Spain Watch, and Catalan independance

Discussion of the latest Peak Oil news (please also check the Website News area below)

Moderator: Peak Moderation

Aurora
Posts: 8501
Joined: Wed Jan 24, 2007 8:38 pm

Post 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! :)
User avatar
Lord Beria3
Posts: 5064
Joined: Wed Feb 25, 2009 8:57 pm
Location: Moscow Russia
Contact:

Post 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.
Peace always has been and always will be an intermittent flash of light in a dark history of warfare, violence, and destruction
Aurora
Posts: 8501
Joined: Wed Jan 24, 2007 8:38 pm

Post 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 ...
kenneal - lagger
Site Admin
Posts: 12381
Joined: Wed Sep 20, 2006 2:35 am
Location: Newbury, Berkshire
Contact:

Post 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.
Action is the antidote to despair - Joan Baez
User avatar
woodpecker
Posts: 851
Joined: Tue Jan 06, 2009 1:20 am
Location: London

Post 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.
User avatar
emordnilap
Posts: 14622
Joined: Wed Sep 05, 2007 4:36 pm
Location: Hou�sʇlʎ' ᴉʇ,s ɹ��llʎ uoʇ �oɹʇɥ ʇɥ� �ɟɟoɹʇ' pou,ʇ �ʌ�u qoʇɥ�ɹ˙

Post 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.
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
User avatar
biffvernon
Posts: 18539
Joined: Thu Nov 24, 2005 11:09 am
Location: Lincolnshire
Contact:

Post 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."
User avatar
emordnilap
Posts: 14622
Joined: Wed Sep 05, 2007 4:36 pm
Location: Hou�sʇlʎ' ᴉʇ,s ɹ��llʎ uoʇ �oɹʇɥ ʇɥ� �ɟɟoɹʇ' pou,ʇ �ʌ�u qoʇɥ�ɹ˙

Post 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.
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
Little John
Posts: 8549
Joined: Sat Mar 08, 2008 12:07 am
Location: UK

Post 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
User avatar
nexus
Posts: 1305
Joined: Sat May 16, 2009 10:57 pm

Post by nexus »

Now THAT'S a protest- wonderful :D
Power concedes nothing without a demand. It never did and it never will. Frederick Douglass
snow hope
Posts: 4101
Joined: Thu Nov 24, 2005 11:09 am
Location: outside Belfast, N Ireland

Post by snow hope »

There's something very uplifting about that protest - if only they would spring up everywhere! :D
Real money is gold and silver
User avatar
nexus
Posts: 1305
Joined: Sat May 16, 2009 10:57 pm

Post by nexus »

Yes but in England wouldn't it look more like er, this.....

Image
Power concedes nothing without a demand. It never did and it never will. Frederick Douglass
Little John
Posts: 8549
Joined: Sat Mar 08, 2008 12:07 am
Location: UK

Post 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
JavaScriptDonkey
Posts: 1683
Joined: Thu Jun 02, 2011 12:12 am
Location: SE England

Post 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?
User avatar
nexus
Posts: 1305
Joined: Sat May 16, 2009 10:57 pm

Post by nexus »

Steve- That's much better, more representative of a certain English sensibility.
Power concedes nothing without a demand. It never did and it never will. Frederick Douglass
Post Reply