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[Nickbat]

http://www.bbc.co.uk/news/uk-18200678

What are the Spanish up to? Could this be a ploy to galvanise the populous and get them to forget the internal economic woes (à la Argentina)?   

[Dishevelled Den]

The cheeky opportunistic bastids: I'm up for it - and when we beat the keek out of them we can head up to see Snr Varche for our teas.

On a slightly more serious note however it may well take more than a local skirmish to make the natives disregard the shit-storm looming (rather sadly) on the horizon.

[Rods2]

Spain goes bankrupt with an intact navy and fishing fleet or goes bankrupt with much less of one, their choice. 

Water too shallow and straights too narrow for submarines, so it will have to be Lynx helicopters and Sea Skua anti-ship missiles to spoil their day. 

We could always nationalize BAA and Santander UK for £1 each as a trick we have learnt from the mad president of those those South American failed land stealers. 

[cleggy]

When Greece gets the Drachma back all the Brits can go on holiday there for a cheap couple of weeks. 

That'll stuff the Spanish economy

[Varche]

When Greece gets the Drachma back all the Brits can go on holiday there for a cheap couple of weeks. 

That'll stuff the Spanish economy

It is stuffed already   

[Johnny English]

rather burokrats in the EU administraton were bothered by Hungary's achievement while Greek had been being gone bankrupt and if there is a possible next, Spain is the one who will be that. War ? Haha! And how? By any credit?  Ridiculous.

[Varche]

http://www.bbc.co.uk/news/uk-18200678

What are the Spanish up to? Could this be a ploy to galvanise the populous and get them to forget the internal economic woes (à la Argentina)? 

I think it is locals playing silly beggars. Central government will be quite happy as it takes the spotlight off them.

This is what El Pais Spanish newspaper said about it in their English language online paper.  http://elpais.com/elpais/2012/05/24/inenglish/1337879597_582584.html

Den- Mrs Varche says tea and cakes is at 4p.m. and then we have pre dinner drinks at 6 with tapas of course. But please no helicopters 

[Johnny English]

Den- Mrs Varche says tea and cakes is at 4p.m. and then we have pre dinner drinks at 6 with tapas of course. But please no helicopters 

 

[Rods2]

When Greece gets the Drachma back all the Brits can go on holiday there for a cheap couple of weeks. 

That'll stuff the Spanish economy

We don't need to stuff their economy, they have very successfully done that themselves. Their Fund for Orderly Bank Reconstruction (FROB) has a fund of €27bn to bailout all of their banks. Bankia is the first of the dominos to fall, and the amount it needs is going up by the day, it stared off at €4.5bn, that went up to €7bn, today they are quoting €9bn, Goldman sacs is quoting €13.5bn, all of these are probably under estimates and this is just the tip of their €184bn housing bubble hangover. How long before they admit "Brussels, we have a problem"? 

The regions in Spain are much more autonomous thn in any other European country, so they have not reigned in their spending, like the Spanish Government wants and have also not come clean on their massive deficits, but a clue is that the amount they own drug companies (Greek style) where they look after health provision, this is climbing rapidly with €6bn overdue.

Yes, Spain, Portugal have got much in common financially with Greece, they just haven't run quite so far down, "Bankruptcy Street" yet into "Default Way". 

I just hope with all these defaulting countries, we don't end up like Ireland and Anglo Irish bank, but I suspect we will. 

[Rods2]

Today's figure for the Bankia rescue is €15bn. 

Now that is what I call real inflation, over 300% in a week. 

And Bankia, won't reveal it restructuring plans until tomorrow when the markets are shut, sounds like the news is about to get even worse. 

Another rumour is that Spain is going to close 30 of its 47 state run regional airports to cut cost, now that is really going to boost tourism. 

The Government is also looking at reigning in regional spending to get that under control. 

[Sir Tigger KC]

Trading in Bankia's shares were suspended this morning, ahead of a board meeting this afternoon!!    Watch out for interesting news/announcements later today after the markets have closed!   

[Varche]

Today's figure for the Bankia rescue is €15bn. 

Now that is what I call real inflation, over 300% in a week. 

And Bankia, won't reveal it restructuring plans until tomorrow when the markets are shut, sounds like the news is about to get even worse. 

Another rumour is that Spain is going to close 30 of its 47 state run regional airports to cut cost, now that is really going to boost tourism. 

The Government is also looking at reigning in regional spending to get that under control. 

Closing them makes sense. Most haven't actually had any passengers even though they have security, cafes and restaurants open and so on. Huesca airport handled 2800 passengers last year.

Spot on Rods2. The government controls only 17% of national expenditure (military, security) The regions look after the bulk. Some are run by Labour majority. Like I keep saying imposing austerity and actually implementing it in any struggling European country (Britain included) are different things. When health , education is cut and unemployemnt continues to rise................

[Dishevelled Den]

Den- Mrs Varche says tea and cakes is at 4p.m. and then we have pre dinner drinks at 6 with tapas of course//.......

Aah Varche, that sounds bloody civilised.

[big mel]

I hope Spain dos,nt go bust i have loaded a lot out of Spain, love the country & the people are great, that is how i have allways found them,

[Rods2]

Hasn't been a good day for Spain today, with Bankia stating this evening they need €23.5bn funding out of the total FROB fund of €27bn, which is expected to cope with an estimated €184bn housing bubble hangover. 

I've seen the 2012 funding requirements for the regions today, with Catalonia leading the way with €13.4bn and stating without help they will not be able to pay any bills or wages at the end of June! The 2012 funding required for all of the regions for 2012 is €35.7bn! Ouch! 

I see the rating agencies are well behind the curve, yet again, by stating the 'bleedin obvious' and downgrading several Spanish banks to junk status.

Sadly, the news seems to be getting worse and worse by the day. 

Varche, how are things on the ground in Spain?