Spain is expected to strong-arm its banks into buying more government debt in exchange for aid, after Madrid was forced to borrow up to €100bn from its European partners to bail out its banks, adding to the nation’s debt and making future bond sales more difficult. Yields on 10-year Spanish debt breached 7% last week,…
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Spain issues dramatic messages of impending eurozone doom | Business | guardian.co.uk
by Newswires • • 0 Comments
A panicky Spanish government issued dramatic messages of impending doom for the eurozone on Thursday as its borrowing costs reached unsustainable levels and foreign minister José Manuel García-Margallo claimed that the EU may need to act within hours. “The future of the European Union will be played out in the next few days, perhaps in…
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Spain’s bailout: 4 hours and 40 minutes of calm – The Washington Post
by Newswires • • 0 Comments
In the past, every time European leaders have huddled together and announced a plan to douse the latest fire in Europe, the financial markets have usually been placated for a brief while — say, a few weeks or months. Then another crisis flares up, and everyone starts panicking again. Nowadays, though, it seems we only…
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Spain bank deal may not work, bolder reforms needed: Stiglitz | Reuters
by Newswires • • 0 Comments
(Reuters) – Europe’s plan to lend money to Spain to heal some of its banks may not work because the government and the country’s lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said. “The system … is the Spanish government bails out Spanish banks, and Spanish banks bail out…
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EURO GOVT-Spanish bonds stable after auction, French yields dip – Reuters
by Newswires • • 0 Comments
Moneycontrol.comEURO GOVT-Spanish bonds stable after auction, French yields dipReuters* Spanish sale meets expectations, French goes well * Markets looking for dovish signals at ECB meeting * Bunds stable, Spanish yields keep close to 6 pct By Marius Z…
Contributors- Economic and Financial, James Howard Kunstler, Must Read
As If Nothing Matters
by James Howard Kunstler • • 0 Comments
The world gave the appearance of doing nothing and going nowhere over the past month – apart from the sensational liaison of Kim Kardashian and Kanye West, which, some believe, augurs a dazzling speed-up of the much prayed-for economic recovery, return to full employment, $2.50 gasoline by summer, and the selection of Jesus Christ as VP running mate by Mitt Romney – but, in fact, so much trouble is roiling under the surface…
Money Morning
Why Wall Street Can’t Escape the Eurozone
by Keith Fitz-Gerald • • 0 Comments
Bears Chat, Best of the Forums
Rating cut puts Spain back on crisis radar
by Bears Chat at The Wall Street Examiner • • 0 Comments
Rating cut puts Spain back on crisis radar
On Friday October 14, 2011, 6:18 am EDT
MADRID (Reuters) – Standard & Poor’s cut Spain’s credit rating on Friday, sending the euro briefly lower and underlining the challenges facing Europe’s major powers as…
