http://www.zerohedge.com/news/spain-whom-bell-now-tolls

Spain: For Whom The Bell Now Tolls

Submitted by Tyler Durden on 09/02/2012 09:52 -0400

Via Mark J. Grant, author of Out of the Box,

“It is an old saying; the Devil lurks behind the cross. All is not gold that glitters. From the tail of the plough, Bamba was made King of Spain; and from his silks and riches was Rodrigo cast to be devoured by the snakes.”

-Miguel de Cervantes, Don Quixote

It was not so long ago that I spoke at the “Strategic Forum” which was sponsored in part by TD bank. After my presentation about Europe where I had stated, quite clearly, that Spain would hit the wall I found myself accosted by the economist of one of Spain’s major banks. Fortunately Craig Alexander, the senior economist at TD, was walking next to me and as the quite impolite lady from Spain tried to verbally incase me in the famous “iron lady” of the Spanish Inquisition he grabbed my arm and led me out to the patio to speak with some other people and so saved me from not only the diatribe of the loca senorita but from saying several impolite things which I was about to say in retort. As I consider the latest data about Spain I think of this incident and take some delight in saying, “I told you so” or other things inadmissible in my commentary.To use the analogy offered by Senor Cervantes I would say that Rodrigo, as representing Spain, is about to be devoured by the snakes. The central bank of Spain just released the net capital outflow numbers and they are disastrous. During the month of June alone $70.90 billion left the Spanish banks and in July it was worse at $92.88 billion which is 4.7% of total bank deposits in Spain. For the first seven months of the year the outflow adds up to $368.80 billion or 17.7% of the total bank deposits of Spain and the trajectory of the outflow is increasing dramatically. Reality is reality and Spain is experiencing a full-fledged run on its banks whether anyone in Europe wants to admit it or not.

The Spanish ten year now yields a 6.81% and their thirty year is yielding 7.34%. Spain has now set up a fund for its regions to tap of $22.6 billion and this, in my opinion, will not even be close to what is asked for or required with the regions needing some $50-75 billion in assistance in my estimation. Many of the regions in Spain are not paying suppliers or their other local debts and the situation is clearly out of control.

In October Spain has $25 billion in sovereign debt maturing plus will be adding new debt under their current plan so that the snakes are not only coming out from under the rocks but dropping from the trees. On top of this Bankia, late Friday, reported out bad loans of $8.24 billion and an operating loss of $5.58 billion causing the government to go into hyper-drive and promise to inject $5-6 billion into the bank immediately to prevent its collapse. If funds from the EU/IMF are to be utilized, which has been widely discussed, a very political problem arises. Bankia has issued preferred shares to many of their depositors and they would be wiped out if the European money is utilized under the current regulations which would cause Mr. Rajoy more than a few problems and could send people back into the streets. Then Spain has the highest unemployment rate in Europe, even higher than in Greece, with a 25.1% jobless rate. For those under twenty-five the job situation is extreme with a 53% unemployment rate."Was there ever a people whose leaders were as truly their enemies as this one?"

-Ernest Hemmingway, For Whom the Bell Tolls

The River Runs Dry

Between December of 2011 and the end of March 2012 the Spanish banks bought $109 billion of the Spanish sovereign debt. Much of this was facilitated by the ECB who lowered and lowered again the collateral rules and handed the money to the Spanish banks in such a size that bad things, very bad things will result if Spain hits the wall and defaults. Then since March, as forced by their own inadequate capital positions, the trend has reversed and the Spanish banks have sold $21.3 billion of Spanish sovereign debt with $11.7 billion in July alone as capital flees from the Spanish banks and the actuality of the balance sheets overcomes the “dynamic provisioning” that helped to cause the fantasy.

The friendly “suggestions” by national governments in Europe are also getting a push back from European buyers. BNP recently imposed a $12.5 billion debt limit by country and many other banks in Europe are following suit. BNP has reduced their sovereign debt holdings by 35% since June 2011. In July, the aggregate of sovereign debt reduction for all of the French banks was $8.7 billion as they took advantage of the ECB speculation to lower their holdings.

