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First Greece now Spain

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Kevind53
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Post by rick152 Sat Jun 09, 2012 4:23 pm

More problems for the countries of Europe. As Spain (one of the predicted) have been in the spotlight and now asking for a bank bailout. Just the next in a line of possibilities for furtherance of the world "recession" we now live in. Onward as we see how all this plays out and find if the Dinar has anything to do with the total outcomes.
This found in the Tennessean...link below.







MADRID — Spain could decide this month to ask for
a bailout for its troubled banking sector, a step that would make it
the fourth country in the 17-member eurozone to seek help since the EU
debt crisis broke out.
Deputy Prime Minister Soraya Saenz de
Santamaria said the government would not act until it has received a
raft of reports on how much money Spain needs to save its banks from
collapsing under the weight of soured real estate investments.
An
International Monetary Fund report is expected Monday, with two
independent auditor surveys due by June 21. She said no decision on a
bailout had been made at Friday’s Cabinet meeting.
“Once the
estimates of the numbers are known with regard to what the financial
sector might need, the government will state its position,” she said.
“But in any case, I am telling you that no decision has been made either way,” she added.
Estimates of the cost of bailing out Spain’s banks vary greatly, from €40 billion ($49.87 billion) to as much as €100 billon.
Commenting
on reports that 17 eurozone finance ministers will hold a conference
call today on Spain, Saenz de Santamaria said that “no meeting is
planned” but would not confirm or deny whether some kind of
communication would take place.
The Spanish government appears to
have resigned itself to a bailout to prop up its struggling banks.
Prime Minister Mariano Rajoy has moved on from firmly stating that
“there will be no rescue of the Spanish banking sector” 10 days ago to
avoiding ruling out seeking external help for the banking sector of the
eurozone’s fourth largest economy.
Spain has been criticized for
being too slow to resolve its problem. European business leaders and
analysts have stressed that Spain must find a solution quickly so that
it is not caught up in any market turmoil sparked by the Greek elections
on June 17. There are concerns that anti-bailout left-wing party Syriza
could become the largest party in the Greek parliament, putting the
country’s membership of the 17-nation eurozone at risk.
But others
said it’s more important for Spain to assess how to shore up its
banking system than it is to hurry into a bailout ahead of the Greek
elections. The audits that Spain’s government is waiting for are crucial
to determining precisely how much capital the nation’s troubled banks
need, said Mark Miller, an analyst with Capital Economics in London.
“Any
notion of rushing that would be very unwise, in fact I think it could
make things much worse,” he said. “I think it’s important to get it
right rather than simply say that there is a rather appealing idea of a
one-week window of opportunity, relative to getting a solution ahead of
Greek elections.”
If Spain doesn’t get a request for outside help right the first time, “then you are in second bailout territory,” Miller said.
http://www.tennessean.com/viewart/20120609/BUSINESS01/306090045/Spain-may-seek-bank-bailout

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Post by Kevind53 Sat Jun 09, 2012 4:31 pm

Yes there have been several articles about Spain in the past week. Their credit rating was also downgraded to BBB about as low as you can go and not be in junk bond status. BBB translates to: "An obligor has ADEQUATE capacity to meet its financial commitments.
However, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity of the obligor to meet its
financial commitments."
BB+ and lower ratings are not considered investment grade.

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Post by bigdaddytim Sun Jun 10, 2012 12:41 am

Look out US. BBB is on the way for us too!!

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Post by Purpleskyz Sun Jun 10, 2012 2:45 pm

Smart folks across the globe are pulling their money out of the banks, pushing the collapse closer and closer.
Next up..... new money system and wealth for us.
CAN HARDLY WAIT!!!!

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Post by Kevind53 Sun Jun 10, 2012 4:45 pm

Careful what you wish for ... you might get it, and find out it's not what you thought ... or wanted. The only "new financial system" I see is tied pretty closely to several years of tribulation and some dude named the beast. affraid Not my idea of a good time ... just sayin ...

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Post by Purpleskyz Sun Jun 10, 2012 4:52 pm

Smile

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Post by Terbo56 Sun Jun 10, 2012 8:28 pm

We just need to be very careful with what we reap, and there is no need of anybody getting screwed or ripped off- Use your heads, and you will be fine-:cheers:
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Post by hithere Mon Jun 11, 2012 3:43 pm

Wonder how the old use to do things hmmmm scratch Lets cut a tree and build you a house, then my house and then his/her house. Ill build the fence to keep the cows & chicken in, while you contain the water, he'll butcher the cow, and that person can cook us beef and chicken - Sometimes I envy the Amish.
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Post by Terbo56 Mon Jun 11, 2012 3:54 pm

The 'Amish' toil uncontrollably all day, without complaint-The things they build, along with the way they work, would put an 'American Contractor or Carpenter to a very,very sad shame-affraid Crying or Very sad
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