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SPAIN On Verge Of Break-up...."All Bets Are Now OFF"

 
MARTIAL_LAW
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09/21/2012 04:33 PM

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SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
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,”

...

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.

...

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....

...

It really is batten down the hatches time.

Read it all @ [link to hat4uk.wordpress.com]

-------------------------------------------------------------​----------

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...

Last Edited by No More Lies on 09/21/2012 04:35 PM
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MARTIAL_LAW (OP)

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09/23/2012 11:14 AM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Debt crisis: Spain 'will need extra bail-out'

Spanish banks may need a cash injection of more than €100bn (£80bn), the results of an official stress test are expected to show this week, placing more financial pressure on to an already explosive political crisis in Madrid.

A bank-by-bank test of financial stability due on Friday is expected to conclude that Spain's lenders are dangerously over-burdened with toxic debts and need to be recapitalised, restructured or shut down.

The stress test is expected to show a dramatic deterioration since the previous tests were carried out at the beginning of the summer which suggested a €60bn cash injection would be the worst-case scenario.

Nomura Global Economics said in a note: "Our initial reaction to the publication of those estimates has been negative. The announced figures are well below the market expectations, which start at around €100bn, and, in our view, not only fall short of bolstering market confidence but may actually increase the risk of Spain losing market access."

Last week, the Bank of Spain said bad debts at Spanish lenders had risen to record levels, with almost one in 10 loans in arrears. It is the highest bad-loan ratio since central bank records began in 1962.

[link to www.telegraph.co.uk]

Last Edited by No More Lies on 09/23/2012 11:15 AM
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Anonymous Coward
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Portugal
09/23/2012 11:22 AM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Portugal too.

We, the citizens of Portugal, won't accept anything else beside:

prison for all corrupts including politics, bankers, CEO's, etc etc.

They trashed billions of euros - and we won't pay for it.
MARTIAL_LAW (OP)

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09/23/2012 11:25 AM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Call me a prophet of doom if you want, but Europe's meltdown isn't a recession - it's a coming depression

The interest rates on Spanish government debt are now heading up towards 8%. If you want to borrow money from the bank, you can likely do it cheaper than that. You personally may have a better credit rating than the Spanish government right now. In any case, a government can’t pay those punitive rates when its debt is gaping, its deficit out of control, and its economy in recession.

There’s muttering about a €300 billion bailout, which would keep Spain away from the financial markets for three years, but so what? For reasons I’m about to come to, I don’t think such a bailout could possibly happen, but even if it did, so what? Spain’s problem is too much debt piled onto a creaky economy. That €300 billion ‘bailout’ wouldn’t be a gift, it would be a loan. The solution to too much debt is not more debt. (And, for that matter, Mr King, the solution to wehater siteey is not to print an endless supply of the stuff.) Naturally a giant bailout would kick the problem down the road, but bankruptcy is bankruptcy no matter when you meet it.

That’s point one. Point two is that Germany (and creditworthy northern Europe in general) is coming to the end of its borrowing capacity...Germany is now on credit watch for a possible downgrade. No wonder Angela Merkel is showing the strain.

Point three: the terrible data, released today, about the British recession. I said we were in recession back in autumn last year. (No one believed me but, hey, I’m used to it.) And now we find that we’ve actually had three successive quarters of recession, with the last quarter the worse of the lot. Even if things turn up – and, pardon me for asking, but do you see any grounds for optimism right now? – we’ve still experienced the worst recession in British economic history. Not a bit worse than the Great Depression but, by now, very significantly worse.

... There’s a big storm coming and it’s about to strike.

Read more: [link to www.dailymail.co.uk]

Last Edited by No More Lies on 09/23/2012 11:25 AM
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Anonymous Coward
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Portugal
09/23/2012 11:28 AM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
You seem a informed guy. What do you have to say to someone like me, 40 years old, wife + kids?

What should we do asap? Move to countryside? We have an house with plant tress etc.
MARTIAL_LAW (OP)

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09/23/2012 11:32 AM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
You seem a informed guy. What do you have to say to someone like me, 40 years old, wife + kids?

