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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
    Medievalists.net ^ | 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....
  • MERKEL WON'T BUDGE, SPAIN AND ITALY GET DESTROYED

    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
    NASDAQ.com ^ | 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...
  • The Euro's Collapse Is Not Just About the Euro (It's about the entire liberal, elitist worldview)

    06/14/2012 4:29:05 AM PDT · by SeekAndFind · 16 replies
    American Thinker ^ | 06/14/2012 | Gene Schwimmer
    How do you say Schadenfreude in French? Or Spanish? Or Greek? Because, three years into the failed economic policies of a failed president, Schadenfreude -- knowing that, however bad our situation may be, the state of affairs in the Eurozone is much worse -- is all that is left to us. And it is worse, make no mistake about that. And, it increasingly appears, irreversible. Which is why those of us who saw this day coming must resist the urge to gloat now that the poulets européens have come home to roost. Let us instead, let out a sigh of...
  • Italian borrowing rates skyrocket in bond sale

    06/14/2012 4:05:32 AM PDT · by EBH · 4 replies
    AP ^ | 6/14/2012 | COLLEEN BARRY
    "Italian auctions are now as nerve-wracking as Spanish ones," said sovereign debt expert Nicholas Spiro of Spiro Strategy, warning that both Spain and Italy could soon find it too expensive to raise money on financial markets if the European Central Bank does not take action to restore confidence. Italy's overall debt is an enormous ¬1.9 trillion ($2.4 trillion), requiring frequent market access to repay investors whose bonds are expiring. To lower that debt, the economy needs to become more competitive. Spain's decision over the weekend to seek a bailout for its banks has fundamentally changed the market perception of Italy...
  • Spain claims top spot for world’s oldest cave art (Is it a Neanderthal "painting?")

    06/15/2012 8:06:11 AM PDT · by LibWhacker · 11 replies
    Nature ^ | 6/14/12 | Ewen Callaway
    Archaeologists say red disk that is more than 40,000 years old could have been painted by Neanderthals. [Snip... Photos at link] It’s no Mona Lisa, but a smudged red disk in northern Spain has been crowned the world’s earliest cave painting. Dated to more than 40,800 years ago, the shape was painted by some of the first modern humans to reach the Iberian Peninsula — or it may have been done by Neanderthals, residents of the Iberian peninsula for more than 200,000 years. “There is a very good chance that this is Neanderthal,” says Alistair Pike, an archaeological scientist at...
  • Spain Blinks: Accepts €100 Billion Bailout

    06/10/2012 8:38:13 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | June 10, 2012 | Mike Shedlock
    After months of denials, a short Eurogroup Statement shows Spain will submit a formal request to Brussels for a bailout.  Here is the statement in full. The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect. The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request. The financial assistance would be provided by the EFSF/ESM for recapitalisation of financial institutions....
  • MEPs agree on proposals towards (EU) 'fiscal union'

    06/13/2012 3:51:39 PM PDT · by Olog-hai · 4 replies
    EU Observer ^ | 2012.06.13 @ 18:09 | Honor Mahony
    The European Parliament on Wednesday (13 June) approved draft laws that would strongly increase Brussels' power over eurozone countries' budgets. But they tempered the previously austere proposals with measures for growth, debt redemption and democratic scrutiny. "This is the core of a fiscal union," said Austrian MEP and socialist leader Hannes Swoboda. "This is the first time that there is a structural solution [to the eurozone crisis] on the table," said Liberal leader Guy Verhofstadt. His Green counterpart Daniel Cohn-Bendit called it a "milestone" for the strength of agreement among MEPs. The pair of laws—also known as the two-pack—is among...
  • Gross Deutschland 2012

    06/12/2012 10:02:27 AM PDT · by Reaganite Republican · 8 replies
    Reaganite Republican ^ | June 12, 2012 | Reaganite Republican
    Like brand-new Chinese ghosts towns and Soviet Five-Year Plans, somehow centralized schemes -on a national, let alone international scale- seem to always fall some measure short... or even achieve precisely opposite of what they intended to do in the first place. Power in the Third Reich was so concentrated that most major decisions fell to Hitler himself -particularly military strategy in the late stages of the war- and we all know how that turned out. Yet in a supreme case of irony, today's wealthy, democratic (but emasculated and ashamed-of-their-past) Germany is having the continental hegemony the Nazis killed millions for thrust right...
  • Spain bank rescue glee morphs into markets rout