The Cries of Desperation

Spain’s Prime Minister’s rather comic call that his country’s heading into bankruptcy was a “victory for all of Europe” is more properly found in some Theatre of the Absurd. The recent rants and raves by the Prime Minister and the Finance Minister that the ECB should buy their debt without limit is an obvious last ditch Hail Mary pass before the plunge into the financial abyss begins. The ECB may not require audits of the national government or of the regional governments or the Spanish banks but the ECB pledge of Mr. Draghi is dependent, you may recall, on the EU and the various stabilization funds’ use and alone, or with the IMF, audits will be demanded by many countries and the results of the “dynamic provisioning” will be found to be just what I have asserted I would bet which is the juggling of the books for all three entities. The gasps for breath will be resplendent in Paris, Berlin and in Brussels and panic attacks will be on the rise in many European capitals. Spain has begun the well-worn “walk of shame” already traversed by Greece, Ireland, Cyprus and Portugal.Forthcoming Events

There are some major flashpoints coming soon in Europe. One is the ruling by the German Constitutional Court on September 12 whether the ESM is legal in Germany or not. While it is widely expected that the High Court will go along with the program; who knows? On Tuesday, September 4, Draghi will release his “save the world” plans to the European Central Banks ahead of the next ECB meeting which begins on September 5. There is a huge and serious division between Mr. Draghi and the head of the Bundesbank. There were rumors last week that Jens Weidemann, head of the German Central Bank, might resign over the policies about to be proposed by Draghi. Here we have the troubled nations and the healthy nations of Europe locked in mortal combat in what could become a very serious situation. It is the haves versus the have-nots and where the needy countries have more votes as one nation after another has gotten into financial trouble. Draghi may well put the funding countries in such a position that local politics will not allow what is going to be asked of them and “refusals to fund” could be the result which would throw the ECB into chaos. I expect a very rancorous session at the ECB with potentially explosive results. Even if the outcome is muted by the connection to the EFSF and the possible ESM, the funding may not be available when all is said and done by the individual nations and so the ECB’s bond buying or other forms of Quantitative Easing may be stopped dead in their tracks by any form of help being appended to programs that may not function. I personally think that Draghi has vastly overplayed his hand and that expectations based upon his frothy comments may prove to be without merit.

Also this week we will get the release of Barroso’s ambitious plans for bank oversight. He will announce a Brussels type bureaucratic scheme where the ECB will oversee all of the banks in Europe. This would be one more blow to national sovereignty and I expect a major push back from a number of countries. Germany has already come out against the concept stating that the ECB should only regulate the 25 largest banks in Europe. The plan will be put on the table no doubt but here I think that whatever may come eventually will bear little resemblance to the proposal that will be soon released. With the current trend in Europe becoming decidedly more nationalistic I think this new grand scheme will have little chance of success as proposed. The End of the “Muddle”

We are now at the virtual epicenter of the European Crisis where decisions will have to be made; avoidance is no longer possible. We have reached the end of the road where there is no more path left for can kicking. It is now and here and in the next few weeks where the rock and the hard place will converge and explosive political and economic consequences may result. The “future” has arrived in the “present!” “Now” is “Here.”

Greece---to fund or not fund and bear the costs and market reaction.

Spain---about to go bankrupt and to fund or not fund and how to do it. Expect quite serious reverberations in Spain and in Europe as the amounts of money involved are not trivial. The Firewall has been breached. Expect Firestorms.

Italy—soon to join the long line asking for alms.

The ECB---a major fight where the troubled countries will demand so much from Germany that politics in Berlin may not allow for giving what will be demanded of them.

The ECB---a grand plan to be put forth that will pit the Bundesbank against most of the other Central Banks in Europe.

"You only heard the statement of the loss. You did not see the father fall as Pilar made him see the fascists die in that story she had told by the stream. You knew the father died in some courtyard, or against some wall, or in some field or orchard, or at night, in the lights of a truck, beside some road. You had seen the lights of the car from down the hills and heard the shooting and afterwards you had come down to the road and found the bodies. You did not see the mother shot, nor the sister, nor the brother. You heard about it; you heard the shots; and you saw the bodies."

-Ernest Hemingway, For Whom the Bell Tolls

There will be bodies.

and...

http://www.zerohedge.com/news/spains-debt-buyer-last-resort-becomes-seller-scramble-fund-deposit-outflows

Spain's Debt Buyer Of Last Resort Becomes Seller In Scramble To Fund Deposit Outflows

Submitted by Tyler Durden on 09/01/2012 07:46 -0400

Bond

European Central Bank

Several days ago we reported that Spanish financial institutions suffered the largest deposit outflow on record in the month of July when a whopping EUR74 billion, or 5% of the country's entire asset base, picked up and left, the bulk of it most likely taking the well-known path of least resistance to the safety of Swiss and German bank vaults. We showed how this looks visually, and as the chart below confirms it can be summarized in one word only: waterfall.

