Deckard Posted November 20, 2011 Author Share Posted November 20, 2011 I was out in Madrid a couple of weeks back, and the cafe-bars were not short of customers even in the morning - people eating toast, croissant, churros or small rolls (bocatas) with their coffee. hey Silvio, you are in the wrong thread mate. Quote Link to comment Share on other sites More sharing options...
Deckard Posted November 20, 2011 Author Share Posted November 20, 2011 The state of Spain. Dire. http://www.guardian.co.uk/world/2011/nov/20/spain-benalup-unemployment-euro-crisis From the article By 2004, more than 80% of Benalup's labour force worked in construction, building homes or holiday apartments along the nearby Mediterranean coast."Kids left school at 16 because they could earn €3,000 a month working a three-and-a-half-day week," says Moguel. "I had university-trained engineers working in my company who were earning less than that." As money poured into people's pockets, the number of banks in town doubled. La Caixa, a newly arrived savings bank, started a local lending war – its manager winning awards. "Kids were buying houses and cars with the loans. And those who already had a house bought another one," says Moguel. Yep, Spain called the tune, now they have to pay the piper. End of. Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted November 20, 2011 Share Posted November 20, 2011 For what it's worth, here's a summary of what the winning party in the Spanish election intend to do (before Sarky and Nerkel issue their orders) Policies of Spain's People Party The proposed banking reforms will probably be most of interest here: * The PP plans to force banks to mark property assets to market price and then recapitalize the banks which are left with a big hole.* It could seek funds for the recapitalization from the European financial rescue fund. * Further consolidation in the banking sector is also on the cards to reduce the number of banks after the ruling Socialists forced weaker savings banks to merge. Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted November 20, 2011 Share Posted November 20, 2011 hey Silvio, you are in the wrong thread mate. If only I had half his staying power! Quote Link to comment Share on other sites More sharing options...
Deckard Posted November 21, 2011 Author Share Posted November 21, 2011 (edited) And right on cue... BANK OF SPAIN REMOVES BANCO DE VALENCIA MANAGEMENT :BVA SM SPAIN RESCUE FUND FROB TO ADMINISTER BANCO DE VALENCIA :BVA SM BANCO DE VALENCIA COULDN'T TAKE STEPS TO ENSURE VIABILITY FROB TO GIVE BANCO DE VALENCIA EU2 BLN CREDIT LINE :BVA SM FROB TO SUSCRIBE UP TO EU1 BLN OF BANCO DE VALENCIA CAPITAL EDIT to add Bloomberg link Edited November 21, 2011 by Deckard Quote Link to comment Share on other sites More sharing options...
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