    06/11/2012 11:59:56 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jun 11, 2:53 PM EDT | Daniel Woolls
    Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain's hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the country may be unable to repay the new loans. The rate on Spanish 10-year bonds—a measure of market trust in a country's ability to repay debt—rose to an alarmingly high yield of 6.47 percent at the close of trading after falling to 6 percent in the morning. And the benchmark IBEX-35 stock index closed down 0.5 percent after surging 6 percent in...
  • The New Terrapin Gazette Number 253

    06/11/2012 6:44:16 AM PDT · by Jeff Chandler · 2 replies
    The New Terrapin Gazette ^ | 6-11-2012 | LBB
    The core issue is whether Muslims shall be permitted to import into the West the teachings, ethics and demands of their religion. Those who answer in the affirmative do so from within a context that respects the right of the individual to profess his chosen spiritual teaching. Of course religious Liberty is fundamental; that noble sentiment is enshrined in the US constitution. It is one of the foundational tenets of a federal democratic republic that imposes absolute restrictions on its central government: hands off freedom of speech, press, and religion. This respect for human rights leads to an inescapable conclusion:...
  • Ireland wants rescue deal negotiated to match Spain's

    06/10/2012 9:35:11 AM PDT · by Theoria · 9 replies
    AFP ^ | 09 June 2012 | AFP
    Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday. "Ireland raised two issues: one is the need to ensure parity of the deal with Spain retroactively on its bailout from EFSF," one European government source told AFP, referring to the temporary rescue fund, the European Financial Stability Facility. Another European government source confirmed the information. Ireland secured an 85-billion-euro ($112 billion) rescue deal from the European Union and the International Monetary Fund...
  • Eurozone agrees to lend Spain up to €100 billion ($125 billion)

    06/09/2012 12:50:03 PM PDT · by Olog-hai · 30 replies
    Reuters ^ | Sat Jun 9, 2012 3:37pm EDT | Luke Baker and Julien Toyer
    Eurozone finance ministers agreed on Saturday to lend Spain up to €100 billion ($125 billion) to shore up its teetering banks, and Madrid said it would specify precisely how much it needs once independent audits report in just over a week. After a 2½-hour conference call of the 17 finance ministers, which several sources described as heated, the Eurogroup and Madrid said the amount of the bailout would be sufficiently large to banish any doubts. "The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to €100 billion in total," a Eurogroup statement...
  • Debt crisis: Barack Obama demands action as leaders ponder Spanish bank rescue

    06/08/2012 6:47:21 PM PDT · by Hojczyk · 19 replies
    UK Telegraph ^ | June 8,2012 | Louise Armitstead, and Bruno Waterfield
    US President Barack Obama has demanded that European leaders act “right now” as ministers in Brussels deliberate over whether to impose a bail-out on Spanish banks. In Madrid, Berlin and Brussels officials denied that a rescue plan for Spanish banks was ready to launch this weekend, but Mr Obama blew their cover. “The focus must be on strengthening the banks, like we did in 2008,” he said. “EU leaders are in discussions about that and they are going in the right direction.” At the White House Mr Obama said: “The sooner [leaders] act, the more decisive and concrete their action,...
  • EU: Fitch downgrades Spain by three notches and blames European leaders

    06/07/2012 5:48:16 PM PDT · by bruinbirdman · 3 replies
    The Telegraph ^ | 6/7/2012 | Louise Armitstead
    A serious mishandling of the debt crisis by European leaders led Fitch to axe Spain’s credit rating by three notches and issue a warnings on the stability of country’s banks, debt levels and economy. In a report that will be embarrassing for Berlin and Brussels, the credit rating agency said “policy mis-steps at the European level” and an “absence of a credible vision” for the euro had resulted in a “dramatic erosion of Spain’s sovereign profile.” Spain’s credit rating was cut to BBB from A leaving the eurozone’s fourth biggest economy languishing just above junk status. Fitch said the cost...
  • EU explores Spain bank rescue

