LAST NEWS IN EURO CRISIS!!! GERMAN SAVINGS BANKS GROUP REJECTS BANK LICENSE FOR ESM !!! GREECE WITHOUT MONEY AGAIN!

25szerohedge‏@zerohedge

EU'S REHN SAYS ECONOMIC GROWTH REQUIRES SOLVING DEBT CRISIS. No growth then

4 minzerohedge‏@zerohedge

EU'S REHN SAYS FINNISH-SPANISH COLLATERAL TALKS GOING WELL. Finland has ALMOST agreed to take Spiderman towels.

zerohedge‏@zerohedge

Finnish finMin says one collateral option is shares of Spanish Banks. WOW

11szerohedge‏@zerohedge

Irish finmin says there may be a teleconference on Spain around July 20. Long Belgian telecaterers

1 mzerohedge‏@zerohedge

Spain's Novagalicia Bank has asked for €6 billion in state aid

zerohedge‏@zerohedge

DRAGHI SAYS CHALLENGES IN EURO AREA HAVE ABSORBED MUCH ENERGY. and more money

I wouldn't characterise this as looting...rather as a major ballsup. The looting has come and gone and the ballsup lies in the fact that these banks are left carrying the tab (and the taxpayer if the truth be known.). We are looking at the aftermath which I should imagine is rapidly turning into a nightmare.

All this is doing is giving a Bandaid to someone determined to smack their head on a brickwall.

The central problem with the Spanish economy IS the banking sector's insane activity.

The banks have repossessed half the damn country, but instead of reselling it, as in Detroit, are sitting on this astronomic portfolio of real estate in a crazy vain hope of stopping a property crash. As a result of the bank;s action...

1. Real estate in Spain is insanely overpriced and hard to come by making it impossible for skilled workers or poor people to move to where the jobs are, causing welfare bills to skyrocket in the country.
2. With the huge overhang in property, everyone is "waiting for the other boot to fall" so no-one is investing in real estate, so the construction industry has been utterly decimated.
3. The steady slow grinding persistent losses in real estate means that the banks have no money to lend to retail, industry or agriculture so these industries are going under as a pace of knots.
4. As the banks fend off the inevitable, they have to keep going to the Spanish Government for ever more cash to fill in this bottomless pit, driving tax rates through the roof and killing the rest of the economy stone dead as well as gutting all the public sector, resulting in sound businesses going under and producing yet more unemployment.
5. The stress on the public finances is being passed onto the rest of Europe through the bailouts, making possible foreign purchasers of unwilling due to uncertainties spread into Germany etc..

The answer is clear, FORCE THE BANKS TO DUMP THEIR REAL ESTATE, EVEN IF THEY HAVE TO LET THEM GO BANKRUPT. Anything else is just plain INSANITY!

zerohedge‏@zerohedge

ECB'S NOWOTNY SAYS GROWTH PERSPECTIVE WORSENING ALL OVER EUROPE

zerohedge‏@zerohedge

RBS, DEUTSCHE BANK FACE MOST LIBOR LEGAL COSTS: MORGAN STANLEY. DB to reply shortly in kind seeing MS with most legal costs

zerohedge‏@zerohedge

WSJ story confirmed by BBG: ECB SAID TO SUPPORT BONDHOLDER LOSSES IF BANK BEING WOUND DOWN

34 minzerohedge‏@zerohedge

Germany’s Top Court to Decide on ESM Injunctions on Sept. 12

40 minzerohedge‏@zerohedge

Spain 10 Year: 6.752%, up 9 bps

8szerohedge‏@zerohedge

Swiss 2 Year: -0.413%

23sThe Money Game‏@themoneygame

French Borrowing Costs Continue To Collapse [link to read.bi]

[link to www.godlikeproductions.com]

1 mBusiness Insider‏@businessinsider

The ECB Is Overhauling Its Approach To Bank Bailouts [link to read.bi]

4szerohedge‏@zerohedge

Artur Mas confirms Spain ‘Threat’ to Intervene in Catalonia and run its economy, Vanguardia Says

50szerohedge‏@zerohedge

FINANCIAL MARKETS `DECOUPLED FROM GOOD OF THE PEOPLE': MERKEL. Recouple the markets: it's only "fair"

This means war against the cabal!
80% of Spain's wealth is concentrated in, or controlled by - Cataluña.

8szerohedge‏@zerohedge

CITI CFO SAYS BANK IS PREPARED FOR EURO BREAKUP, NATIONAL EXITS

zerohedge‏@zerohedge

NOYER SAYS ECB CAN'T PROVIDE COMMERCIAL BANKS LIQUIDITY

1 mzerohedge‏@zerohedge

ECB's Noyer calls for bank union and Federal Europe. Hopefully not holding his breath too.

Business Insider‏@businessinsider

CORRECT: Moody's Slashes Ratings Of 13 Italian Financial Firms, Full Release [link to read.bi]

Big privatization plans announced in Italy too these days, to the tune of 10-20 BN per year.
In Greece the sellout already started with bids about various companies.

do you see the ocupation of Valencia station TV by workers protesting and interrupting the news programe in direct? Was great to see!!!

Didn't see that! It's a great form of protesting. We had it here in Greece for almost a year with tv station called Alter Channel. In the end the govt put the channel's frequency off the air and we never heard of them.


Last Edited by insertfunnyusername on 07/16/2012 05:19 PM

Yes they could talk for some time and then the tv was take off the air too... and in Madrid people allmost could invade the parliment! it was so close!

[link to www.rtp.pt] the video is in portuguese sorry...

Spaniards are very good protesters at least, basically all the Mediterranean people are good protesters, lol.
I expect TSTHF in Italy in a matter of weeks now too and by September the big booom in Greece.

14szerohedge‏@zerohedge

Spain: 6.871%, +5.4bps; Italy: 6.127%, +1.8 bps