Live News From Spain As It Happens

Jeremy Warner said:
Friday, June 15, 2012 @ 2:16 AM

Spain is a basket case, De Guindos is welcome to potter about blaming everything on "uncertainty regarding Greek elections" and calling for calm, but the simple fact is that the markets don't believe a word coming from Moncloa.
The idea that "markets" mount "attacks" is idiotic, anymore than 2nd hand car buyers "punish" Ford Escorts. Markets assess risk, ratings agencies assess risk, Spain is a disaster, with a collapsed housing market, 50% plus youth unemployment, 25% plus regular unemployment, 1.5 million homes with no income whatsoever, 1 million homes unsold...
This 100 billion (biilion, can you believe it?) will possibly cover the rescue of 3 or 4 Spanish financial entities, it won't begin to cover the real debts.

Jeremy Warner said:
Friday, June 15, 2012 @ 2:16 AM

Spain is a basket case, De Guindos is welcome to potter about blaming everything on "uncertainty regarding Greek elections" and calling for calm, but the simple fact is that the markets don't believe a word coming from Moncloa.
The idea that "markets" mount "attacks" is idiotic, anymore than 2nd hand car buyers "punish" Ford Escorts. Markets assess risk, ratings agencies assess risk, Spain is a disaster, with a collapsed housing market, 50% plus youth unemployment, 25% plus regular unemployment, 1.5 million homes with no income whatsoever, 1 million homes unsold...
This 100 billion (biilion, can you believe it?) will possibly cover the rescue of 3 or 4 Spanish financial entities, it won't begin to cover the real debts.

midasgold said:
Saturday, June 16, 2012 @ 6:26 AM

No state bail out - said the P.M. !!??!!
1) Banks get 100 billion on condition that the state is responsible for the interest payment.
2)Banks buy Spanish bonds to support the state.(@7%)
The state gets the bailout !
No state bailout - said the P.M. !!!!!!!!!!!!!!!!!!!!!!!
It's voodoo economics. Bernard (Mandof?-ponzi) went to jail
for less.