    06/07/2012 12:00:47 PM PDT · by Olog-hai
    EurActiv ^ | 07 June 2012 | (EurActiv.com with Reuters)
    European Union officials are urgently exploring ways to rescue Spain's debt-stricken banks, although Madrid has not yet formally requested assistance and is resisting being placed under international supervision, European sources said yesterday (6 June). Spain, the eurozone's fourth biggest economy, said earlier this week it was effectively losing access to credit markets due to prohibitive borrowing costs and appealed to European partners to help revive its banks. The European Central Bank dashed investors' hopes of an easing of monetary policy or another flood of cheap liquidity for banks despite saying that the eurozone money market has again become "dysfunctional". The...
  • El-Erian Explains Why Spain Desperately Needs To Avoid The 'Roach Motel' Of Outside Funding

    06/07/2012 7:26:48 AM PDT · by TigerLikesRooster · 1 replies
    TBI ^ | 06/06/12 | Mamta Badkar
    El-Erian Explains Why Spain Desperately Needs To Avoid The 'Roach Motel' Of Outside Funding After months of resisting external aid, Spanish budget minister Cristobal Montoro said European institutions should help shore up the nation’s lenders. In fact reports suggest that there is a plan in place that would allow Spain to recapitalize its weakest banks with help from European partners. But in a Financial Times editorial, PIMCO's Mohamed El-Erian says there's a reason Spain had long avoided emergency European funding: "So far, emergency European funding has been impossible to exit, like a “roach motel”.
  • Spain makes plea for EU aid for troubled banks

    06/05/2012 6:01:44 PM PDT · by bruinbirdman · 8 replies
    The Telegraph ^ | 6/5/2012 | Ambrose Evans-Pritchard
    Spain has admitted for the first time that it can no longer raise money on the global markets or roll over its sovereign bonds, threatening to set off a dangerous escalation of Europe's debt crisis. Premier Mariano Rajoy said the country is "in an extremely difficult situation" and called on Europe to stand by the mutual obligations of euro membership. "Europe must say where it is going and show that the euro is an irreversible project that is not in danger, that helps nations in difficulty," he told Spain's senate. Cristobal Montoro Treasury minister Cristobal Montoro confessed that Spain can...
  • Spain: Five hundred years of crisis

    06/04/2012 10:48:47 PM PDT · by bruinbirdman · 34 replies
    Süddeutsche Zeitung, Munich ^ | 6/1/2012 | Sebastian Schoepp
    Spain has frittered away its chances for economic development for the second time. The first was after it discovered the Americas in 1492, and the second was after it joined the European Union in 1986. The anti-economic thinking that has dominated Spain is rooted in its history and culture. Excerpts: by Sebastian Schoepp What's wrong with Spain? Back in the reign of Prime Minister José María Aznar (1996 -2004), it was the poster child of the EU when it came to growth. One hundred and fifty billion euros in structural aid poured from Brussels into the fourth-largest economy in the...
  • Progressive American Think Tank (CPER) Begs Bernanke (U.S. Taxpayers) To Bail Out Spain

    06/04/2012 1:26:28 PM PDT · by tcrlaf · 7 replies
    Zerohedge ^ | 6-4-12 | Tyler Durden
    It's one thing for liberals to demand one group of Americans pay for another group of Americans, with a third group's money of course (until it runs out), but when a progressive think tank actually has the temerity to tell Bernanke that Europe is not socialist enough, and thus needs liberal US support, that's when things just get plain old silly. Which incidentally, is precisely what the progressive brains of Mark Weisbrot and Dean Baker, co-directors of the liberal Center for Economic and Policy Research, have done. Naturally, we are all for a humanistic effort; we also believe in leading...
  • Spain is in 'total emergency’, the EU in total denial

    06/03/2012 7:39:52 PM PDT · by Texas Fossil · 101 replies
    The Telegraph ^ | 02 Jun 2012 | Janet Daley
    After a Spanish exit from the euro, there would be nothing left to exit from. I’ve never actually heard the term “total emergency” before, at least not in the context of global economics. It sounds like the title of a disaster movie. When it is uttered in sober tones by the elder statesman of an advanced democracy to describe his country’s financial condition, the effect is rather startling. The man who delivered this apocalyptic judgment, former Spanish prime minister Felipe González, being a socialist, might be expected to detest austerity programmes that require cuts to government spending. But there seemed...
  • Breaking: NYSE Invokes Rule 48

