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Keyword: spain

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  • Dozens hurt as police, anti-austerity protesters clash in Spain

    07/11/2012 9:35:59 AM PDT · by mojito · 14 replies
    CNN ^ | 7/11/2012 | Al Goodman
    More than 70 people were injured in clashes in Madrid on Wednesday as Spanish police used rubber bullets and batons to disperse anti-austerity protesters, witnesses and emergency workers said. Protesters, including a group of miners who have marched on the capital, are demonstrating against Spain's government and the cuts it is imposing as it seeks to curb the country's debt crisis. Hundreds of people quickly moved out of the area as police moved in, with witnesses reporting the use of rubber bullets and batons by officers. Madrid's ambulance service said 76 people were injured in clashes at or near the...
  • The British, at Least, Are Getting Tough (Barclays rigging of LIBOR)

    07/08/2012 1:42:13 PM PDT · by neverdem · 12 replies
    NY Times ^ | July 7, 2012 | Gretchen Morgenson
    THE unfolding story of how Barclays — and, in all likelihood, other big banks — rigged interest rates is full of telling tidbits about the way Wall Street works. It also represents yet another teachable moment. By now the world knows that Barclays manipulated the most widely used benchmark rate, the London interbank offered rate. But Barclays is just one member of the cozy club that sets the Libor, which is supposed to be based on the average rate at which large banks can borrow money overnight. It’s not based on actual transactions, however — and that leaves room for...
  • Pamplona's Bull Run Begins

    07/07/2012 10:52:20 PM PDT · by nickcarraway · 9 replies
    Winston-Salem Journal ^ | July 07, 2012
    One elderly thrill-seeker was gored in a leg and five others slightly injured as thousands of adrenaline-fueled runners raced ahead of six fighting bulls in the streets of the northern Spanish city of Pamplona in the first running of the bulls of this year's San Fermin festival, officials said Saturday. Runners, in white clothing and red kerchiefs around their necks, tripped over each other or fell in the annual mad daredevil rush along early morning dew-moistened streets to the bull ring. One youth got the top of his shirt and kerchief caught on a bull's horn, inches from his face,...
  • Former church caretaker arrested for the Codex Calixtinus theft -- manuscript recovered

    07/05/2012 2:58:40 AM PDT · by SunkenCiv · 2 replies ^ | Wednesday, July 4, 2012 | unattributed
    A former caretaker of the Cathedral of Santiago de Compostela, along with his wife, son, and another women, have been arrested by Spanish police in connection with the theft of the Codex Calixtinus, an important 12th-century manuscript. The manuscript has not yet been recovered, but police believe that they will soon find it. The Director General of Police, Ignacio Cosido, said in an interview, "I think we're in the right direction to solve the case. The investigation is ongoing, but the main objective is to find the Codex." The police have also recovered ?1.2m in cash, eight other copies of...
  • Euro debt crisis: is complete pessimism justified?

    07/02/2012 10:29:31 PM PDT · by bruinbirdman · 7 replies
    The Telegraph ^ | 7/1/2012 | Roger Bootle
    <p>It isn’t only that the immediate outlook looks grim but also that they can apparently see no way out. Yet throughout the post-war period, economists have tended to think that there is always a way out – and they have been trained to try to find it. Is the current abject pessimism justified?</p>
  • EU: German Dominance in Doubt after Summit Defeat

    07/02/2012 11:30:44 PM PDT · by bruinbirdman · 9 replies
    Spiegelonline ^ | 7/2/2012 | SPIEGEL Staff
    Outfoxed by Club Med Chancellor Merkel suffered a bruising defeat at last week's Brussels summit after leaders of Italy, Spain and France ganged up on her. Europe's power relations have shifted as a result. It looks like Germany will no longer be calling the shots in the EU. It was Monti, of all people, "Super Mario," as he's called in Berlin. The affable economics professor from Lombardy, the man the German Chancellery felt was the best thing that could have happened to Italy. The man who could "save Europe," at least according to Time magazine. It was Monti, of all...
  • Berlusconi Ratchets Up Pressure on Monti [Is Bunga Bunga Back?]