And while in isolation this news was bad enough, a far more troubling implication arises when one considers that in Europe's financial Ice-9 world, in which the interbank market has been dead for over a year, and where the ECB is the shadow lender of only resort, providing funding via various repo channels to local banks to fund Spain's deficit by purchasing sovereign bonds in the primary market. To wit: since the entire financial system's liabilities (deposits) just declined by a record EUR74 in one month, since the consolidated balance sheet has to balance, either Spain's (thoroughly insolvent) banks had to generate EUR74 billion in shareholder equity in one month, i.e. profits - a prospect which is rather amusing considering Spain's banking system recently officially demanded a European bailout, or banks had to sell a like amount of assets in order to fund this outflow. Naturally, they chose the latter. The problem is that the security they sold is the one which only the banks have been buying recently in order to preserve the illusion that Spain is solvent. It was Spanish sovereign bonds.

Reuters reports:

Spain is beginning to lose the support of its banks as last-resort buyers of government debt, with lenders selling out of their holdings at the fastest pace in more than two years in July, ratcheting up pressure on the European Central Bank to step in and put an end to the country's burgeoning debt crisis.

The sales are a blow to Madrid, which was increasingly reliant on domestic banks to buy its debt after an exodus of foreign investors. Domestic lenders, under political pressure to support the sovereign, used cheap loans from the ECB to buy an extra EUR87bn of debt between December 2011 and March this year.

But that support has begun to ebb, with Spanish banks selling over EUR17bn of debt since then, according to ECB data. In July alone, domestic lenders reduced their holdings by EUR9.3bn, in part to meet an outflow of deposits, signalling that money is now too tight to support the sovereign.

...

Spanish banks are facing problems of their own. Data released last week showed that customers withdrew EUR74bn of deposits in July alone - equivalent to 4.7% of total deposits and the biggest monthly outflow since records began. Since June last year, clients have withdrawn EUR233bn, or 13% of the total then.

A need to raise cash to meet those withdrawals may have prompted the recent bond sales, as other assets owned by banks - mainly loans and mortgages - are far less liquid. Spanish bank bond holdings are dominated by Spanish government debt, but also include those of other countries.

Furthermore, as the chart below shows, the supreme irony is that Draghi's biggest enemy in the fight to preserve the illusion of Spanish solvency, is Spain itself, and specifically its depositors, whose bank jog suddenly becoming a sprint, is the worst thing that Spain, and the ECB, can possiby face. Indeed, since Draghi's "whatever it takes" speech, Spanish bonds have roundtripped and are now virtually unchanged. The primary culprit? Spanish banks forced to sell the bonds they bought in the primary market.

As a reminder, while Mario Draghi is furiously trying to come up with a bond buying plan that is endorsed by Germany, Buba and Weidmann, all of whom have, to date, said, "9-9-9", regardless of what the final construct is, whether it includes the ECM, EFSF, and/or ECB buying bonds directly, the key distinction is that no monetary authority can buy bonds in the primary market, as that is a direct breach of Article 123/125, and absent a thorough revision of the Maastricht Treaty, investors will dump as soon as the ECB starts breaking the rules unilaterally. Certainly bonds can be monetized in the secondary market, but someone has to buy them from the government. And if Spanish banks are unable to stem the deposit outflow, there is simply no practical possibility for banks to be buying SPGBs in the primary market even as they are forced to dump them in the secondary market.In other words, the ECB may or may not surprise next week, but unless the Spanish public is convinced its banks are safe, and the remaining EUR1.5 trillion in Spanish deposits do not explicitly remain within the Spanish bank system, anything Draghi does will be for nothing.

Finally, add to this the surge in Spanish bad debt, which as we reported recently soared to an all time high: NPLs which will have to be provisioned for with cash-hungry charge offs, and one can see why suddenly from a perfect summer, Spain may head straight into the perfect storm.

Spanish loan delinquencies bad and getting worse in a hurry...