What should we do asap? Move to countryside? We have an house with plant tress etc.
 Quoting: Anonymous Coward 24278651


If you can, I would. Not everyone has that option, but I certainly wouldn't' want to be in ANY city when the shtf...some will be worse than others. This is certainly one of those "better way early than a day late" kind of situations.
Thanks to whomever upgraded my account!
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Anonymous Coward
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Portugal
09/23/2012 11:40 AM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
You seem a informed guy. What do you have to say to someone like me, 40 years old, wife + kids?

What should we do asap? Move to countryside? We have an house with plant tress etc.
 Quoting: Anonymous Coward 24278651


If you can, I would. Not everyone has that option, but I certainly wouldn't' want to be in ANY city when the shtf...some will be worse than others. This is certainly one of those "better way early than a day late" kind of situations.
 Quoting: MARTIAL_LAW


Cheers ML

Checking now the book from the author of that article. [link to www.amazon.co.uk]

Not an easy task to move out of a beautiful city like this, but the other house we own is 27 km away and needs some work before we move in. But it's good to know we have a place to get fruits, veggies and have pigs, chickens, rabbits, etc etc. Sounds like we're back into 1970!
MARTIAL_LAW (OP)

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United States
09/23/2012 11:43 AM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
You seem a informed guy. What do you have to say to someone like me, 40 years old, wife + kids?

What should we do asap? Move to countryside? We have an house with plant tress etc.
 Quoting: Anonymous Coward 24278651


If you can, I would. Not everyone has that option, but I certainly wouldn't' want to be in ANY city when the shtf...some will be worse than others. This is certainly one of those "better way early than a day late" kind of situations.
 Quoting: MARTIAL_LAW


Cheers ML

Checking now the book from the author of that article. [link to www.amazon.co.uk]

Not an easy task to move out of a beautiful city like this, but the other house we own is 27 km away and needs some work before we move in. But it's good to know we have a place to get fruits, veggies and have pigs, chickens, rabbits, etc etc. Sounds like we're back into 1970!
 Quoting: Anonymous Coward 24278651

cheers
Thanks to whomever upgraded my account!
:nml:
Anonymous Coward
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09/23/2012 11:47 AM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Call me a prophet of doom if you want, but Europe's meltdown isn't a recession - it's a coming depression

The interest rates on Spanish government debt are now heading up towards 8%. If you want to borrow money from the bank, you can likely do it cheaper than that. You personally may have a better credit rating than the Spanish government right now. In any case, a government can’t pay those punitive rates when its debt is gaping, its deficit out of control, and its economy in recession.

There’s muttering about a €300 billion bailout, which would keep Spain away from the financial markets for three years, but so what? For reasons I’m about to come to, I don’t think such a bailout could possibly happen, but even if it did, so what? Spain’s problem is too much debt piled onto a creaky economy. That €300 billion ‘bailout’ wouldn’t be a gift, it would be a loan. The solution to too much debt is not more debt. (And, for that matter, Mr King, the solution to wehater siteey is not to print an endless supply of the stuff.) Naturally a giant bailout would kick the problem down the road, but bankruptcy is bankruptcy no matter when you meet it.

That’s point one. Point two is that Germany (and creditworthy northern Europe in general) is coming to the end of its borrowing capacity...Germany is now on credit watch for a possible downgrade. No wonder Angela Merkel is showing the strain.

Point three: the terrible data, released today, about the British recession. I said we were in recession back in autumn last year. (No one believed me but, hey, I’m used to it.) And now we find that we’ve actually had three successive quarters of recession, with the last quarter the worse of the lot. Even if things turn up – and, pardon me for asking, but do you see any grounds for optimism right now? – we’ve still experienced the worst recession in British economic history. Not a bit worse than the Great Depression but, by now, very significantly worse.

... There’s a big storm coming and it’s about to strike.

Read more: [link to www.dailymail.co.uk]
 Quoting: MARTIAL_LAW


ahhhahhhahhhahhhahhhahhhahhhahhh
Anonymous Coward
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09/23/2012 11:50 AM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
ah it's coming, civilization is gonna fall apart, the can has been kicked to the end of the road in many places, nowhere left to go.hiding
Anonymous Coward
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09/23/2012 11:53 AM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Call me a prophet of doom if you want, but Europe's meltdown isn't a recession - it's a coming depression

The interest rates on Spanish government debt are now heading up towards 8%. If you want to borrow money from the bank, you can likely do it cheaper than that. You personally may have a better credit rating than the Spanish government right now. In any case, a government can’t pay those punitive rates when its debt is gaping, its deficit out of control, and its economy in recession.

