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Thread: Spain requesting EU bailout.

  1. #11
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    News Alert from The Wall Street Journal

    Euro-zone finance ministers are discussing a commitment to provide as much as €100 billion ($125 billion) to support Spain's ailing banking sector, an official from a euro-zone country said.

    Officials earlier Saturday prepared a draft statement that the finance ministers were set to discuss in a phone call Saturday afternoon.

    The official said that €100 billion was the top figure discussed and that the exact size, form and timeframe of any bailout hadn't been decided
    .

    http://online.wsj.com/article/SB1000...=djemalertNEWS

  2. #12
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    Quote Originally Posted by Godwit View Post
    News Alert from The Wall Street Journal

    Euro-zone finance ministers are discussing a commitment to provide as much as €100 billion ($125 billion) to support Spain's ailing banking sector, an official from a euro-zone country said.

    Officials earlier Saturday prepared a draft statement that the finance ministers were set to discuss in a phone call Saturday afternoon.

    The official said that €100 billion was the top figure discussed and that the exact size, form and timeframe of any bailout hadn't been decided.

    http://online.wsj.com/article/SB1000...=djemalertNEWS
    And you can bet that multiple conditions will follow after disbursment of funds. (should it happen)

  3. #13
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    (Reuters) - Spain will make a formal request for aid from its euro zone partners "shortly" and will receive up to 100 billion euros once that request is made, the euro zone's 17 finance ministers said in a statement on Saturday.

    After a conference call that lasted more than 2-1/2 hours, the ministers said the financial assistance would be provided from either of the euro zone's rescue mechanisms, the EFSF and the ESM, and would go to recapitalise Spain's worst banks.

    "The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request," the statement said.

    "The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100 billion euros."

    Spain is waiting for the results of an independent audit of its bank capital needs before proceeding. That audit is due by June 21, officials have said.

    Once a formal request is made, the capital will be paid to Spain's bank restructuring fund, known as the FROB, although the Spanish government will "retain the full responsibility of the financial assistance", the statement said.

    The International Monetary Fund will not contribute any funds to the rescue plan, but it has been invited "to support the implementation and monitoring of the financial assistance with regular reporting", a former of oversight.

    http://www.reuters.com/article/2012/...8H92MG20120609


  4. #14
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    Default They did it! and conditions are coming it seems

    HELSINKI (AFP)--Finnish Finance Minister Jutta Urpilainen said Saturday discussions continue on details of a bailout plan for Spanish banks and that Helsinki may demand guarantees in exchange for the aid.

    "It is clear that the bailout plan will happen," the minister told a press conference.

    "The details of the rescue plan are still in discussions," she said after an emergency phone conference with other euro-zone finance ministers after the group issued a statement saying it had accepted Spain's plea for help.

    Spain formally requested a European lifeline of up to 100 billion euros ($125 billion) Saturday to save its stricken banks and try to avert a broader financial catastrophe.

    Urpilainen warned however that "if the funds are taken from the European Financial Stability Facility, Finland will request guarantees."

    But if they were taken from the permanent rescue fund, the European Stability Mechanism, Finland will not demand guarantees as it would carry less risks for Finnish taxpayers, said the minister as quoted by public radio YLE.

    "Finland will not support Spanish banks directly but through the government," she added.

    http://online.wsj.com/article/BT-CO-...09-701342.html

  5. #15
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    Quote Originally Posted by Lraiser View Post
    The European governments and the IMF have made 386 billion euros ($480 billion) in loan pledges to Greece, Ireland and Portugal.

    Spain’s economy is more than twice the size of the three countries combined.

    http://washpost.bloomberg.com/Story?...EKJ533HIPGVR6F

    Interesting times indeed.
    **************************************
    In view of Spanish economy is as big as the three countries put together,it will take more than $500 billion to put back the economy of Spain. Spanish request of $100 billion for EU loan is not anywhere enough. In fact, it may do more damage than good, If EU wants to put back the economy together , do it right. But than the problem is bigger than EU can handle alone. It should invite funds from China either directly or throug IMF.

  6. #16
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    Quote Originally Posted by Georgetown '54 View Post
    **************************************
    In view of Spanish economy is as big as the three countries put together,it will take more than $500 billion to put back the economy of Spain. Spanish request of $100 billion for EU loan is not anywhere enough. In fact, it may do more damage than good, If EU wants to put back the economy together , do it right. But than the problem is bigger than EU can handle alone. It should invite funds from China either directly or throug IMF.
    The talk is that this is a bailout for the troubled banks.

    Seems the economy is secondary to the banksters.

  7. #17
    MidnightTide Guest

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    Quote Originally Posted by Lraiser View Post
    The talk is that this is a bailout for the troubled banks.

    Seems the economy is secondary to the banksters.
    It has always been about the bankers and Wall Street.

    All the bailouts have been to prop up the banks and those who play that game. Hang the entire lot of them!

  8. #18
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    Quote Originally Posted by Lraiser View Post
    The talk is that this is a bailout for the troubled banks.

    Seems the economy is secondary to the banksters.
    ************************************************** ****

    We have just gone through here in the States. Taking care of 'troubles banks'did not contribute to the well being of our economy, and does not mean anything. Who cares about banksters, they can all hang themselves. The most important and constructive solution is to take care underlining problems of he country's ailling economy for the poeple and and the country.

  9. #19
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    Quote Originally Posted by MidnightTide View Post
    It has always been about the bankers and Wall Street.

    All the bailouts have been to prop up the banks and those who play that game. Hang the entire lot of them!
    Quote Originally Posted by Georgetown '54 View Post
    ************************************************** ****

    We have just gone through here in the States. Taking care of 'troubles banks'did not contribute to the well being of our economy, and does not mean anything. Who cares about banksters, they can all hang themselves. The most important and constructive solution is to take care underlining problems of he country's ailling economy for the poeple and and the country.
    Each and every one of the bailout decision makers need to be strung up. The economy does not matter to any of them, only that they (bankers) get their cash.

    Bankers have never accepted any consequences for their bad decisions, and if there should be any consequences, they will make sure everyone suffers. There is NO concern for the economy, people or country unless they profit from it.

  10. #20
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    Ahem...someone might want to consider cuing up the theme from "jurassic park" because I think the spain bailout plan just got sabotaged and the power just went out over the entire EU park. It's just a matter of time before the animals are running loose and free and causing whatever mayhem they can.

    IOW, Ireland now wants to renegotiate its bailout terms to match the one Spain received earlier today.

    http://www.zerohedge.com/news/here-t...ms-match-spain

    Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain

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