Realistbear Posted January 21, 2011 Share Posted January 21, 2011 http://uk.finance.yahoo.com/news/Spain-plans-partial-reuters_molt-292686077.html?x=0 Manuel Maria Ruiz and Carumba Mucacca, 15:19, Friday 21 January 2011 MADRID ( Reuters ) - Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit. Its still contained. Quote Link to comment Share on other sites More sharing options...
repetitive bleats Posted January 21, 2011 Share Posted January 21, 2011 http://uk.finance.yahoo.com/news/Spain-plans-partial-reuters_molt-292686077.html?x=0 Manuel Maria Ruiz and Carumba Mucacca, 15:19, Friday 21 January 2011 MADRID ( Reuters ) - Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit. Its still contained. Carumba Mucacca? really? Surely that's like a spanish version of a prank name like Mike Hunt or something? Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted January 21, 2011 Share Posted January 21, 2011 Carumba Mucacca? really? Surely that's like a spanish version of a prank name like Mike Hunt or something? Spain plans partial nationalisation of savings banksManuel Maria Ruiz and Sonya Dowsett, 15:19, Friday 21 January 2011 RB was using artistic licence. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 21, 2011 Author Share Posted January 21, 2011 RB was using artistic licence. Such a dreary day needed a bit of levity. Quote Link to comment Share on other sites More sharing options...
General Congreve Posted January 21, 2011 Share Posted January 21, 2011 Banks are bust again. No problem, stick it on the taxpayer tab. But hang on, the taxpayer can't pay for it, the country is broke. Never mind we'll punt it into the future and sell some bonds. But no one wants the bonds because they're worried we'll never be able to afford to pay them back! Who cares, get the ECB to print up some fresh euros and they can buy the bonds to create an illusion of calm in the EU's bond market. Brilliant plan, what could possibly go wrong? Happy days! Quote Link to comment Share on other sites More sharing options...
pandora's box Posted January 21, 2011 Share Posted January 21, 2011 Who cares, get the ECB to print up some fresh euros and they can buy the bonds to create an illusion of calm in the EU's bond market. Brilliant plan, what could possibly go wrong? Happy days! Better than that, Spain can now print its own euros as and when required. Fantastico! Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted January 21, 2011 Share Posted January 21, 2011 If I was a German right now id be sifting through my wallet and making two piles. Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted January 21, 2011 Share Posted January 21, 2011 (edited) If I was a German right now id be sifting through my wallet and making two piles. One of which would be steaming! Edited January 21, 2011 by mikthe20 Quote Link to comment Share on other sites More sharing options...
Guest_James Toney_* Posted January 21, 2011 Share Posted January 21, 2011 One of which would be steaming! Quote Link to comment Share on other sites More sharing options...
shermanator Posted January 21, 2011 Share Posted January 21, 2011 Banks are bust again. No problem, stick it on the taxpayer tab. But hang on, the taxpayer can't pay for it, the country is broke. Never mind we'll punt it into the future and sell some bonds. But no one wants the bonds because they're worried we'll never be able to afford to pay them back! Who cares, get the ECB to print up some fresh euros and they can buy the bonds to create an illusion of calm in the EU's bond market. Brilliant plan, what could possibly go wrong? Happy days! Many a true word said in jest - it's what most HPCers support so probably get support here. Still as long as the ponzi scheme is kept going for a few months who cares! When Santander go bust (that's when not if) and have to be 're-capitalised', who's on the hook for this, British or Spanish taxpayers? Quote Link to comment Share on other sites More sharing options...
jonb Posted January 21, 2011 Share Posted January 21, 2011 Many a true word said in jest - it's what most HPCers support so probably get support here. Still as long as the ponzi scheme is kept going for a few months who cares! When Santander go bust (that's when not if) and have to be 're-capitalised', who's on the hook for this, British or Spanish taxpayers? Santander UK plc is a fully regulated UK subsidiary, so British taxpayers will have to pay for it. Another division that trades in the UK, Santander Totta is regulated in Portugal, so the Portuguese taxpayers will have to pay for that. The parent company is the Spaniards' responsibility. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted January 21, 2011 Share Posted January 21, 2011 Santander UK plc is a fully regulated UK subsidiary, so British taxpayers will have to pay for it. Another division that trades in the UK, Santander Totta is regulated in Portugal, so the Portuguese taxpayers will have to pay for that. The parent company is the Spaniards' responsibility. All sorted, then Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 21, 2011 Share Posted January 21, 2011 (edited) If I was a German right now id be sifting through my wallet and making two piles. They already do don't they? They don't like Euro's from any other country. Another great day of propping up the system. It appears we are heading towards total implosion. Either that or they need to start handing out the drugs our leaders are on, because I want to be in their reality rather than here. Especially if Berlusconi is holding the party. Edited January 21, 2011 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 21, 2011 Share Posted January 21, 2011 http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8275060/Spain-to-rescue-its-banks.html Alfredo Perez Rubalcaba, Spain's deputy prime minister, said: "The government is preparing a plan, the aim of which is to increase the solvency and the credibility of the savings banks."It is hoped that private investors can be found to put money into the cajas. However, Spain's Fund for Orderly Bank Restructuring could take stakes in those that are unable to attract outside investment. Spain's main IBEX index of leading shares closed up nearly 2pc on the back of the news, which helped calm fears of a banking crisis brewing in the country. Can someone please tell me how if you merge 5h1t together you suddenly get a solvent bank. Anyway at least all this news of a bankrupt nation rescuing it's insolvent banking sector sent shares up. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted January 21, 2011 Share Posted January 21, 2011 http://uk.finance.ya...686077.html?x=0 Manuel Maria Ruiz and Carumba Mucacca, 15:19, Friday 21 January 2011 MADRID ( Reuters ) - Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit. Its still contained. So hang on a second, how does RB's story fit with this one that was first published yesterday? Spain looking to force savings banks to list http://uk.finance.yahoo.com/news/Spain-looking-force-savings-reuters_molt-3853699339.html?x=0 I can see some sort of special banking merry-go-round being formed, with banks on a rotating carousel. One minute they swing into public ownership and socialise their loses on the way, the next they swing back into the private sector where they privatise the profits as they go. All the time the bankers keeps their bonuses, whilst the taxpayer pick up the loses collectively on the way into public ownership and get ripped off individually as the baks return to private ownership. Quote Link to comment Share on other sites More sharing options...