    06/28/2012 6:23:06 PM PDT · by bruinbirdman · 2 replies
    Spiegelonline ^ | 6/28/2012
    By commenting that Germany should perhaps leave the euro and exerting significant pressure on Prime Minister Mario Monti, former Italian premier Berlusconi is back in the headlines. Are his political escapades those of a senile billionaire or is he seriously thinking of returning to power? On Tuesday afternoon in Rome, Italian Prime Minister Mario Monti and his predecessor Silvio Berlusconi were sitting at a table with a few close associates. Monti, alarmed by Berlusconi's recent statements, which were sometimes threatening and sometimes confused, was seeking clarity. Monti said that in such a sensitive and decisive moment, Italy's parliament must stand...
  • French Still Want To Vacation Midst Financial Crisis

    06/27/2012 1:38:04 AM PDT · by Cincinna · 18 replies
    Despite the euro crisis becoming increasingly dire as European governments scramble to patch up the broken banking system in Spain and shore up sovereign debt and budget deficits, French citizens still overwhelmingly want to go on vacation this summer. According to an l’Institut Français d’Opinion Publique (IFOP) poll, 73 percent of French citizens — a sizeable increase from last year — are still considering going on vacation this summer, with nearly a quarter saying that vacations of “three weeks” are ideal. If you thought the French weren’t belt-tightening, however, you’d be wrong. More French citizens seem to prefer shorter vacations...
  • EU: Germany tells Greece to stop asking for help and start cutting budgets

    06/24/2012 10:03:46 PM PDT · by bruinbirdman · 20 replies
    The Telegraph ^ | 6/24/2012 | Alistair Osborne
    Germany has told Greece to stop asking for more help and get on with implementing the reforms it has already promised as tensions mount before this week’s crucial summit of European Union leaders. German finance minister Wolfgang Schaeuble In unusually blunt remarks, German finance minister Wolfgang Schaeuble said: “The most important task facing new prime minister [Antonis] Samaras is to enact the programme agreed upon quickly and without further delay instead of asking how much more others can do for Greece.” His comments highlight Germany’s growing impatience with the eurozone’s problem nations in what is shaping up to be another...
  • The New Siegfried Line: Merkel Dismisses EuroBonds and EuroFDIC While Spain and Cyprus Seek Aid

    06/25/2012 9:53:02 AM PDT · by whitedog57
    Confounded Interest ^ | 06/25/2012 | Anthony B. Sanders
    Chancellor Angela Merkel hardened her resistance to euro-area debt sharing to resolve the region’s financial crisis, setting Germany on a collision course with its allies at a summit of European leaders this week. Merkel, speaking to a conference in Berlin today as Spain announced it would formally seek aid for its banks, dismissed “euro bonds, euro bills and European deposit insurance with joint liability and much more” as “economically wrong and counterproductive,” saying that they ran against the German constitution. [Bloomberg] So it seems that the Germans are building a new Siegfried Line to protect itself from France and other...
  • Exclusive: ECB mulls scrapping rating rules for government bonds: sources

    06/21/2012 10:13:06 AM PDT · by mojito · 7 replies
    Reuters ^ | 6/21/2012 | Andreas Framke and Marc Jones
    The European Central Bank is discussing a medium-term plan to scrap rating rules on euro zone sovereign bonds and instead set their value when used as collateral in lending operations on its own internal assessment, central bank sources said. With the ECB not yet ready to take over the technical but highly political responsibility for rating sovereigns, the bank's policymakers will also discuss more immediate ways to help Spain and its banks at their meeting on Thursday, such as further widening the types of collateral Spanish banks can use. The discussion come as Spain braces for a downgrade from small...
  • Spain's Economy On the Edge of Collapse as Protests Turn Violent

    06/20/2012 10:59:42 AM PDT · by ex-Texan · 51 replies
    UK Daily Mail ^ | 6/20/2012 | Hugo Duncan
    Europe plunged deeper into crisis last night as Spain lurched closer to needing a full-blown bailout to save it from collapse. The government in Madrid was forced to pay prohibitively high interest rates to borrow money on another bruising day for the single currency bloc. It raised fears that Spain is on the verge of becoming the biggest victim of the euro crisis so far – following the bailouts of Greece, Ireland and Portugal. Please read the rest at the source
  • Spain pleads for ECB rescue as bond markets slam shut

    06/18/2012 8:32:26 PM PDT · by bruinbirdman · 39 replies
    The Telegraph ^ | 6/18/2012 | Ambrose Evans-Pritchard
    Europe's leaders have vowed to mobilise all possible means to counter the region's escalating crisis after Spain's borrowing costs threatened to spiral out of control. Yields on 10-year Spanish bonds surged to a record high of almost 7.3pc as investors ignored the victory of pro-bailout parties in Greece's elections. The closely-watched two-year yield rocketed by 65 basis points in a matter of hours, signalling a near-total collapse of confidence in Spain's €100bn (£80.3bn) rescue from the EU last week to shore up its banking system. Cristobal Montoro, the economy minister, warned that Spain is now in a "critical" condition and...
  • Europe: She’s Come Undone.

    06/18/2012 5:35:32 PM PDT · by Lowell1775 · 8 replies
    Open Source Survival ^ | June 17, 2012 | Ronin Gael
    snip.... Old News and Current Events: I have written before that the fundamentals of the Euro and European Union didn’t bode well. They still don’t. Each step of these “rescues”, Iceland in 2008, Ireland in 2009, Portugal in 2011, Italy and Greece in 2011 and 2012….and now Spain ….are all just shocking the dying patient back to life for a few more moments of pain and chaos. The inevitable and permanent straight-line on the EKG is coming. It will be a collapse of the Euro and a financial crisis of a size not seen since WWII or the Great Depression....

