Posted on 06/09/2010 11:29:55 AM PDT by blam
Spain Now Showing Very Serious Signs Of Systemic Stress
Gregory White
Jun. 9, 2010, 10:52 AM
The situation in Spain is getting worse by the minute as international banks are now unwilling to lend to many Spanish regional banks, or cajas, in the interbank markets.
What is of more serious concern is why banks have halted lending. It is not just because they are worried about issues of banking solvency, now lenders are concerned about the viability of Spanish sovereign debt, according to Cinco Dias via FT Alphaville.
If banks are no longer willing to take Spanish sovereign debt as collateral for lending on the interbank market, Spain's banks and the sovereign bank, the Bank of Spain, may face future problems as they try to roll over their debt or seek short term support. Spain has €225 billion in debt to roll over in the year 2010, with July being the biggest month.
There is, however, a contrary opinion on Spanish sovereign debt's position as collateral. According to the Bank of Spain's own data on interbank lending, the constraints suggested by the earlier report are not yet being seen. This may put pause to the alarm over sovereign debt for now.
[snip]
(Excerpt) Read more at static.businessinsider.com ...
adios!
This is the implosion of Europe that never ends, it just goes on and on my friend...
but, but, but, Spain has the ‘green’economy that Barack has promised would save us!
Some people started screaming, not knowing end is near, but they’ll be suffering on while Europe becomes Third World ...
The pain in Spain have only themselves to blame.............
lalalalal...China says they’ll keep buying everyones debt....lalalalal
Because of this???
http://www.freerepublic.com/focus/f-news/2451245/posts
Spain curbs ‘millionaire’ pay for air traffic controllers (incredible salaries)
Breitbart.com
According to figures released by the transport ministry last week, 135 controllers earned more than 600,000 euros (830,000 US dollars) per year while 713 earned between 360,000 and 540,000 euros.
By comparison Prime Minister Jose Luis Rodriguez Zapatero earns just under 92,000 euros a year while the average salary in Spain is just over 18,000 euros per year, according to government figures.
In addition, the controllers can retire at the age of 52.
(Excerpt) Read more at breitbart.com ...
Incredible. The Fall of the West. If they make nearly a MILLION DOLLARS a year while they are working, then retire at 52, don’t they get $30,000,000 in retirement pay, if they live long enough??? Total of $50,000,000 each??? What country could ever support this? Oh yeah: Spain, US, UAW, Obama, SEIU, they all want to try!!!
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