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Things In Spain So Good, Banks Borrow A Mere Record €140 Billion From Ecb In July

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'This was our feeble attempt at MSM headline creation. According to Bank of Spain data, Spanish banks were responsible for borrowing a third of all the amount lent out by the ECB in July, or €140 billion (and €130 billion net of redeposits). This number is higher than the already record €136 billion the month before. And even though it is presumably priced in, it is somewhat hilarious to think that an entire European country's banking system continues to subsist purely on the liquidity provided by the central bank: Spain continues to be locked out, joining Greece and likely Portugal in the biggest capital markets shut out in history as no matter what the National Lampoons Stress Tests (remember those?) indicate. But yes, thanks to the temporary EUR plunge to 1.16 Germany managed to pull off a record economic quarter as surging exports carried the Eurozone for another month or two. All that is now over, and with the market anticipating QE2.1/3 out of our own Fed any time soon, dollar weakness will be persistently just around the corner, which effectively brings the European Golden Age to a close.'

warms the cockles to know that we're over the worst.

Interesting. Thankyou for posting that.

Heat is being turned up again by various interested parties.

So easy to play when there are such fundamental flaws.

Divergence getting ever wider within the Eurozone.

They'd all love a cheap exchange rate, but Germany increasingly needs higher interest rates at c.9% compound gdp growth.

Germany has got a cheap currency on the cheap methinks.

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  • 419 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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