Capital Controls Hit Spain: Government Laws Prohibit Cash Transactions Over €2,500; Minimum Fine of €10,000 for Failure to Report Foreign Accounts
If Spain is seeking further instability, a new law on financial transactions is sure to do just that. Via Google Translate, Spain passes a law limiting cash payments to 2,500 euros.
Key Provisions
Minimum fine of €10,000 for taxpayers who do not report their foreign accounts.
Fine of €5,000 for each additional account
Cash transactions greater than €2,500 prohibited
Cash transaction restrictions apply to individuals and businesses
When does it end?
When people decide.
Till then, expect more of the same.
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
Which EU member state is going to be the first to tell the banks to fúck off, do you think?
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
emordnilap wrote:Which EU member state is going to be the first to tell the banks to fúck off, do you think?
At this rate, Germany...
Heh heh. You hope. What a moment that would be. A bit like a wall coming down.
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
Spanish and Italian 10-year bond yields have been rising ahead of a summit of eurozone finance ministers on Monday.
The yield on Spanish 10-year bonds, which are taken as a strong indicator of the interest rate the government would have to pay to borrow money, rose above 7%, while Italian bond yields rose to 6.1%.
Yields above 7% are considered to be unsustainable in the long term.
Spanish and Italian 10-year bond yields have been rising ahead of a summit of eurozone finance ministers on Monday.
The yield on Spanish 10-year bonds, which are taken as a strong indicator of the interest rate the government would have to pay to borrow money, rose above 7%, while Italian bond yields rose to 6.1%.
Yields above 7% are considered to be unsustainable in the long term.
Spanish and Italian 10-year bond yields have been rising ahead of a summit of eurozone finance ministers on Monday.
The yield on Spanish 10-year bonds, which are taken as a strong indicator of the interest rate the government would have to pay to borrow money, rose above 7%, while Italian bond yields rose to 6.1%.
Yields above 7% are considered to be unsustainable in the long term.
Odd that they seem to hit the danger territory of 7%, then don't go any higher. Anyone might think that the official data is being fiddled...
A bit of healthy paranoia there UE.
The rate won't go much above 7%, as things are at the moment, because the market sees that as unrepayable. Not very long ago that trigger was 6.5% If the debt is offered at higher rates then there are very few takers as it's seen as a certain default, or at least a savage haircut.
and so the saga continues ....
If the debt is offered at higher rates then there are very few takers as it's seen as a certain default, or at least a savage haircut.
There will be blood.