Page 2 of 16

Posted: Sat May 26, 2012 10:24 pm
by Aurora
UndercoverElephant wrote:http://www.nytimes.com/2012/05/25/busin ... ml?_r=3&hp
And clearly, some consumers are now picking up on the warning signals. Mr. de la Peña, the civil servant in Madrid, said that he had recently transferred 80,000 euros, essentially his life savings, from Ibercaja, one of Spain’s savings banks, to Santander.

But now, with daily news reports on the prospect of Greece’s possible departure from the euro currency union, he is seriously considering converting his nest egg to British pounds.

“I’m exasperated because the situation changes every day,” he said. “But what is certain is that if Greece now leaves, it’s going to be one huge and bloody chaos.”
Join the club! :)

Posted: Sun May 27, 2012 7:03 pm
by Lord Beria3
http://www.telegraph.co.uk/finance/comm ... Spain.html
Spain is spiralling into the vortex of debt-deflation. This has nothing to do with Greece. It is not the result of fiscal extravagance over the past decade, or other such Wagnerian myths.

Posted: Sun May 27, 2012 9:28 pm
by Aurora
The Guardian - 27/05/12

Spain hopes to drew European Central Bank into funding Bankia bailout

Madrid considers passing €19bn cost on in form of government debt – though markets and Germany likely to object.

Article continues ...

Posted: Mon May 28, 2012 3:33 am
by kenneal - lagger
woodburner wrote:
Eurozone debt web: Who owes what to whom?

Article continues
What a dreadful graphic. It's near impossible to make out the arrows unless you start adjusting display settings.
I thought the same initially but if you click on each country name the arrows from that country light up.

Posted: Mon May 28, 2012 10:27 pm
by woodpecker
Spains's savings banks are awash with 'assets' consisting of junky land that builders have failed to build anything on. It is worth zero. But Spain's notaries and Spain's bank managers being in league with whoever writes the cheques, it's down in the books as worth quite a bit.

Bankia was full of seven savings' banks' worth of the same, running to tens of bilions. Whoever thought that 4bn would save it needs their head examined. Bankia is full of creditors, but no assets. And the rest of the Spanish banking landscape does not look a lot better. They have not tried to sell their so-called assets cos they coudn't get anyting for them., That is what Spanish banks have always done. Sit on worthless assets for years. Why do they have such crazy branch 'networks', with three branches on every street?

So much for the so-called markets. It is all junk, and has been for years.

Posted: Tue May 29, 2012 11:27 am
by emordnilap
Aurora wrote:Here's another interesting little graphic compiled by the BBC in November 2011:
Eurozone debt web: Who owes what to whom?

Article continues ...
:shock:
Irish foreign debt per person: €390,969.

What a pile of bollocks that is and a damned fine reason to default: plus put every politician, broker, economist and banker on the industrial average wage.

Posted: Tue May 29, 2012 11:50 am
by biffvernon
Here's a great piece of pop-up activism in a Spanish bank:

https://www.youtube.com/watch?feature=p ... op2b3oq1O0

song lyrics in English:
"Your character has changed my friend, since you got so much money you’ve become unbearable, you've reduced my wage and raised everything else, I've even had to pawn my parrot and sell my house. I had to get two jobs just to pay for the morgage. You get into trouble and I get kicked out on the street. I don't want you, I won't even want you if you eliminate interest rates. Bankia; six lungs for your and not even a pair of gills for me."

Posted: Tue May 29, 2012 12:09 pm
by emordnilap
biffvernon wrote:Here's a great piece of pop-up activism in a Spanish bank:

https://www.youtube.com/watch?feature=p ... op2b3oq1O0

song lyrics in English:
"Your character has changed my friend, since you got so much money you’ve become unbearable, you've reduced my wage and raised everything else, I've even had to pawn my parrot and sell my house. I had to get two jobs just to pay for the morgage. You get into trouble and I get kicked out on the street. I don't want you, I won't even want you if you eliminate interest rates. Bankia; six lungs for your and not even a pair of gills for me."
Brilliant. Absolutely brilliant. I love it.

Posted: Tue May 29, 2012 10:50 pm
by Little John
biffvernon wrote:Here's a great piece of pop-up activism in a Spanish bank:

https://www.youtube.com/watch?feature=p ... op2b3oq1O0

song lyrics in English:
"Your character has changed my friend, since you got so much money you’ve become unbearable, you've reduced my wage and raised everything else, I've even had to pawn my parrot and sell my house. I had to get two jobs just to pay for the morgage. You get into trouble and I get kicked out on the street. I don't want you, I won't even want you if you eliminate interest rates. Bankia; six lungs for your and not even a pair of gills for me."
We are the people.

And there's more of us than there are of them dammit!

Love it

Posted: Wed May 30, 2012 4:48 pm
by nexus
Now THAT'S a protest- wonderful :D

Posted: Wed May 30, 2012 10:14 pm
by snow hope
There's something very uplifting about that protest - if only they would spring up everywhere! :D

Posted: Wed May 30, 2012 10:43 pm
by nexus
Yes but in England wouldn't it look more like er, this.....

Image

Posted: Wed May 30, 2012 11:10 pm
by Little John
nexus wrote:Yes but in England wouldn't it look more like er, this.....

Image
http://www.youtube.com/watch?v=deiWnZK- ... re=related

Posted: Wed May 30, 2012 11:41 pm
by JavaScriptDonkey
emordnilap wrote: Irish foreign debt per person: €390,969.
What was the money spent on and how much higher would taxes have had to have been if they hadn't borrowed it all?

And most importantly, are you prepared to cough up the back taxes to make up the short fall?

Posted: Thu May 31, 2012 9:24 am
by nexus
Steve- That's much better, more representative of a certain English sensibility.