There’s muttering about a €300 billion bailout, which would keep Spain away from the financial markets for three years, but so what? For reasons I’m about to come to, I don’t think such a bailout could possibly happen, but even if it did, so what? Spain’s problem is too much debt piled onto a creaky economy. That €300 billion ‘bailout’ wouldn’t be a gift, it would be a loan. The solution to too much debt is not more debt. (And, for that matter, Mr King, the solution to wehater siteey is not to print an endless supply of the stuff.) Naturally a giant bailout would kick the problem down the road, but bankruptcy is bankruptcy no matter when you meet it.

That’s point one. Point two is that Germany (and creditworthy northern Europe in general) is coming to the end of its borrowing capacity...Germany is now on credit watch for a possible downgrade. No wonder Angela Merkel is showing the strain.

Point three: the terrible data, released today, about the British recession. I said we were in recession back in autumn last year. (No one believed me but, hey, I’m used to it.) And now we find that we’ve actually had three successive quarters of recession, with the last quarter the worse of the lot. Even if things turn up – and, pardon me for asking, but do you see any grounds for optimism right now? – we’ve still experienced the worst recession in British economic history. Not a bit worse than the Great Depression but, by now, very significantly worse.

... There’s a big storm coming and it’s about to strike.

Read more: [link to www.dailymail.co.uk]
 Quoting: MARTIAL_LAW


ahhhahhhahhhahhhahhhahhhahhhahhh
 Quoting: Anonymous Coward 23320653


The article is two months old.
Anonymous Coward
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United Kingdom
09/23/2012 12:01 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
watching this whole pile of euroshit and waiting for it to FINALLY implode, really is painfully tedious

sloooooooooooooooooow mooooooooooooootttttttiiiiiiiiooonnnnn
Anonymous Coward
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09/23/2012 12:04 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
yea, it's slow mo
will it carsh already ?
this is like chineese water torture
wtf
Anonymous Coward
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09/23/2012 12:38 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Spain is, many of my friends out there believe, on the verge of break-up.
 Quoting: MARTIAL_LAW


Are your friends mostly located on GLP?
Anonymous Coward
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Netherlands
09/23/2012 12:52 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
More bullshit from the London rathole of antieuropeans.
MARTIAL_LAW (OP)

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09/23/2012 12:55 PM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
More bullshit from the London rathole of antieuropeans.
 Quoting: Anonymous Coward 1306052


Just stick your head in the ground...I'm sure everything will magically fix itself.

terrified3

Last Edited by No More Lies on 09/23/2012 12:56 PM
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Anonymous Coward
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09/23/2012 12:55 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
You guys dont get it ! The euro must fail to shift support to the Dollar. Quite a setup dont you think.
The Dollar will be the last to die.
By design of course !
Anonymous Coward
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09/23/2012 01:25 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
More bullshit from the London rathole of antieuropeans.
 Quoting: Anonymous Coward 1306052


lmao

you REALLY thought the Euro would work, didn't you?

rofl

idiot
Anonymous Coward
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Portugal
09/23/2012 01:26 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Good to see this pinned, and not so good to watch some of the responses.

Some people haven't realized this is a WORLDWIDE problem - once it hits, everyone will be on same boat...
Anonymous Coward
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09/23/2012 01:28 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
You seem a informed guy. What do you have to say to someone like me, 40 years old, wife + kids?

What should we do asap? Move to countryside? We have an house with plant tress etc.
 Quoting: Anonymous Coward 24278651


want some help and TRUTH:
www.nunes3373.com

PREPARE FOR THE SATANIC WORLD ORDER!!!
Anonymous Coward
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09/23/2012 01:44 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Spain is probably more liable to break up entirely than any other western European country.

I hear the northern Italy isn't too fond of southern Italy either. I recall that historically the including the south of the Italian peninsula in the state of Italy was not part of the plan but Garibaldi forced it into the state by conquering it (the south that is).
Luisport

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09/23/2012 01:51 PM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Portugal too.

We, the citizens of Portugal, won't accept anything else beside:

prison for all corrupts including politics, bankers, CEO's, etc etc.