And with the August vacation now in the rearview mirror, here is why should the deposit outflows persist, Spain may have a problem or two funding itself now that the peak of its gross issuance is upon us:

6 September: Spain auction. Bonds

18 September: Spain auction. Bills

20 September: Spain auction. Bonds

25 September: Spain auction. Bills

4 October: Spain auction. Bonds

16 October: Spain auction. Bills

18 October: Spain auction. Bonds

23 October: Spain auction. Bills

Graphically, supply is set to rise significantly in September and October for Spain:

And even if all works out in 2012, it is all downhill from January 1, 2013. As UBS explained:

Even assuming that the Spanish Treasury sticks to its original funding plan of EUR 86bn, the Tesoro will need to continue to sell around EUR 6bn of bonds per month. Monthly net issuance should average nearly EUR 3bn. Moreover, gross issuance could potentially rise to around EUR 8bn per month and total net issuance could reach EUR 13bn if Spain adjusts for the increased net-borrowing requirement.

Considering that Spain usually carries out two auctions per month, this would imply an average issuance of around EUR 4bn per auction. The last time Spain was able to sell such an amount at a single auction session was in early March. Monthly supply has ranged between EUR 5-6bn since April (we exclude the first three months of 2012 when Spanish supply was largely supported by the two 3Y LTROs). Since that time, Spanish banks’ capacity to absorb new government paper has deteriorated.

In our view this should continue to keep Spanish bonds under pressure each time supply approaches, making Spain very vulnerable to a possible loss of market access should other adverse domestic economic factors or events cause demand to fall even further.

Spain’s situation is even more worrisome when looking at next year’s funding requirements.

In 2013, Spain will need to refinance around EUR 60bn of maturing Bonos and Obligaciones while issuing an additional EUR 45bn to cover its public deficit. In this analysis, we assume that the government’s targets for next year are reached. This amount needs to include the funding for the deficit of local administration since regional issuance is unlikely to resume next year. Similarly, the central government very likely will need to cover the EUR 15 billion of Spanish regional debt maturing in 2013, which as it stands now cannot be otherwise refinanced. Additional central government funding may also need to be provided for maturing Spanish international and agency debt such as FADE bonds for a further EUR 3-4bn.

All in all, the total amount of gross bond issuance from Spain in 2013 could be in excess of EUR 120bn. That is around 40% higher than this year, 10-20% higher than in 2009 and almost four times larger than the average amount of Spanish bond issuance recorded in the previous four years.

Oops.

Perhaps at this point the only thing that can save Spain now that the 1 month respite from reality is over, is fast forwarding straight to the Christmas break, and the inevitable LTRO X, which the ECB will have to do in order to provide additional funding to Spain, which unlike before, however, will no longer work as Spain and the rest of Europe, are out of eligible collateral, meaning the ECB will have to get the Buba to agree to even more last minute rule changes to keep Spain "solvent."

and.......

http://globaleconomicanalysis.blogspot.com/2012/09/spains-budget-deficit-already-exceeds.html

Saturday, September 01, 2012 12:08 AM

Spain's Budget Deficit Already Exceeds Maximum for Entire Year; Path of Convergence

Spanish unemployment rate is 25% and rising. Youth unemployment is 52.9% and rising. Meanwhile Spanish budget deficits are such that Spain will need more austerity. I keep wondering what it will take for this setup to blow sky high in riots.

Via Google Translate from Libre Mercado central government deficit already exceeds the maximum provided for the year

The central government posted a deficit of EUR 48,517,000 through July in terms of national accounts, the 4.62% of GDP, representing an increase of 25.8% compared to last year, according to data provided by the Secretary of State Budgets, Marta Fernandez Currás. The deficit figure exceeds the new limit has assumed the state, which has risen to a point, to 4.5%, for the extra year he gave Brussels to Spain to reduce the deficit to 3%.

The deficit through July was a result of payments stood at 100.694 million euros, up 9.8%, while revenues totaled 52.177 million euros, representing a fall of 1.8%. On a comparable basis, net of transfers to regional governments and social security, among other authorities, the deficit stood at 4.12% of GDP.

Humorous Comment of the Day

"We are on the path of convergence required by Brussels," said Currrás, recalling that the deficit is an annual target, so the balance recorded until July continues to be a reference.

Mike "Mish" Shedlock

and a look at the Regions.....

http://openeuropeblog.blogspot.com/2012/08/catalonias-bailout-request-is-test-of.html

In today's City AM we look at what Catalonia's decision to request a bailout from the Spanish government means for Spain, its Prime Minister Mariano Rajoy, and the eurozone. Here it is:

Catalonia's decision to seek a bailout from the Spanish government was just a matter of time. With over €5.7bn (£4.5bn) of debt maturing before the end of the year, Spain’s wealthiest – but also most heavily indebted – region had very little chance of paying its bills without some form of external assistance. The request is going to be a huge test of Prime Minister Mariano Rajoy’s mettle.

