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SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
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Original Message
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Although Madrid sources told The Slog this morning that next week’s formal Spain bailout will include “unlimited bond buying by the ECB”, market sources are suggesting this evening (5.00pm BST) that the Spanish government drove a coach and six through eurozone bond rules to artificially depress bond prices earlier today.
“The explanation is that Spanish banks have significantly increased their borrowing from the ECB, not LTRO funds, and are using the proceeds to buy Spanish debt at the auction, thereby causing yields to drop,”
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“All bets are off now,” agreed The Slog’s trusted Madrid informant and explicator, “they’re making it up as they go along, and the rules left the building long ago. A year ago it was a case of knowing smiles about the horsesh*t. Now it’s a case of watching every move like a hawk. They’ll kill the market before they’ve finished…it was bad enough destroying the credibility so much over Greece, but now the crooks have moved in, well….it can’t work, and it won’t work”.
The issue he describes is far from being restricted to Spain. An EU-IMF report into whether Greece’s debt is manageable looks set to be delayed until mid November because policymakers ‘want to avoid any more shocks to the eurozone economy’ . Bollocks: O’Drama wants a quiet life until he’s safely back in the Oval Office chair.
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Spain is, many of my friends out there believe, on the verge of break-up. Greece is showing signs of splintering as Left and Right battle to replace the ancien régime....
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It really is batten down the hatches time.
Read it all @ [link to hat4uk.wordpress.com]
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If I had to guess right now, things will remain relatively quite for the next 45 or so days...after the elections (I believe Obama will "win") it's truly SHTF time...
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