can't accept.

Mon, 10/31/2011 - 15:50 | Link to Comment falak pema
falak pema's picture

Euro corpocracy in the making...all nation states down on their knees...The welfare corporate state comes to Europe fifty years after the USA.

Mon, 10/31/2011 - 15:55 | Link to Comment Zodiac
Zodiac's picture

They don't call them "most favoured nation" clauses for nothing!  Everybody wants the same, best deal.

Mon, 10/31/2011 - 16:01 | Link to Comment topcallingtroll
topcallingtroll's picture

Maybe the sky is falling.

Spain and Ireland will not achieve deficit targets. They just told the german league "fuck off, you krauts are going to subsidize us too."

Oh how it must hurt to be northern european right now and realize the cost of union is permanent subsidy.

Mon, 10/31/2011 - 16:12 | Link to Comment topcallingtroll
topcallingtroll's picture

Oh shit.....note to self.

Cdad was right....all the risk off signals are in place except....except.....the troll is long and manic versus long and scared. Yup all risk off signs point to downleg.

I am getting out of stocks at the open tomorrow.

Mon, 10/31/2011 - 16:03 | Link to Comment prophet
prophet's picture

Forgive. Confiscate. Adjust.

Icosahedral. 

All but twenty countires will be seeking concessions.

Mon, 10/31/2011 - 16:35 | Link to Comment Jeremy Roenick
Jeremy Roenick's picture

I'm thinking of the whole sherriff with the gun to his head scene from Blazing Saddles....  But that's just me....

 

[IMG]http://mmsdamps.files.wordpress.com/2008/06/blazingsad74.jpg?w=361&h=269[/IMG]

Mon, 10/31/2011 - 16:42 | Link to Comment Use of Weapons
Use of Weapons's picture

Ok, 'serious' post here:

Santander was rated in the top #5 of stable banks recently [on ZH - and yes, we all know that Dexia was AAA as well, although clearly showed stress signs] and not withstanding the housing bubble that is yet to burst [10-15% loss when 40-50% is more accurate]. So, what are the real Spanish players looking at? If you had holdings in Santander what are the chances of a mass domino of the entire national banking scheme? At least nine of the lower branches of banks are looking extremely flakey, however the 'big boys' have maintained relative stability - and are (of course) multinationals to boot. Or rather, Santander holds serious positions in UK & Euro energy etc etc.

 

Or, in a less polite terms: if you're holding $10 mil in Santander, what's the real impact? I'm looking at this austerity refusal as "no shit Sherlock", but I'm thinking it is time to pull entirely out of Europe. And the States. And China. That leaves only a single block singing through this debacle, and they're wolves.

Mon, 10/31/2011 - 16:51 | Link to Comment Restcase
Restcase's picture

Spain has done a good job keeping out of the headlines in the recent past, leaving them to Italy.

Spain: Prefers a bailout but can ultimately leave the zone if necessary.

Italy: Can't leave the zone, can't receive a large enough bailout to make any difference.

More downgrades coming. More fast-talking Eurocrats warming up in the BS bullpen. 

Mon, 10/31/2011 - 17:01 | Link to Comment Yellowhoard
Yellowhoard's picture

Wow. Et tu Spain?

I never saw that one coming. I thought with all of those billions spent on Windmill Power they'd be living like the fucking Jetsons by now.

Certainly not teetering on the edge of anarchy and financial collapse.

Mon, 10/31/2011 - 17:05 | Link to Comment DutchR
DutchR's picture

Hahahaha, you can't make this up: "Greek PM calls referendum on new EU aid deal", We trust citizens, we believe in their judgment, we believe in their decision," he told ruling socialist party deputies.

Party on......

 

via. http://www.reuters.com/article/2011/10/31/us-greece-referendum-idUSTRE79...

Mon, 10/31/2011 - 17:38 | Link to Comment Strider52
Strider52's picture

Somebody just opened the Shit-Barrel, and it's dangerously close to the fan.

Mon, 10/31/2011 - 17:50 | Link to Comment pamriallc
pamriallc's picture

did someone say "buffet monger?"

Mon, 10/31/2011 - 20:46 | Link to Comment GCT
GCT's picture

Really what did the idiotic politicians expect.  Give one country a sweet dael and blow off the rest is not going to happen.  They are all now on the pig trails to the same sweet deals.  But Greece may just blow off the deal and go Iceland on them.  This is better then watching our idiot politicians debate issues!

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