Tag Archives: Spain

Mish/ Mike Shedlock – Capital Controls Hit Spain : Government Laws Prohibit Cash Transactions Over €2,500; Minimum Fine Of €10,000 For Failure To Report Foreign Accounts – 24 June 2012

If Spain is seeking further instability, a new law on financial transactions is sure to do just that. Via Google Translate, Spain passes a law limiting cash payments to 2,500 euros.

Key Provisions

  • Minimum fine of  €10,000 for taxpayers who do not report their foreign accounts.
  • Fine of  €5,000 for each additional account
  • Cash transactions greater than €2,500 prohibited
  • Cash transaction restrictions apply to individuals and businesses Continue reading

Mish/ Mike Shedlock – Laugh Of The Day: Stress Tests Show Spanish Banks Only Need €16bn And €62bn In New Capital; ECB To Accept ABCP Collateral One Step Above Junk As Collateral – 22 June 2012

The yield on 10-year Spanish bonds has fallen for the second day in a row, and now sit at 6.4% according to Bloomberg.

Yesterday’s news was ECB to relax loan rules for Spanish banks
Benoît Cœuré, an ECB executive board member, told the Financial Times in an interview this week: “We certainly have to make sure that sound counterparties have the means to access our liquidity, including in terms of collateral availability.“ Continue reading

John Ward – Euroblown : Now It Really Is, As Spain & Italy to get… – 20 June 2012

$750 BILLION

That’s $1500 for every EU citizen…to bail out two countries

Worse still, two-thirds of it doesn’t exist

Every penny of it represents completely wasted money. Why?

Because it is a muddle-through hybrid like everything Sprout & Kraut Inc do: it won’t stop the financial forest fire engulfing Europe, and it isn’t a bailout: it’s simply designed to buy up the bond debt for which Spain and Italy are liable. Continue reading

John Ward – Action…Spanish Bailout “Imminent…Unavoidable” – Words : “The G20 Wishes To Express Its Alarm About The Eurozone Crisis” – 19 June 2012

(Opening statement)

“We can see that the markets are not convinced. We must draw up a definitive and clear road map with concrete actions that make the euro more credible.” (Mario Monti) Continue reading

Mish/ Mike Shedlock – G20 Summit In Flames Already As EC President Blames US For Financial Crisis In Europes – 19 June 2012

The G-20 summit is off to a great start if you like fireworks, endless bickering, and finger-pointing. Otherwise these summits are totally useless.

When asked by a Canadian journalist “Why should North Americans risk their assets to help Europe?” EC President José Barroso replied “Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.
Continue reading

Mish/ Mike Shedlock – IMF Pressures Spain To Lower Salaries, Raise The VAT, Eliminate Housing Deduction – 16 June 2012

My friend Bran reports from Spain that IMF urging Spain to raise VAT, reduce public pay and positions, and eliminate housing deduction is the headline of every main news broadcast and newspaper. Continue reading

John Ward – Spain Crisis Exclusive : Dash For Banking Consolidation “A Recipe For Worse Disaster” – Insinders La Caixa Singled Out As”Heading For The Rocks”- 15 June 2012

Playing with fire in Spain

Spanish banks have borrowed more money from the ECB than any other country – €227.6 billion. Between them, Spain’s three biggest banks Banco Santander, BBVA, and La Caixa, “have combined assets of about $2.7 trillion. Spain’s three biggest banks are nearly twice as big as the entire Spanish economy. Now it looks like the third of those is in dire straits. Continue reading

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

The Telegraph UK Headlines, 13th June 2012 – 14 June 2012

Debt crisis: Germany signals shift on €2.3 trillion redemption fund

The German government has begun opening the door to shared debts for the first time in a profound change of policy, agreeing to explore proposals for a €2.3 trillion (£1.9 trillion) stabilization fund in order to stop the eurozone’s crisis escalating out of control.

Spain could be cut to junk within three months

Spain could be downgraded to ‘junk’ within three months, rating agency Moody’s warned on Wednesday night, as it slashed the country’s credit rating by three notches. 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