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Spain Watch, and Catalan independance
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Aurora



Joined: 24 Jan 2007
Posts: 8501

PostPosted: Sat May 26, 2012 10:24 pm    Post subject: Reply with quote

UndercoverElephant wrote:
http://www.nytimes.com/2012/05/25/business/global/in-spain-bank-transfers-reflect-broader-fears.html?_r=3&hp

Quote:

And clearly, some consumers are now picking up on the warning signals. Mr. de la Pea, the civil servant in Madrid, said that he had recently transferred 80,000 euros, essentially his life savings, from Ibercaja, one of Spains savings banks, to Santander.

But now, with daily news reports on the prospect of Greeces possible departure from the euro currency union, he is seriously considering converting his nest egg to British pounds.

Im exasperated because the situation changes every day, he said. But what is certain is that if Greece now leaves, its going to be one huge and bloody chaos.

Join the club! Smile
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Lord Beria3



Joined: 25 Feb 2009
Posts: 4747
Location: Moscow Russia

PostPosted: Sun May 27, 2012 7:03 pm    Post subject: Reply with quote

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9293270/Europes-Maquina-Infernal-has-crippled-Spain.html

Quote:
Spain is spiralling into the vortex of debt-deflation. This has nothing to do with Greece. It is not the result of fiscal extravagance over the past decade, or other such Wagnerian myths.

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Aurora



Joined: 24 Jan 2007
Posts: 8501

PostPosted: Sun May 27, 2012 9:28 pm    Post subject: Reply with quote

Quote:
The Guardian - 27/05/12

Spain hopes to drew European Central Bank into funding Bankia bailout

Madrid considers passing 19bn cost on in form of government debt though markets and Germany likely to object.

Article continues ...
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kenneal - lagger
Site Admin


Joined: 20 Sep 2006
Posts: 11307
Location: Newbury, Berkshire

PostPosted: Mon May 28, 2012 3:33 am    Post subject: Reply with quote

woodburner wrote:
Quote:
Eurozone debt web: Who owes what to whom?

Article continues


What a dreadful graphic. It's near impossible to make out the arrows unless you start adjusting display settings.


I thought the same initially but if you click on each country name the arrows from that country light up.
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woodpecker



Joined: 06 Jan 2009
Posts: 851
Location: London

PostPosted: Mon May 28, 2012 10:27 pm    Post subject: Reply with quote

Spains's savings banks are awash with 'assets' consisting of junky land that builders have failed to build anything on. It is worth zero. But Spain's notaries and Spain's bank managers being in league with whoever writes the cheques, it's down in the books as worth quite a bit.

Bankia was full of seven savings' banks' worth of the same, running to tens of bilions. Whoever thought that 4bn would save it needs their head examined. Bankia is full of creditors, but no assets. And the rest of the Spanish banking landscape does not look a lot better. They have not tried to sell their so-called assets cos they coudn't get anyting for them., That is what Spanish banks have always done. Sit on worthless assets for years. Why do they have such crazy branch 'networks', with three branches on every street?

So much for the so-called markets. It is all junk, and has been for years.
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emordnilap



Joined: 05 Sep 2007
Posts: 14536
Location: Houǝsʇlʎ' ᴉʇ,s ɹǝɐllʎ uoʇ ʍoɹʇɥ ʇɥǝ ǝɟɟoɹʇ' pou,ʇ ǝʌǝu qoʇɥǝɹ˙

PostPosted: Tue May 29, 2012 11:27 am    Post subject: Reply with quote

Aurora wrote:
Here's another interesting little graphic compiled by the BBC in November 2011:

Quote:
Eurozone debt web: Who owes what to whom?

Article continues ...

Shocked


Irish foreign debt per person: 390,969.