They trashed billions of euros - and we won't pay for it.
 Quoting: Anonymous Coward 24278651


ohyeah
Anonymous Coward
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Spain
09/23/2012 02:00 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Fecked up here. Dire situation for Spain. People care more about football and singing contests, language issues and regional disputes, to see anything massive coming their way. Totally blinded most people just think day for day now trying not to face the cruel reality we have ahead. There is no reason to believe our folk will pose more resistance against our futures generations sell off than the greeks did. The country is being sold. Mass media doesnt help neither, silencing protests and making a world of make believe and pathetic idols. Massive nightmare for conscious people. We re in deep trouble, deep deep shit. And no change in sight. Resist. yoda
Anonymous Coward
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09/23/2012 02:05 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Spain is probably more liable to break up entirely than any other western European country.

I hear the northern Italy isn't too fond of southern Italy either. I recall that historically the including the south of the Italian peninsula in the state of Italy was not part of the plan but Garibaldi forced it into the state by conquering it (the south that is).
 Quoting: Anonymous Coward 23221939


The ruling parties of Catalonia have sought guidance from Brussels on the legality of secession from Spain, requesting a “route map” for membership of the European Union and the euro as an independent state.

...

A serving army officer, Colonel Francisco Alaman, has fuelled the flames by comparing the crisis with 1936 – when Gen Francisco Franco seized power – and by vowing to crush Catalan nationalists, described as “vultures”.

“Independence for Catalunya? Over my dead body. Spain is not Yugoslavia or Belgium. Even if the lion is sleeping, don’t provoke the lion, because he will show the ferocity proven over centuries,” he said.

Retired Lt-Gen Pedro Pitarch, a former army chief, said the words reflect “deeply-rooted thinking in large parts of the armed forces”. He also accused Madrid of bungling the Catalan drama disastrously.

“Are we looking at a failed state?” he asked. Investors holding Spanish debt are listening carefully.


[link to www.telegraph.co.uk]
Anonymous Coward
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09/23/2012 02:23 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
i know it's bad to wish for bad thing to happen but this is the ONLY way --the collapse of fiat--- to bring down the greedy elites which are screwing us non stop without lubrication and not just in america or europe but all over the world.
Anonymous Coward
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09/23/2012 02:25 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
I've been talking with my wife to get out of town and move to our contryside old side. It's NOT as comfortable as our apartment, but hey, we can plant fruits/veggies and have pigs/chickens, etc.

Guess our future we'll be like that, getting back to 1960...

Spanish friend, if you have a family house, even an old one, start making some preparations. Luis, nice to see you buddy! Hope all is well.
Luisport

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Portugal
09/23/2012 02:29 PM

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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
I've been talking with my wife to get out of town and move to our contryside old side. It's NOT as comfortable as our apartment, but hey, we can plant fruits/veggies and have pigs/chickens, etc.

Guess our future we'll be like that, getting back to 1960...

Spanish friend, if you have a family house, even an old one, start making some preparations. Luis, nice to see you buddy! Hope all is well.
 Quoting: Anonymous Coward 24278651


Where do you want to go?
Anonymous Coward
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09/23/2012 02:48 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
The blinking MARTIAL LAW letters are irritating as hell......
Anonymous Coward
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09/23/2012 02:58 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
I've been talking with my wife to get out of town and move to our contryside old side. It's NOT as comfortable as our apartment, but hey, we can plant fruits/veggies and have pigs/chickens, etc.

Guess our future we'll be like that, getting back to 1960...

Spanish friend, if you have a family house, even an old one, start making some preparations. Luis, nice to see you buddy! Hope all is well.
 Quoting: Anonymous Coward 24278651


Where do you want to go?
 Quoting: Luisport


We'll move to a little village near Santarém, 27km from here. We have a family house in there with a small terrain for "pomar" and "horta". We also have space and conditions for animals. Only thing lacking is a water well.

It will be confusing at first, change kids school, etc, but we have most of our family in that village, so thats a plus.
Anonymous Coward
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09/23/2012 02:59 PM
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Re: SPAIN On Verge Of Break-up...."All Bets Are Now OFF"
Portugal too.

We, the citizens of Portugal, won't accept anything else beside:

prison for all corrupts including politics, bankers, CEO's, etc etc.

They trashed billions of euros - and we won't pay for it.
 Quoting: Anonymous Coward 24278651


resist
moeskyhigh

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09/23/2012 02:59 PM

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5a
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