Hi Orinoco - hope you are enjoying the good weather in Spain, lowest May temps in Perth forwaiting to happen. 100 years 1.7C. Will need to come back to sunny Europe -- well have had a moment to think and think I'll stay put.

On Bankia - I'm currently reseaching problem Companies to write case studies for MBA students to study. The more info that I get about Bankia is it was an accident waiting to happen.

In addition to the money they are asking for they have now put into the latest accounts 15.6 bn of provisions against future losses. The revised accountsfor 2011 now show a nettrading  loss of 2.9 bn against a loss origionally reported as 209M.

In addition the parent is selling off assetts including holdings in NH Chain, Iberodola, Indra Sistemas and IAG.

Clearly the state of this Bank is worse than anyone thought no wonder the shares were downgraded to junk.

Is this the end or is there still further bad news to come from the Spanish banking sector?

David

GuyT, looks worse - Reuters reporting that the Bank has asked for an additional 19Bn over and above the 4.5Bn already put into the Bank.

They (reuters) are also reporting that Spanish Banks have exposure to an identified 184Bn of bad loans associated with real estate.

In addition it was also reported the true scale of the debts of the regions some 35Bn for the current funding round.

Since Spain has no money to bail out the Banks or Regions they will have to raise it through Bonds, which based on the S&P rating of most of the regions being classed one step above 'junk' are going to be expensive, maybe well above the 6% Spain is currently paying.

Looks like difficult times ahead as prices are increased, services cut and large loans with their associated large interest payments are taken on.

David

Interesting discussion that has drifted somewhat from the Banner.

Speaking as an someone who emmigrated from Oz to the UK in the sixties and returned this year I cannot see anyone who goes to a new Country just to take advantage of the benefit system. there are always exceptions and these are the ones usually quoted to prove a point.

However my understanding that of the 3M ish unemployed a vast majority are UK nationals. It seems a real problem in some areas of the UK where many have never worked and have a lifestyle funded by benefits. I wonder have they live - maybe its just existance which most of us would find pointless.

There are jobs for those that want them, I recently returned to the UK to head up a recruitment push for Maths and Engineering graduates from Oxford as we have a chronic shortage of engineers to support out mining and banking industries. It's difficult for older or family with assets as the Oz dollar is very strong (but slowly softening) at the moment.

David

Luckycat,

as you indicate the UK has advantages. All locations have plus and minus points. I spent a long time living and working in the City of London and miss many of the 'facilities'. Also most things in the UK work be it infrastructure or organisational systems.  In Spain I lived in Barcalona, mainly to have access too many of the Art and Cultural aspectsas well as the sailing,  not present in the smaller towns along the Costas. But each to there own.

Moaning is a UK passtime. Always tell a migrant recent or long term from the UK they will be moaning. Last year I was returning to Dubai where I spent the past few winters and was waiting in line for a taxis. In front of me was a couple from the UK who starting moaning about the long wait for taxis and was disrespectful about the Country. Police turned up took them away and we read in the papers later they had been returned to LHR.

Since being back in Oz (returned Feb 2012) have come across many migrants some new some long term who moan. I thinks its just the way of the British I think its there way to strat a conversation. Brits in paradise and they still complain - too hot, beers TOO cold, the beach is full of sand .. it goes on and on and on.

Enjoy your Sunday.

David