erranta Posted January 21, 2011 Share Posted January 21, 2011 (edited) The prize exhibit in York is a 9" long 'petrified' Viking turd they found doing some archaeology under Lloyds bank in the town centre. Bank_runs come to mind! Time team has never been the same again! Edited January 21, 2011 by erranta Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 21, 2011 Author Share Posted January 21, 2011 If Spain are about to begin a nationalisation program it must be a pre-emptory action to prevent collapses in the next few days or weeks. They have more than 20% unemployed there and an imploding property market and I can't see them NOT going Irish later this year. In the meantime, everything is contained as the Euro is flying, even against the world's strongest currency--£. Quote Link to comment Share on other sites More sharing options...
pandora's box Posted January 21, 2011 Share Posted January 21, 2011 Many a true word said in jest - it's what most HPCers support so probably get support here. Still as long as the ponzi scheme is kept going for a few months who cares! When Santander go bust (that's when not if) and have to be 're-capitalised', who's on the hook for this, British or Spanish taxpayers? Neither. The Bank of Spain will re-capitalise Santander and the rest with freshly printed euros. Ireland has shown them the way... Ireland central bank counterfeited 51 billion Euros out of thin air. The amount is not backed by government bonds. Nor was it a loan from the ECB or anyone else. The money is counterfeit in every sense of the word.businessinsider.com link Quote Link to comment Share on other sites More sharing options...
@contradevian Posted January 21, 2011 Share Posted January 21, 2011 The prize exhibit in York is a 9" long 'petrified' Viking turd they found doing some archaeology under Lloyds bank in the town centre. Bank_runs come to mind! Time team has never been the same again! Sorry but your post had me in fits of hysterics. Pure genius and only on HPC! Quote Link to comment Share on other sites More sharing options...
wonderpup Posted January 21, 2011 Share Posted January 21, 2011 Can someone please tell me how if you merge 5h1t together you suddenly get a solvent bank. They will use the same 'innovation' that allowed them to transform a rancid collection of subprime loans into triple A goodness- Magical thinking liberally sprinkled with incomprehensible mathematical equations that will prove, beyond question, that said shite is in fact solvency incarnate. Either that or just cook the books- the end result is identical. Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted January 22, 2011 Share Posted January 22, 2011 I see people are still under-estimating the Spanish. After realising they shouldn't have relied so much on the property sector, they're now rising to the challenge of "export or die". Simply google the following recent stories to get a glimpse of why Spanish exports rose last year (not bad for a "basketcase" hey??) Iberdrola expands in Brazil -- New Nissan van to be made in Barcelona -- Sevilla company supplies British army --Mango to triple size in China -- Spanish group buying site Groupalia ends the year on a high, busting all its targets -- Inditex to launch shoe equivalent to Zara -- Gamesa to build offshore wind base in Scotland -- Seat celebrates record sales in 2010 -- New Airbus 350 creates 4500 jobs in Spain It's no wonder Brits have this constant bad image of Spain - how many of you were even aware of the above stories? Please try and not follow the sheeple all the time, hey? Rail passenger numbers have now doubled between Madrid and Valencia (mainly down to the new high speed line in operation). How do you think they are paying for the rail tickets (prices are not cheap on the fast train) if things are really so gloomy? As for the digs against Santander, this is what Giles Tremlett (who knows about more about the Spanish system than 99% here) says While major Spanish banks like Santander or BBVA can comfortably cope with their bad real estate loans, there are fears that some cajas may not be able to It's always been known that the cajas have had problems for a while. I hate to say this, but I fear growth is going to return too strongly by next year in many European countries. Yes, it's been stoked up by QE and Chinese loans etc. Inflation is going to be a major problem (not just in the UK) and eventually interest rates will rise sharply. You may at long last get your uk hpc! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 22, 2011 Share Posted January 22, 2011 http://www.telegraph...-its-banks.html Can someone please tell me how if you merge 5h1t together you suddenly get a solvent bank. Anyway at least all this news of a bankrupt nation rescuing it's insolvent banking sector sent shares up. you are either solvent...or not. OK, id go with overnight support for a temporary cash issue, but not this stuff. Quote Link to comment Share on other sites More sharing options...
