It was only yesterday that we noted [4]that Spain (and its 23% unemployment) had tipped its cards to expose its utter desperation, when its PM basically begged for a Euroepan bailout. As a reminder, his words: "We support a rescue mechanism, the bigger the better, for it to act as a dissuading element for certain things that we've been going through lately," Rajoy told reporters after meeting his Portuguese counterpart, Pedro Passos Coelho." Certain things such as... a collapsing economy and the threat that neighbor Portugal may soon be in freefall bankruptcy? That said, we have no clue how to describe the escalation that just took place as Spain has once again indicated it is not only on the ledge, but one foot now off it. It probably is a gramophone (it's like an iPod only not made by children). Just not sure if Broken or Broke is the right adjective.
- Rajoy Says Spain Wants Europe Rescue Fund to be Bigger
- Fund should be bigger to “protect” countries trying to cut spending, overhaul their economies
And here is why Rajoy can become a stand up comedian as soon as his brief tenure as PM ends:
- Supports ECB actions, doesn’t want it to be “pressured” to stop providing liquidity
Luckily, "Europe is fine." Also remember how the US was fine, until the Fed just told all the bulls they are snorting crazy pills? Is it time to start expecting a -500K revision in the January NFPs?