“Spanish policy makers are considering forcing investors who hold equity and junior debt in banks to absorb losses in a restructuring, according to a person with knowledge of the plan. Such burden sharing is among conditions being negotiated with the European Union in a 100 billion-euro ($126 billion) rescue for Spain’s financial industry.”
Oh.
Spain Said to Weigh Imposing Losses on Junior Bank Bondholders (Bloomberg)
Thanks D Rodgers
httpv://www.youtube.com/watch?v=puimUbqIQRc&feature=youtube_gdata_player
No Distance Left To Run – Blur.
With subtitulad
Thanks Des Murphy
Spain completed 810 passes today vs Ireland (Irish had 198), the most any team has completed in a EURO game since 1980.
— ESPN Stats & Info (@ESPNStatsInfo) June 14, 2012
Barra Heavey writes:
More flag pareidolia for the day that’s in it.
Defiant Tricolours to broadsheet@broadsheet.ie
httpv://www.youtube.com/watch?v=lWrq2O_VARI&feature=youtu.be
If you literally have a minute to spare.
Thanks Ronan O’Malley
httpv://www.youtube.com/watch?v=D9o67_J1Hfc
But let’s allow the Skybet tortoise to go through the motions.
Just this:
“The parallels between Spain and Ireland are striking. Just like Ireland, Spain had a credit boom financed mostly with external debt, which meant that the balance sheets of their banks are now stuffed with bad debts as asset values collapse. Both governments have now injected billions into these ailing banks, to the detriment of their respective debt profiles.
“The Spanish Prime Minister has become preoccupied with creating market confidence, as was the Irish Prime Minister in the run up to the EU/IMF bailout. Confidence talk may buy some time, but ultimately it doesn’t make the problem go away. The accent heard today in Madrid has a distinct Irish lilt to it. The script is the same. First, deny the problem. Second, underplay its size. Third, look for external help to solve it once you have promised what you cannot deliver.”
‘Spain Making Same Mistakes As Ireland’ (Mark Blyth and Stephen Kinsella, Harvard Business Review)
Euro zone finance ministers resolved at the weekend to respond favourably to Spain’s request for up to €100 billion in emergency aid to rescue its crippled financial sector.
Minister for Finance Michael Noonan said it would provide “much-needed confidence and stability in the euro zone” and was particularly important for Ireland’s economy.
In the same way that our crushing defeat by Croatia is ‘particularly important’ for Ireland’s Euro 2012 hopes.
(Photocall Ireland)
Well, that was fast. Only 10 days after Spanish Prime Minister Mariano Rajoy (above) declared emphatically that “there would be no bank bailout” in his country, it now looks like he may eat his words as soon as Saturday.
They call him ‘El Seanio’
After weeks insisting that one of the country’s biggest banks, Bankia, did not need fresh funds, ministers dropped the bombshell last Friday that there was a 23-billion-euro hole in the accounts. They have yet to explain clearly how they will find the money when they are already struggling to finance a spiraling national debt.