non frog Posted January 22, 2011 Share Posted January 22, 2011 ..... It's no wonder Brits have this constant bad image of Spain ... People that live in Britain read the UK media. If you speak English you tend to read English language stuff, so "foreign" news is Wall St Journal or similar. Its an eye opener to live somewhere else for a while. You also realise that the same is true of other people. French people read and watch French TV and so on. As a result its actually very hard for anyone to have a balanced and accurate view of things, particularly the Brits with their media's vitriol towards the EU. Furthermore I would say people have a view based on a region that is popular for holidays or similar. Much as the over-romantisied view of France is based on the Limousin or Dordogne regions, or Mayle's dreadful book. Most Brits think of southern Spain as "Spain". That area is having a nightmare collapse of property prices and lack of economic opportunity. I'm probably as guilty of this as everyone else. My Spanish is not very good and I wish I had worked harder at it when I had the chance a few years back. The missus and I looked at property in Spain but eventually bought here in France, availability of water being the final deal clincher. So please continue to bombard us with facts and links and counter arguments. I honestly appreciate it - there is some good info to be found on here if you can sift through the vast quantity of total wingnut ranting. I know southern Spain is in the doo-doo as its our neighbour (we are 300Km from Barcelona) but I haven't been to anywhere else in donkey's. Galicia is still on my "round to it" list. The banks and governments (and taxpayers) of Europe are screwed but life goes on Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted January 22, 2011 Share Posted January 22, 2011 People that live in Britain read the UK media. If you speak English you tend to read English language stuff, so "foreign" news is Wall St Journal or similar. Its an eye opener to live somewhere else for a while. You also realise that the same is true of other people. French people read and watch French TV and so on. As a result its actually very hard for anyone to have a balanced and accurate view of things, particularly the Brits with their media's vitriol towards the EU. Furthermore I would say people have a view based on a region that is popular for holidays or similar. Much as the over-romantisied view of France is based on the Limousin or Dordogne regions, or Mayle's dreadful book. Most Brits think of southern Spain as "Spain". That area is having a nightmare collapse of property prices and lack of economic opportunity. I'm probably as guilty of this as everyone else. My Spanish is not very good and I wish I had worked harder at it when I had the chance a few years back. The missus and I looked at property in Spain but eventually bought here in France, availability of water being the final deal clincher. So please continue to bombard us with facts and links and counter arguments. I honestly appreciate it - there is some good info to be found on here if you can sift through the vast quantity of total wingnut ranting. I know southern Spain is in the doo-doo as its our neighbour (we are 300Km from Barcelona) but I haven't been to anywhere else in donkey's. Galicia is still on my "round to it" list. The banks and governments (and taxpayers) of Europe are screwed but life goes on Well exactly. Most people form their opinions based on highly-slanted pieces in the English speaking media (and that include publications like The Economist, which I've found very poor at even publishing 10% of the news out there). As I mentioned in my prior post, there are still Spanish success stories occurring (even in a difficult year) and if anything I expect more of this as the world's major economies pull out of recession. But I suspect no-one on this thread (and indeed 99% of anyone in the UK) would have even heard of the stories I mentioned. Two websites I've recently starting looking (to see new ventures/real economic figures both positive and negative) are expansion.com and europapress.es But I'm afraid they're not in English, so time to brush your Spanish.. If you do head to Galicia, try passing by Navarra on your way; apparently there's a lot going off there. Galicia looks great (as is all that northern coast - more so as you won't bump into Brits!) But do take a raincoat! And yes, employment figures are worse in southern Spain, as indeed they always have been. Yet the rumour persists that the black economy is still vibrant down there.. There is a North-south divide in Spain (here Madrid is part of the north as regards employment opportunities) where the north (perhaps as it's closer to the European markets) tends to be more powerful economically, and have a far higher employment rate. A kind of mirror image of the UK where the South-East (again closer to the European hub) has better employment figures than the north. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 22, 2011 Share Posted January 22, 2011 They will use the same 'innovation' that allowed them to transform a rancid collection of subprime loans into triple A goodness- Magical thinking liberally sprinkled with incomprehensible mathematical equations that will prove, beyond question, that said shite is in fact solvency incarnate. Either that or just cook the books- the end result is identical. Will they get in Jamie Oliver to cook 5h1t then? Quote Link to comment Share on other sites More sharing options...
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