    06/18/2012 10:46:33 AM PDT · by blam · 33 replies
    TBI ^ | 6-18-2012 | Simone Foxman
    MERKEL WON'T BUDGE, SPAIN AND ITALY GET DESTROYED Simone Foxman June 18, 2012, 11:40 AM The Spanish IBEX 35 and the Italian FTSE MIB got crushed today, after Greek elections failed to reassure markets that anything has changed for the troubled Spain and Italy. Comments from German Chancellor Angela Merkel worsened the blow. She told reporters near the end of European trading that she will not budge on the terms of the Greece aid package. In core Europe, the DAX held on to gains to end just slightly higher, but the French CAC 40 fell 1 percent. That negativity appears...
  • Forget The Election Results - Greece Is Still Doomed And So Is The Rest Of Europe

    06/18/2012 7:30:55 AM PDT · by blam · 26 replies
    TEC ^ | 6-18-2012 | Michael Snyder
    Forget The Election Results - Greece Is Still Doomed And So Is The Rest Of EuropeMichael SnyderJune 18, 2012 The election results from Greece are in and the pro-bailout forces have won, but just barely. It is being projected that the pro-bailout New Democracy party will have about 130 seats in the 300 seat parliament, and Pasok (another pro-bailout party) will have about 33 seats. Those two parties have alternated ruling Greece for decades, and it looks like they are going to form a coalition government which will keep Greece in the euro. On Monday we are likely to see...
  • U.S. Stocks Hit As Spanish Yields Top 7%

    06/18/2012 7:09:33 AM PDT · by blam · 6 replies
    Market Watch ^ | 6-18-2012 | Kate Gibson
    U.S. Stocks Hit As Spanish Yields Top 7%June 18, 2012By Kate Gibson, MarketWatch NEW YORK (MarketWatch) — U.S. stocks retreated Monday as any cheer from Greek-election results was overcome by concern over rising government bond yields in Spain. Leaders of the world's largest economies are gathering in Mexico for the latest G-20 meeting. WSJ's Simon Nixon expects little from them unless they consider a new world order that can tackle the financial crisis. Photo: Getty Images “The market has moved beyond Greece to Spain, which has both a government debt issue and a banking loan problem that is crippling its...
  • U.S. Stock Futures Fall as Greek Optimism Fades

    06/18/2012 5:48:51 AM PDT · by Qbert · 21 replies ^ | 6/18/2012 | Tomi Kilgore, Dow Jones Newswires
    NEW YORK--U.S. stock futures fell Monday, erasing earlier gains, as initial relief over the pro-austerity party's narrow victory in Greece's elections gave way to increasing worries about Spain. Dow Jones Industrial Average futures declined 52 points, or 0.4%, to 12658, erasing earlier gains of as much as 92 points. Standard & Poor's 500-stock index futures lost 5 points, or 0.4%, to 1332 and Nasdaq 100 futures slipped 3 points, or 0.1%, to 2561. Changes in stock futures don't always accurately predict stock moves after the opening bell. On the economic calendar, the housing market index for June is due out...
  • Deutsche Bank: "The Spanish Recapitalization Is Not Working" - A Market Shock Is Required

    06/16/2012 1:34:57 PM PDT · by Kartographer · 6 replies
    ZeroHedge ^ | 6/16/12 | Tyler Durden
    Yes, it is "unfortunate" that Spain's bailout plan was poorly planned, organized and executed. It is not unfortunate that some are still left who can do simple math and call out Europe's failed plans. Which brings us to the present, where we find that even Deutsche Bank has given up hope for interim solutions, having realized that the market will no longer accept transitory, feeble arrangements. Instead DB is now formally calling for a big bang resolution, one coming from the ECB. Here is the punchline: "ECB has room for manoeuvre, but needs political cover for a ‘big’ policy" or...
  • Spain, Italy vow action as borrowing costs soar - Merkel rejects 'miracle solutions', euro bonds

    06/14/2012 8:07:20 PM PDT · by InvisibleChurch · 10 replies
    Spain and Italy, under increasing fire in Europe's debt crisis, promised new measures to repair their public finances as their soaring borrowing costs raised new alarm ahead of a cliffhanger Greek election. But German Chancellor Angela Merkel rebuffed pressure from EU partners and the United States for Europe's most powerful economy to underwrite debt or guarantee bank deposits in the single currency area. Spain's 10-year bond yield hit a euro lifetime high above seven per cent on Thursday - a danger level above which Greece, Ireland and Portugal were driven to seek international rescues - despite last weekend's euro zone...