    06/01/2012 10:45:48 AM PDT · by ex-Texan · 31 replies
    Economic Policy Journal ^ | 6/1/2012 | Economic Policy Journal Staff
    With indications that the Dow will open more than 170 points lower, the NYSE has invoked Rule 48. Specifically, the NYSE and NYSE MKT cash equities exchanges will invoke Rule 48 for this morning's opening. Mandatory opening indications are therefore not required. Overview of Rule 48:. Rule 48 provides the Exchange with the ability to suspend the requirement to disseminate price indications and obtain Floor Official approval prior to the opening when extremely high market-wide volatility could cause Floor-wide delays in opening of securities on the Exchange. Rule 48 is intended to be invoked only in those situations where the...
  • Spanish premier Mariano Rajoy calls for eurozone 'centralized control' authority

    06/02/2012 12:14:54 PM PDT · by Olog-hai · 15 replies
    Daily Telegraph (UK) ^ | 7:10PM BST 02 Jun 2012 | Harry Wallop and Philip Aldrick
    Mariano Rajoy, the Spanish prime minister, has called for the eurozone to have “centralized control” over the budgets of all the countries using the euro. Rajoy has become the latest European politician to call for countries to, in effect, abandon their sovereignty in a last-ditch attempt to save the beleaguered currency. Rajoy said a new central authority would go a long way to alleviating Spain’s economic crisis as it would send a clear signal to investors that the single currency is an irreversible project. He said: “The European Union needs to reinforce its architecture. This entails moving towards more integration,...
  • 'Beware a rerun of the Great Panic of 2008': Head of World Bank warns Europe is heading...

    06/01/2012 7:53:15 PM PDT · by TigerLikesRooster · 54 replies
    Daily Mail ^ | 06/01/12 | Hugo Duncan
    'Beware a rerun of the Great Panic of 2008': Head of World Bank warns Europe is heading for 'danger zone' as world markets suffer bleakest day of the year so far Robert Zoellick: 'Far from clear leaders ready for impending catastrophe' Raft of dismal news from around world wreaked havoc on market Manufacturing output crashed in Britain, jobless up in Europe and U.S. Fast-emerging economies such as Brazil and China running out of steam By Hugo Duncan PUBLISHED: 15:49 GMT, 1 June 2012 | UPDATED: 22:52 GMT, 1 June 2012 The head of the World Bank yesterday warned that financial...
  • Ireland votes in favor of fiscal treaty

    06/01/2012 2:56:51 PM PDT · by Olog-hai · 2 replies
    BBC News ^ | 1 June 2012 | Last updated at 16:37 ET | Mark Devenport Article written by Mark Devenport | Political editor, Northern Ireland
    So after a nervous night, Enda Kenny will be relieved by the 60% margin of victory in the Irish referendum on the fiscal pact. The Taoiseach's measured welcome for the result reflects his knowledge that this is not the end of Ireland's austerity, nor even the beginning of the end, although like Winston Churchill, Mr. Kenny might hope this is at least the end of the beginning. Having delivered the German Chancellor Angela Merkel a rare bit of good news, Dublin will hope Europe's leaders might reward their decision to stay within the fiscal stability pact with a reciprocal degree...
  • Europe solves its “green” quota, declares gas to be green enough

    06/01/2012 11:36:11 AM PDT · by Mark Landsbaum · 5 replies
    This is our favorite news item this week, hands down. The Europeans, so enamored by things green that they have implemented subsidies, mandates and regulations that have nearly strangled their economy, have found a way out of their dilemma. “Energy from gas power stations has been rebranded as a green, low-carbon source of power by a €80bn European Union programme, in a triumph of the deep-pocketed fossil fuel industry lobby over renewable forms of power,” reports the Guardian in Great Britain. There you have it. To make the green quota, simply reclassify a fossil fuel as green enough. Voila! ....
  • Spain is the new epicenter of Europe's woes

    05/31/2012 12:01:01 PM PDT · by Signalman · 4 replies
    CNNMoney ^ | 5/31/2012 | Ben Rooney
    NEW YORK (CNNMoney) -- Spain is fast becoming the biggest threat to Europe's shared currency as the cash-strapped government struggles to contain a growing banking crisis. The depth of Spain's banking crisis was exposed late last week after the government announced a €19 billion rescue of one of the nation's top lenders, Bankia. The move raised worries that Spanish banks face larger-than-expected losses on bad loans stemming from the collapse of the nation's housing bubble. But the Spanish government does not have the money to bail out the entire banking sector, which analysts say could cost upwards of €100 billion....
  • Spain cries for help: is Berlin listening?