Despite asking for a loan of over €5bn – that is, almost one third of the money the Spanish government has earmarked to help all 17 of the Comunidades Autónomas – the Catalan government has so far shown no signs of graciousness towards the central government.

In fact, a Catalan government spokesman provocatively told the press that Catalonia will not even say “thank you” to the Spanish government for its help. The logic being that the money the region is going to borrow was Catalan taxpayers’ money in the first place – previously confiscated in order to pay for transfers to the rest of Spain. Most importantly, Catalonia has said it will reject any “political conditions” and has no intention to make further cuts to meet the deficit target imposed by the central government for this year.

The upcoming negotiations over the details of the bailout will therefore turn into a key credibility test for Rajoy, on two fronts. Domestically, his government simply cannot afford to display any weakness throughout the talks with the Catalan leaders. If Rajoy rolls over for Catalonia, other regions will feel encouraged to claim their share of cash from the central government, with little or no strings attached.

This will raise questions over whether the €18bn in the bailout fund set up by the Spanish government to help cash-strapped regions is going to be enough. At this stage, half of the money in the pot has already been committed, with only three of the 17 regions deciding to tap the fund, so far.

At the European level, the Spanish government desperately needs to prove that it is capable of reining in the regions’ spending. As European Council president Herman Van Rompuy recalled during his visit to Madrid earlier this week, internal problems resulting from the way the Spanish state is organised are not Brussels’s, but Madrid’s. In other words, domestic inter-regional Spanish politics will not be considered a valid justification for Spain missing its EU-mandated deficit targets once again.

With the markets broadly expecting Spain to ask the Eurozone’s temporary bailout fund, the European Financial Stability Facility, to start buying Spanish bonds in a bid to reduce its unsustainable borrowing costs, the Spanish government needs to make sure that it comes out of the negotiations with Catalonia in a position of strength.

If, on the other hand, Rajoy is shown to be unable to exert control in his own backyard, his negotiating position in Brussels will surely be weakened – and his Eurozone counterparts will be increasingly reluctant to take his promises of reform and fiscal consolidation seriously.

and....

http://elpais.com/elpais/2012/08/29/inenglish/1346266705_075192.html

Catalonia fears “major liquidity” problems if Madrid loan is delayed

Five-billion-euro bailout sufficient only for debt repayment

ÀNGELS PIÑOL Barcelona 29 AGO 2012 - 20:57 CET

Economy Minister Luis de Guindos at a press conference Wednesday. / BERNARDO (EL PAÍS)

Catalonia on Wednesday urged the central government to activate the Regional Liquidity Fund (FLR) as soon as possible and disburse the 5.023-billion loan it has requested in order to prevent the collapse of its treasury operations.

Francesc Homs, the spokesman for the Generalitat, as the Catalan government is known, warned that the region faced "major liquidity problems" if it did not receive the funds soon. Madrid has yet to set up the FLR, which will have a funding total of 18 billion euros.

Catalonia insists that the 5.023 billion euros it is seeking is only to cover debt maturities falling this year, which amount to 5.775 billion euros, including 2.639 billion owed to retail investors. The amount asked for does not resolve money owed to suppliers. The region suspended payment of bills for education and health services in July. "The problems continue to exist," Homs said. "If I were to say anything else, I would be telling a lie."

Economy Minister Luis de Guindos said Wednesday that the "basic condition" that will be imposed on Catalonia in exchange for receiving the loan from the FLR will be to meet its obligation to lower its public deficit to 1.5 percent of GDP this year.

"The government appreciates the effort being made by the Catalan government and does not have the slightest doubt that it will continue to make an effort to meet the deficit target for this year, and that set for next year," De Guindos said.

A European Commission spokesman on Wednesday also said the Spanish regions and the central government are obliged to meet their deficit reduction commitments. Homs has said the Generalitat would not accept any loan that imposed "political conditions," but did not elaborate on what exactly he was referring to.

Valencia has said it will request more than two billion euros from the fund, while Murcia wants 300 million. Andalusia on Wednesday did not rule out tapping the fund provided the conditions attached did not curtail any of the region's own areas of responsibility.

The EC spokesman stated Brussels is confident the FLR would be sufficient to meet the needs of the regions.

and......

http://elpais.com/elpais/2012/08/30/inenglish/1346353177_981773.html

Valencia premier Alberto Fabra said Thursday that the eastern region will request a further one billion euros from the planned Regional Liquidity Fund (FLR), on top of the 3.5 billion euros it already needs to meet debt maturities.

