http://www.zerohedge.com/news/2013-01-23/spanish-q4-gdp-declines-fastest-pace-2009
Spanish Q4 GDP Declines At Fastest Pace Since 2009
Submitted by Tyler Durden on 01/23/2013 08:31 -0500
With the most recent Spanish data in
retail sales,
house prices,
manufacturing,
deficitand
bad loans all confirming depression-level activity, or lack thereof, there was just two major metrics still missing: GDP and employment. Today we got Q4 GDP from the
BDE, which declined 1.7% Y/Y, and 0.6% from Q3. This was the worst year over year deterioration in the overall economy since Q4 2009 when the country was reeling from the Lehman bankruptcy global aftershock. We just need to get the unemployment number, which will be well north of 26%, for the picture of how the country with the ECB-backstopped and thus soaring bond curve is truly doing.
and consider this ..... how long can this credit remain at this level - even with the Draghi promise of bailout nirvana if only spain agrees to become a debt slave like Greece ?
Snapshot for SPANISH GOVERNMENT GENERIC BONDS - 10 YR NOTE (GSPG10YR)
| Open: | 5.14000 | High: | 5.15900 | Low: | 5.06600 |
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Speaking of Greece , the implosions continue.....
Greek coastal shipping suffers major losses in Aegean, Adriatic
The Greek coastal shipping sector has incurred major losses as a result of the ongoing debt crisis, according to the Hellenic Chambers Transport Association.
The association estimates that during the 2009-2012 period, ferry operators lost over 2.5 million passengers, 445,000 vehicles and 140,000 trucks on routes servicing the Aegean Sea and the Adriatic Sea.
The association is demanding that both Greek authorities and the European Union develop initiatives that will safeguard the activities of local coastal shipping companies. |
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ekathimerini.com , Wednesday Jan 23, 2013 (13:31)
SYRIZA slams New Democracy over edited video of MPs 'call to arms'
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SYRIZA and New Democracy have been involved in a new war of words over the conservative party’s allegations that a SYRIZA MP essentially issued a call to arms to disgruntled Greeks.
On Wednesday evening, New Democracy released a video of Vangelis Diamantopoulos delivering a speech in which he is seen to suggest that Greeks taking up guns is a justifiable response to the crisis.
Diamantopoulos, who caused a stir in Parliament last week when he said that he had an anarchist background, is also seen in the video saying that the Villa Amalias squat in Athens raided recently by police was not a center of lawlessness.
He added that The Mall, a large shopping center in northern Athens, which was bombed four days after the MP’s speech was a more appropriate symbol of lawlessness.
In a statement, government spokesman Simos Kedikoglou referred to Diamantopoulos as being “terrorist-friendly” and an “anarchist” and accused him of making The Mall a target.
Kedikoglou called on the justice system to investigate the matter.
SYRIZA responded by accusing Kedikoglou of presenting a heavily edited video of Diamantopoulos’s speech and of taking his comments out of context.
In the full version of the SYRIZA MP’s speech, he says: “At the moment, they are saying to people: “In your exasperation, either commit suicide or pick up a gun.” What we say is: “Join us and turn this rage into a creative movement. That’s the clear message from SYRIZA.”
SYRIZA said New Democracy was guilty of “forgery and a disgusting provocation” and suggested that those responsible for distributing the edited footage should face criminal charges.
The two parties have been at loggerheads over the last few weeks over political violence, with ND accusing SYRIZA of not condemning it strongly enough and the leftists accusing the conservatives of trying to divert people’s attention from the state of the economy.
No end to transport woes
Metro to remain closed for seventh day as unions plan more strikes this week
Commuters in Athens face more inconvenience over the coming days as public transport unions are digging in their heels regarding their resistance to wage reductions, prompting the government to consider issuing civil mobilization orders to force the employees back to work.
The capital’s metro network is to remain closed for a seventh consecutive day on Wednesday, despite a court decision on Monday deeming the protest action, led by the main metro workers’ union SELMA, illegal.
There will be no service on the Kifissia-Piraeus electric railway or the tram between noon and 4 p.m. Beyond fixed-track transport – managed by STASY – buses and trolley buses will also be out of circulation between 11 and 5 p.m.
There is a strong possibility of further action this week. Unions representing transport workers met on Tuesday in a bid to coordinate strike action. SELMA did not take part in the talks, prompting speculation about whether the metro union is attempting to convince other labor groups to call rolling 24-hour strikes.
Tuesday’s meeting, however, produced a tentative agreement over protests for next week. On Tuesday, workers on all modes of public transport will walk off the job between noon and 4 p.m. A 24-hour strike is being planned for Thursday, January 31.
Sources suggested the government may turn to civil mobilization orders in order to ensure that metro workers return to to their jobs.
On Monday, Development Minister Costis Hatzidakis accused the majority of striking workers of still claiming wages on strike days by declaring them as paid leave or sick days. This prompted an angry response from unionists, leaving little room for negotiations between the two sides.
The unions are protesting transport workers being brought under a new civil service wage structure. As a result of the switch, STASY’s salary bill is to be reduced from 97.7 million euros in 2012 to 74.6 million this year. Average gross wages without overtime on the metro will fall from about 2,500 euros to 2,038.
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Submitted by Tyler Durden on 01/23/2013 08:31 -0500
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