Telegraph Live - Markets: Reports that Spanish Banks borrowed 316.6 billion Euros from the European Central Bank in March. Lets get real here folks, Spanish Banks are a clicking bomb within the Euro, the property bubble as with Ireland has sent Spain heading for the sewer of debt. The new Conservative Government in Spain have bought in eye watering austerity measures, but there is a problem is Spain, the banks have not really opened their books, also the Regional Governments are being stubborn with the lack of austerity. The cost of 10 year Spanish bonds are heading for that 6% over the cliff for borrowing for the Central Government. The EU/IMF has to have a plan for an emergency loan to Spain, also as with Greece, for EU inspectors to be placed in Spanish Government Departments to make sure that Spain follows its tough austerity plan. Its going to be a hot Summer in Spain folks, will be people go along with these measures or revolt.
Friday, April 13, 2012
Spanish Banking Woes - Eurozone Crisis
Telegraph Live - Markets: Reports that Spanish Banks borrowed 316.6 billion Euros from the European Central Bank in March. Lets get real here folks, Spanish Banks are a clicking bomb within the Euro, the property bubble as with Ireland has sent Spain heading for the sewer of debt. The new Conservative Government in Spain have bought in eye watering austerity measures, but there is a problem is Spain, the banks have not really opened their books, also the Regional Governments are being stubborn with the lack of austerity. The cost of 10 year Spanish bonds are heading for that 6% over the cliff for borrowing for the Central Government. The EU/IMF has to have a plan for an emergency loan to Spain, also as with Greece, for EU inspectors to be placed in Spanish Government Departments to make sure that Spain follows its tough austerity plan. Its going to be a hot Summer in Spain folks, will be people go along with these measures or revolt.
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