Earlier this week, Catalonia announced it would be seeking 5.023 billion euros to cover debt obligations due this year. Murcia has requested 300 million euros.

The rise in Spain’s risk premium has cut off the country’s regions from the wholesale debt market. “[The FLR] is a guarantee of being able to obtain the money we planned to raise through debt issues under better conditions,” Fabra said. “In our case, debt issues alone amount to 1.6 billion euros, while maturities due before the end of the year come to two billion. That’s more than 3.5 billion euros.”

Fabra said that extra funds were needed to pay the region’s suppliers. Catalonia on Wednesday also stated that the amount for which it was asking was only to cover maturing debt, and that it was still facing severe problems in paying its suppliers. It urged the central government to set up the FLR as soon as possible — something it is yet to do — to avoid the region facing major liquidity problems.

Fabra also said Valencia urgently needs the 1.6 billion euros in funding it had previously planned to raise in the debt markets.

“This is the money that has not come in, which we need to have to meet payments that are due,” the Valencia premier said. “The longer the delay in [setting up the FLR], the longer we will fail to meet these payments. Until the Liquidity Fund is formally established, the government will need to help us with an advance.”

Fabra said the exact amount of extra funding Valencia requires will depend upon the needs of other regions.

Andalusia also said on Wednesday that it was considering tapping the FLR. The premier of Spain’s biggest region, José Antonio Griñán, on Thursday said it was getting hard for the region to fund itself. “There is a difficult situation in the markets,” he said.

Griñan called for an equitable division of the funds in the FLR. “It’s a fund that is there for everyone and it has to be shared out fairly. It can’t just be for regions that have asked for advances.”

The government has conditioned the receipt of funds from the FLR to regions fulfilling their deficit-reduction targets for this year of 1.5 percent of GDP.

The European Commission said Wednesday that it understood that the 18 billion euros the FLR was to receive would be sufficient to cover the needs of the country’s cash-strapped regions.

Catalonia is the economic powerhouse of Spain, with an economy about the size of Portugal’s. It is also the country’s most indebted region in absolute terms, with outstanding debt of 42 billion euros.

and where does the money for Bankia come from ? Bankia needs 30 billion , right ?

http://elpais.com/elpais/2012/08/31/inenglish/1346427824_890978.html

Spain is considering pumping its own money into Bankia group to recapitalize the country’s biggest nationalized lender rather than use the emergency portion of a 100 billion-euro bailout from the European Union, Bloomberg has reported two people with direct knowledge of the matter as saying.

This would allow Spain to put off forcing Bankia group’s junior debt holders to bear part of the rescue cost, said the people, who asked not to be identified because the negotiations are private. European officials backed burden sharing in the talks because it would limit the need for public money, they said.

The EU agreed to set aside 30 billion euros of contingency cash as part of the July 24 rescue of Spain’s lenders, although the government said it hasn’t yet officially requested the funds. Prime Minister Mariano Rajoy meanwhile said a decision on Spain’s sovereign rescue is being delayed until it is clear what aid the country will receive under European Central Bank plans to help debt-ridden nations.

An alternative to Spain using its own money to bolster Bankia group is to wait for the first scheduled payments under the financial-sector bailout due in November, borrowing more from the ECB in the meantime, according to the sources. Spain’s cash would only cover some of the 19 billion euros of capital the lender needs, so European money will still have to be used, one of the people said.

and more on Bankia and Spain's alleged bailout - how much did spain inject actually ????

Bankia to get emergency bailout

September 1 2012 at 10:15am
By SAPA

Comment on this story

1 comment:

Anonymous9/04/2012
It seems that at long last the ECB is doing something to actively engage Spain in an accelerated recovery, or rather protection of default (of which, some argue, it was never in fear of). The following is pretty much the latest of what’s out on the case (I read it just this morning) so I hope it may be of some interest to you as well - http://www.pressdisplay.com/pressdisplay/showlink.aspx?bookmarkid=5HY4PMBUVCN8&preview=article&linkid=221ae47b-5f2e-41fd-8681-2ce9f4010ba7&pdaffid=ZVFwBG5jk4Kvl9OaBJc5%2bg%3d%3d

Catharsis Ours

Saturday, September 1, 2012

Spain items for the Labor Day weekend - open thread