Spain's debt, so far? 143 % of GDP
You know that when Timmie Geithner shows up in your country,he's trying to open up the sluices of liquidity in your country
to keep the economy of the world seizing up. Timmie thinks
the Europeans are gonna drop the ball. So, he's getting involved.
The Brits are also now getting involved.
I wonder.
has Germany's dithering been about
trying to get its puppet masters to reveal
their faces? It's always been the US/UK
behind all the German and French banks,
and their politicians.
In the end,
it seems that the Spanish bank problem
is so big that the ECB is standing very still
so that the bank vigilantes don't tear it to bits.
They can't move for fear of unleashing
the mother of all bank runs.
'cuz that's "the Goodnight Euro Show"
It's a tough job, so the Hefe is gonna do it himself:
IshitUnot: 4 texts
1 Zerohedge
Submitted by Tyler Durden on 05/31/2012 17:51 -0400
If there was one piece of news that could force an all out panic in a market already on the edge, it is that outgoing (as in finally departing) US Treasury Secretary, Tim Geithner, was getting involved in the European Crisis. Sadly, this is precisely what happened.
SPAIN DEPUTY PM: US TREASURY'S GEITHNER AGREES TO WORK WITH SPAIN TO RESOLVE BANK CRISIS - DJ
SAENZ DE SANTAMARIA SAYS GEITHNER URGES SPAIN BANK SOLUTION
SPAIN'S SAENZ DE SANTAMARIA TOLD GEITHNER OF REFORM EFFORTS
GEITHNER DISCUSSED SPAIN'S PLANS TO STRENGTHEN FINANCE SECTOR
SPAIN'S SAENZ DE SANTAMARIA TOLD GEITHNER OF REFORM EFFORTS
and This is why:
2 Zerohedge:
IMF Begins Spain's Schrodinger Bail Out
Submitted by Tyler Durden on 05/31/2012 12:38 -0400
Update: as expected, "IMF Says Spain Discussions Internal, No Talks With Spain"
Wondering what prompted the most recent "month end mark up" ramp in stocks? Look no further than the IMF, which one month after failing miserably to procure a much needed targeted amount of European bailout funds as part of Lagarde's whirlwind panhandling tour, hopes that markets are truly made up of idiots who have no idea how to use google and look up events that happened 4 weeks ago. So here it is: the Spanish bail out courtesy of the IMF. Well, not really. Because according to other headlines the IMF claims no plans are being drafted for a bailout. Why? Simple - if the IMF admits it is even considering a bailout, it will launch a bank run that will make the Bankia one seem like child's play, as the cat will truly be out of the bag. So instead it has no choice, but to wink wink at markets telling them even though it has been locked out from additional funding by the US, UK, Canada and even China, it still has access to funding from... Spain.
3 Ritholz:
Worries Over Spain … SPexit?
By James Bianco - May 30th, 2012, 10:00PM
MarketWatch.com – 6 reasons Spain will leave the euro first
The Spanish are a lot more likely to pull out of the euro than the Greeks, or indeed any of the peripheral countries. They are too big to rescue, they have no political hang-ups about rupturing their relations with the European Union, they are already fed up with austerity, and there is a bigger Spanish-speaking world for them to grow into. [and you forgot that most of Spain's former colonies have been 'visited' by the IMF and the Chicago School goons, and managed to send them packing. They must have spoken to one another- Cos67]
4 Slog blog [Good morning, Westminster. The bailers need a bailout-Cos67]
CRASH 2: Why has the Treasury revoked debt-trading sections of a 1939 Act – without telling Parliament?
How a hidden order could be used to bankrupt the UK
... So: what are negotiable instruments? Well, although they come in all the sizes and colours, basically NIs are funny money: that is to say, the paper with which Draghi performs bailouts, and Geithner fills bazookas. Listed under the definition I’ve found most useful so far are Bills of exchange, Promissory notes, Share warrants, Circular notes, Bearer debentures and – just to keep the reader awake – Railway Receipts.
Leaving aside receipts from the Rangoon Railway Company, they could loosely be termed ‘debt’, or even more accurately – bonds.
Now those of you who imagine the dwindling EU members in any kind of state to bail out other members actually do so with real cash readies would be in error. Every government in the world bar China and one or two others owes money bigtime. So all of us who are Brussels’ Little Helpers just issue more debt bonds in order to help fellow Sovereigns with unrepayable debt. (You can sort of see how all this nonsense got out of hand, can’t you?