    05/30/2012 2:49:42 PM PDT · by Oldeconomybuyer · 13 replies
    Reuters ^ | May 30, 2012 | By Michael Stott
    Crisis is the watchword in Madrid. Take your pick - liquidity crisis, debt crisis, banking crisis, economic crisis, confidence crisis, investor crisis, jobless crisis. Spain, the ailing euro zone's latest problem child, has them all. After weeks insisting that one of the country's biggest banks, Bankia, did not need fresh funds, ministers dropped the bombshell last Friday that there was a 23-billion-euro hole in the accounts. They have yet to explain clearly how they will find the money when they are already struggling to finance a spiraling national debt. The effect of the Bankia news on fragile financial markets was...
  • Bankia parent group BFA posts 2011 loss of 3.3 billion euros (was 41m profit!)

    05/28/2012 5:45:11 PM PDT · by dynachrome · 5 replies
    Reuters ^ | 5-28-12 | Jesus Aguado
    MADRID (Reuters) - BFA, the parent group of nationalized Spanish bank Bankia (BKIA.MC: Quote), said on Monday it had restated its 2011 results to reflect a 3.3 billion euro loss, rather than a 41 million euro profit, following a bailout from the state.
  • Euro-zone Crisis Will Hit Russia Hard

    05/28/2012 10:15:59 AM PDT · by blam · 9 replies
    TMO ^ | 5-28-2012<b> | Pravda
    Euro-zone Crisis Will Hit Russia Hard Economics / Russia May 28, 2012 - 07:38 AM By: Pravda The political collapse in Greece and Moody's downgrade of the rankings of 16 Spanish banks at once have led to the decline in stock indexes all over the world. In Russia, the head of the Central Bank, Sergei Ignatiev, showed an optimistic reaction to such unpleasant news. Making a speech at the government last week, the official urged everyone not to panic. According to him, Russia is prepared to the crisis much better than it was four years ago. Economists say, though, that...
  • Spain Gets Demolished

    05/28/2012 8:40:23 AM PDT · by blam · 18 replies
    TBI ^ | 5-27-2012 | Joe Weisenthal
    Spain Gets Demolished Joe Weisenthal May 28, 2012Awful day in Spain on both the equity and sovereign debt front. The benchmark IBEX stock index is heading to a loss of nearly 2%.(Go to the site to see the chart) Meanwhile, the 10-year yield hit nearly 6.5%. The big news in Spain concerns the bailouts of Spanish banks... PM Mariano Rajoy today announced plans for a 19 billion EUR bailout of the Spanish bank Bankia, which itself was an agglomeration of weaker banks. He insisted that no banks or regions would fail, and he died that the country's financial institutions would...
  • Conditions in Spain (vanity)

    05/26/2012 3:09:44 AM PDT · by NTHockey · 19 replies
    I just got back from 18 days in Spain. These are my personal observations mixed with comments from the locals. The driver who picked us up at the airport said the economy was bad and it was hard to get jobs, especially for the young people. Yet there was lots of construction around, both private and public. In Burgos, we witnesssed a college student march. They were protesting against, what else, cuts in education. They were calling for a general strike. Police were everywhere. As an aside, Burgos must be trying to repopulate Spain all by itself. Pregnant women and...
  • Bankia SA : Spain's Bankia shares suspended: regulator (Spain's Largest Bank!)

    05/25/2012 12:18:01 AM PDT · by tcrlaf · 3 replies
    Thomson Reuters ^ | 5-25-12 | Tracy Rucinski
    Trading in the securities of Spanish lender Bankia has been suspended "due to circumstances that may affect the normal share trading," stock market regulator CNMV said on Friday. Bankia will ask the state for more than 15 billion euros ($19 billion) to bail it out when its new management team presents a restructuring plan on Friday, a financial sector source said late on Thursday.