The people in Spain are protesting throughout the country as the austerity measures have cut government payrolls and services. The country cannot afford to borrow money at 7.3% to finance its debt. Once Finland forced Spain to provide hard guarantees for their portion of the “bailout”, the other Euro nations involved will demand the same guarantees or will not participate. Germany will decide whether they want to form a new Reich through a financial takeover or close their borders. This decision will happen in September if the EU can hold out.
David DeGerolamo
Spanish Stocks Plunge Most In 12 Months As Egan-Jones Cuts Spain To CCC+
With IBEX down 6%, 10Y yields over 7.30%, 10Y spread over 610bps, and EURJPY at 12 year lows; the hits just keep coming…
- EWP: Egan-jones cuts Spain sovereign rating to CC+ from CCC+
- Spain Won’t Grow Until 2014 as Eurozone Agrees Bank Bailout
- *SPAIN BAD BANK MAY INCLUDE NON REAL-ESTATE DETERIORATED ASSETS
- *SPAIN BAD BANK TO APPLY `REAL LONG-TERM’ ECONOMIC VALUATIONS
- *SPAIN TO MAKE ROADMAP BY END-NOV FOR LISTING OF RESCUED LENDERS
- *SPAIN’S LOAN-LOSS PROVISIONING FRAMEWORK TO BE REASSESSED (will we see the same in the US?)
via Bloomberg.
Plugin by: PHP Freelancer