What a pile of bollocks that is and a damned fine reason to default: plus put every politician, broker, economist and banker on the industrial average wage.
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biffvernon



Joined: 24 Nov 2005
Posts: 18541
Location: Lincolnshire

PostPosted: Tue May 29, 2012 11:50 am    Post subject: Reply with quote

Here's a great piece of pop-up activism in a Spanish bank:

https://www.youtube.com/watch?feature=player_embedded&v=iop2b3oq1O0

song lyrics in English:
"Your character has changed my friend, since you got so much money youve become unbearable, you've reduced my wage and raised everything else, I've even had to pawn my parrot and sell my house. I had to get two jobs just to pay for the morgage. You get into trouble and I get kicked out on the street. I don't want you, I won't even want you if you eliminate interest rates. Bankia; six lungs for your and not even a pair of gills for me."
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emordnilap



Joined: 05 Sep 2007
Posts: 14536
Location: Houǝsʇlʎ' ᴉʇ,s ɹǝɐllʎ uoʇ ʍoɹʇɥ ʇɥǝ ǝɟɟoɹʇ' pou,ʇ ǝʌǝu qoʇɥǝɹ˙

PostPosted: Tue May 29, 2012 12:09 pm    Post subject: Reply with quote

biffvernon wrote:
Here's a great piece of pop-up activism in a Spanish bank:

https://www.youtube.com/watch?feature=player_embedded&v=iop2b3oq1O0

song lyrics in English:
"Your character has changed my friend, since you got so much money youve become unbearable, you've reduced my wage and raised everything else, I've even had to pawn my parrot and sell my house. I had to get two jobs just to pay for the morgage. You get into trouble and I get kicked out on the street. I don't want you, I won't even want you if you eliminate interest rates. Bankia; six lungs for your and not even a pair of gills for me."


Brilliant. Absolutely brilliant. I love it.
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Little John



Joined: 08 Mar 2008
Posts: 7086
Location: UK

PostPosted: Tue May 29, 2012 10:50 pm    Post subject: Reply with quote

biffvernon wrote:
Here's a great piece of pop-up activism in a Spanish bank:

https://www.youtube.com/watch?feature=player_embedded&v=iop2b3oq1O0

song lyrics in English:
"Your character has changed my friend, since you got so much money youve become unbearable, you've reduced my wage and raised everything else, I've even had to pawn my parrot and sell my house. I had to get two jobs just to pay for the morgage. You get into trouble and I get kicked out on the street. I don't want you, I won't even want you if you eliminate interest rates. Bankia; six lungs for your and not even a pair of gills for me."
We are the people.

And there's more of us than there are of them dammit!

Love it
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nexus



Joined: 16 May 2009
Posts: 1305

PostPosted: Wed May 30, 2012 4:48 pm    Post subject: Reply with quote

Now THAT'S a protest- wonderful Very Happy
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snow hope



Joined: 24 Nov 2005
Posts: 4101
Location: outside Belfast, N Ireland

PostPosted: Wed May 30, 2012 10:14 pm    Post subject: Reply with quote

There's something very uplifting about that protest - if only they would spring up everywhere! Very Happy
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nexus



Joined: 16 May 2009
Posts: 1305

PostPosted: Wed May 30, 2012 10:43 pm    Post subject: Reply with quote

Yes but in England wouldn't it look more like er, this.....


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Little John



Joined: 08 Mar 2008
Posts: 7086
Location: UK

PostPosted: Wed May 30, 2012 11:10 pm    Post subject: Reply with quote

nexus wrote:
Yes but in England wouldn't it look more like er, this.....



http://www.youtube.com/watch?v=deiWnZK-duM&feature=related
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JavaScriptDonkey



Joined: 02 Jun 2011
Posts: 1683
Location: SE England

PostPosted: Wed May 30, 2012 11:41 pm    Post subject: Reply with quote

emordnilap wrote:

Irish foreign debt per person: 390,969.


What was the money spent on and how much higher would taxes have had to have been if they hadn't borrowed it all?

And most importantly, are you prepared to cough up the back taxes to make up the short fall?
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nexus



Joined: 16 May 2009
Posts: 1305

PostPosted: Thu May 31, 2012 9:24 am    Post subject: Reply with quote

Steve- That's much better, more representative of a certain English sensibility.
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