Tag Archives: Spanish Banks

Mish/ Mike Shedlock – Spanish Banking Audits Delayed Until September; Another €50 Billion Likely Needed – 20 June 2012

Via Google Translate from La Vanguardia, please note that Spanish banking audits are delayed until September

Audits of Spanish banks, which should conclude in late July, will be delayed until September in order to get “further examination”, as reported by Efe sources close to the process. Continue reading

Advertisements

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

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 Blinks: Accepts €100 Billion Baillout Vi EFSF/ESM; Frob To Receive The Money – 10 June 2012

After months of denials, a short Eurogroup Statement shows Spain will submit a formal request to Brussels for a bailout.  Here is the statement in full.

The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect. Continue reading

Mish/ Mike Shedlock – Bailout Lite? There’s Really No Such Thing; €30 Billion Needed? It’s Now €100 Billion; Contagion Of Economic Idiocy – 9 June 2012

A few days ago Spain was purportedly going to need another €30 billion to €70 billion to recapitalize Spanish banks. I suggested the amount would be at least triple that and it did not take long to do so. Continue reading

BBC News – Spain’s Bankia Seeks 19bn-Euro Bailout From Government – 25 May 2012

Spain’s fourth-largest bank, Bankia, has asked the government for a bailout worth 19bns euros ($24bn; £15bn).

Bankia also restated its results – now saying it made a 2.98bn-euro loss for 2011 rather than the 309m euros in profit it announced in February.

Read the whole story at : http://www.bbc.co.uk link to original article