Spain, S.Korea And Austria Approved As Founding Members Of China-Led Bank AIIB – 12 April 2015

Austria, Spain and South Korea have been approved as founding members of the Asia Infrastructure and Investment Bank (AIIB), the Chinese Finance Ministry announced Saturday.

A founding member of the bank has the right to help write its rules and Saturday’s additions bring the number of prospective founders to 41. The exact number of founding members will be finalized on April 15.

Any country that joined the AIIB after March 31 will only be allowed to be an ordinary member, which means they have voting rights but less say in making the rules.

The AIIB was set up to provide finance for railways, roads, airports and other important infrastructure projects in Asia.

Read the full story at: www.rt.com / link to original article

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Mish / Mike Shedlock – IMF Ready To Plunder Spain; IMF’s Latest Trojan Horse Offer; English-To-English Translations – 4 October 2012

IMF chief Christine Lagarde says IMF ready to help Spain.

The International Monetary Fund stands ready to help Spain in multiple ways if Madrid seeks its aid, IMF chief Christine Lagarde said in a newspaper interview published on Wednesday.

“If Spain wants it, we could help in diverse ways, for example by simply auditing and monitoring reforms negotiated with its European partners without the IMF participating in financing,” Lagarde told French daily Le Figaro.

Bloomberg – Dakin Campbell – Spanish Banks Need More Capital Than Tests Find, Moody’s Says – 2 October 2012

Spain’s banks face a capital shortfall that could climb to 105 billion euros ($135 billion), almost double the estimate the government provided last week, according to Moody’s Investors Service.

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.’

John Ward – UK Recession : Gipsy Merv Foresees A Recovery…. But Next Week Sees The Spanish Bailout – 21 September 2012

See Mervyn stare at glass globe. Hear Mervyn say things are recovering. And adding “albeit very slowly”. See Mervyn use the eurozone as a caveat. He should wear a tie like normal people. See a black cloud hanging over Merv’s parade.

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.

Read more at:  http://www.timesofindia.indiatimes.com link to original article

Mish /Mike Shedlock – Italy’s Prime Minister Blames Finland and Netherlands For Spike In Yields – 9 July 2012

Like a drunk blaming a pebble in the road for causing his fall, Italy’s Prime Minister Blames Finland and Netherlands for Spike in Yields.

Italian Prime Minister Mario Monti denounced unnamed “northern” EU states on Sunday for taking positions that contributed to spikes in borrowing costs for Italy and Spain.

John Ward – Spanish Crisis : Former IMF And Bankia Boss Charged With Massive Fraud – 6 July 2012

Spain’s Bob Diamond is Rodrigo Rato. The difference is, Rato is heading for jail

Spain’s anti-bank majority is celebrating a major victory after the country’s high court opened a criminal investigation into Rodrigo Rato, the former head of Spain’s biggest mortgage lender, Bankia. Rato, once a big wheel within the IMF, has been given a court date to face criminal fraud accusations relating to the downfall of Bankia, the banking giant at the epicentre of Spain’s economic disaster.

Mish/ Mike Shedlock – Finland, Netherlands Reject ESM Model; Finland Insists On Collateral For Loans To Spain – 3 July 2012

How long Finland and the Netherlands are willing to put up with not having a say in how the ESM (or anything else in the EMU runs) remains to be seen, but both countries expect collateral for any loans to Spain.

Mish/ Mike Shedlock – Faber Says Germany Should Abandon The Euro – 2 July 2012

Marc Faber, publisher of the Gloom, Boom and Doom Report, spoke with Bloomberg Television’s Betty Liu this morning and said that, “If I were running Germany, I would have abandoned the eurozone last week.”

Faber went on to say, “In the case of Greece, one should have kicked out Greece three years ago. It would have been much cheaper.”