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Originally posted by Paschar0
(Not sure why the NO LINK is popping up, it's from blogDOTalexanderhigginsDOTcom)
If you Google Spain-bans-cash-transactions, it comes up.
Afraid of losing tax revenue to the black market, Spain has decided to clamp down on it's citizens.
I see much of what happens in countries like Spain, Greece and England as a sign of things to possibly come here in the U.S. I think most would agree the government would love to enact something like this to control people and gain revenue.edit on 16-4-2012 by Paschar0 because: (no reason given)
Borrowing costs have surged to four-month highs in past days because of concerns over Spain's ailing finances and economy.
The yield on Spain's 10-year government bond closed Monday 0.121 percentage point higher at 6.029%, surpassing 6% for the first time since December, when the European Central Bank started offering loans to banks. Banks used much of €1 trillion ($1.3 trillion) received in three-year loans to buy government debt.
For now it seems the banks have run out of money and can’t buy any more bonds. That means Spain is going to have a “real problem” funding the rest of its financing needs this year. “There is no doubt Spain will need a bailout,” said Sarkar, who’s an independent financial commentator now.
The economy is bad. It’s so bad, the Rajoy administration just threw out the initial deficit targets. They negotiated a new target with the EU, but meeting it will mean more pain for the Spanish people, via austerity measures.