Tag Archives: Mariano Rajoy

John Ward – Euroblown : Spain’s Banks Are Basket Cajas – 23 September 2012

The Slog has been saying for some time now that Spanish banking instability is as important as its poor sovereign access to the bond markets. I’ve also posted on several occasions to record massive deposit withdrawals in the sector.

Daily Telegraph, 22nd September 2012:

‘A bank-by-bank test of financial stability due next Friday is expected to conclude that Spain’s lenders are dangerously over-burdened with toxic debts and need to be recapitalised, restructured or shut down. The stress test is expected to show a dramatic deterioration since the previous tests were carried out at the beginning of the summer which suggested a €60bn cash injection would be the worst-case scenario.’ Continue reading

Advertisements

Mish/ Mike Shedlock – Problem In Europe Is Arithmetic, Not Confidence; Why The Eurozone Cannot Possibly Survive Intact – 10 August 2012

Via email, Michael Pettis at China Financial Markets makes a compelling case why Spain is destined to leave the euro. For ease in reading, I added the subtitles in bold.

Continue reading

The India Times – Barack Obama Calls Spanish Premier About Eurozone Crisis – 7 August 2012

MADRID: Spanish Prime Minister Mairano Rajoy spoke with US President Barack Obama on Monday in a telephone call regarding the eurozone crisis and the financial markets, their offices said.

Obama called Rajoy for a half-hour chat in which they “addressed the economic situation in Spain, in the European Union, and in the world,” according to a statement issued by the Spanish premier’s office.

They also discussed the situation on the financial markets, where nervous investors have driven up Spain’s borrowing costs to unsustainable levels over the long term, complicating the country’s ability to finance its debt.

Golem XIV – The Eurofiscal Corruption Contest – The Spanish Entry – 14 June 2012

Let me make it clear straight away – the lies, corruption, cowardice and greed of Spanish bankers and government officials is nothing special. What is happening in Spain now, reminds me of Northern Rock in the UK, Hypo in Germany and  CountryWide in the US. So please do not think that I dislike Spain or of the ordinary people of Spain. The people I detest in Spain are the same people I detest in Britain and every country: The Cabal of corrupt Bankers and Political parasites. Continue reading

Mish/ Mike Shedlock – Fitch Managing Director Says Spain Will Miss Budget-Deficit Target By “Substantial Margin”; Yields In Spain And Italy Soar; Spanish 10-Year Yield Hits Record High 6.83% – 12 June 2012

The selloff on Spanish and Italian bonds continued today with yields in Spain hitting euro-era record highs.

On the deficit side of matters, I do not believe Spain will meet its budget-deficit targets, and neither does Fitch. Continue reading

Mish/ Mike Shedlock – Rajoy Proclaims “Victory, Says It’s Not A Bailout “It’s A Credit Line”; Existing Bondholders Subordinated – 10 June 2012

In the too stupid to make up category, Rajoy defends ‘victory’ for EU credibility

Mariano Rajoy, the embattled Spanish prime minister, has defended the eurozone’s €100bn bailout for Spanish banks as a victory for European credibility.

He repeated Spanish assertions that the EU aid was different from the full bailout programmes previously provided to Greece, Ireland and Portugal by the EU and the International Monetary Fund, which involved detailed austerity targets and monitoring. Continue reading

Mish/ Mike Shedlock – Spain’s Prime Minister Begs For European Fiscal Nannyzone And Banking Union; Obama Seeks End To “Crisis Cloud”; Merkel Immediately Rejects Proposal; Cloud? What Cloud? – 2 June 2012

On Saturday, Spain’s prime minister Mariano Rajoy Asked For a Eurozone Fiscal Authority, in effect the “Fiscal Nannyzone” that I have spoken about on numerous occasions.

Spain on Saturday proposed the set up a new fiscal authority in the euro zone which would control and harmonize national budgets and manage the European debts. Continue reading