Spain to Get Bailout Saturday

And it only going to be a estimated 450 Billion Euros which is on hell of a leap from the
19 Billion about two weeks ago.

It should also explain who has all the leverage. For those confused, JP Getty has a reminder: "If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem." Now just replace "$100" million with "€450 billion" (for now, likely to be €1 trillion in a few days), and "Spain" with "Germany", and it should all fall into place

Click the image to see how the Bailout has gone up and up and up in the space of one month
since Banka was nationalised.

Zerohedge

Five officials in Brussels and Berlin said the finance ministers of the single currency area would hold a conference call on Saturday morning to discuss a Spanish request for aid, although no figure on the assistance has been set. The Eurogroup, which comprises the 17 euro zone states, will issue a statement after the call, which is scheduled to take place before midday (1000 GMT), the sources said. "The announcement is expected for Saturday afternoon," one of the EU officials said. The dramatic move comes after Fitch Ratings cut Madrid's sovereign credit rating by three notches to BBB on Thursday, highlighting the Spanish banking sector's exposure to bad property loans and to contagion from Greece's debt crisis.

Reuters

At the moment the spanish goverment has not asked of a bailout but are not denying it
and the European authorities are also saying they have no knowledge of such plans which
sound like a attempt to keep the markets from panicing which is why the bailout is going
to be asked for on the weekend.

reply to post by skuly


hey, we will beat Italy in footy ball and then get bailed out by the union....nice.....

I see reprisals in our future....lol.

hey wheres my bailout for living in this corrupt capitalist system ? I could use 19 billion for doing nothing but spending my peoples money incorrectly

I am so SICK of the damn bailouts. Printing money out of thin air, corrupting and destroying the economies even more. It is to the point already where the debt is completely unpayable and they are simply throwing around stacks of cotton and pretending that it has value because they say it does.

And in they end, they are simply prolonging the inevitable. How much money did they throw at Greece before now? And the damn ship is still sinking. It is like using buckets to scoop water out of the Titanic while there is an iceberg sized hole on the side.

I just want the damn thing to collapse.

I agree ^^^ entirely.
It's just no longer real is it...money that isn't money, just numbers on a screen that has no meaning.
If they were in such a mess they needed this loan in the first place how on this earth are they ever going to pay it back on top of paying for their outgoings as a country.

One thing I'd love to know is why this is happening in the eurozone, as it didn't happen in the individual countries before this - it's like it was setup to fail so someone could exhibit control over the whole area through financial penalties...Germany seemingly the top contender for this role? This is an area worth investigation..maybe as a physical takeover didn't work it's resorted to financial means to and Europe. This may be controversial but I believe this to be the case...
Would be an interesting thread to really look into the whole euro area and where it's all gone wrong - who's involved.
Hope someone takes up the baton as I'm stacked out solid for 2 weeks and have no time to research such an area in detail?

Originally posted by facchino

One thing I'd love to know is why this is happening in the eurozone, as it didn't happen in the individual countries before this - it's like it was setup to fail so someone could exhibit control over the whole area through financial penalties...Germany seemingly the top contender for this role? This is an area worth investigation..maybe as a physical takeover didn't work it's resorted to financial means to and Europe. This may be controversial but I believe this to be the case...

It's been acknowledged that the Euro was seen as a means towards European integration. Unfortunately it didn't pan out. IMO this crisis is very convenient. Engineered or not it could very well achieve what the Euro, on it's own, could not.
Merkel and others are already calling for closer European integration as a way of solving the crisis. What a surprise! But even some Euro countries are not keen on this and most people in the UK would vote 'no' in a heartbeat. Just let it wait a while though. IMO when things get really bad people will be panicked into changing tack. At the same time the politicians will utter weasel words about protecting sovereignty. Make no mistake the European superstate is on its way. Some people think the current problems will bring about its demise. How wrong they are.

Its not capitalism. Its peoples interpretation of capitalism thats the problem.

You let sneaky worms get in your cake you are eventually going to get sick.

How about the people hold their Govts accountable? Cause we all know they are not. They are back door dealin' psychopaths in control of everything because we give them that power.

Its us. The cattle that are not doing anything but bitching about it like I am doing this very moment.

And I will continue to keep bitching because if I try anything drastic ima get thrown in a white jacket in a padded room. Or sent to Guantanamo Bay- and I dont like the ****meat sandwich.

But Im behind any and all other revolutions that dont require all kinds of sandwiches.

This is just the start of the next wave of bailouts for banks.

(Reuters) - Euro zone finance ministers rushed Spain into an EU-funded rescue for its debt-stricken banks to pre-empt the threat of a bank run if Greece's debt crisis flares again but any respite for Madrid and the euro may be short-lived.

EU's Spain bank rescue may bring only brief respite

There are lots of politicians and bankers that are going to be very scared over the next
few months especaly when italy starts to need money.

Some market participants see Rome, which has Europe's highest debt ratio after Greece but a low budget deficit, as potentially next in line for a bailout which the euro zone could ill afford.

"Where next? 200 or 300 billion euros for Italy? (The Spanish bailout) is just compounding the agony," said Nick Hocart, a director at currency fund manager Xenfin in London.

Economists at Citi said Italy faced rising debt for a prolonged period and "will most likely require some form of intervention from the ECB (which supported Italy already twice), the EFSF/ESM (euro zone rescue funds) and the IMF at some point".