Eurozone ministers agree 30bn euros for Spanish banks

Eurozone ministers agree 30bn euros for Spanish banks

www.bbc.co.uk

Eurozone finance ministers have agreed to lend Spain 30bn euros (£24bn; $37bn) this month to help its troubled banks.

It will be the first instalment of a bailout of up to 100bn euros, which was agreed in June.

The ministers will need to get approval from their own parliaments and hope to make the payment by the end of July.

The eurozone finance ministers also agreed to extend the 2013 deadline for Spain to cut its budget deficit to the EU limit of 3% by one year.

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I think this is absolutely ludicrous!!!! The people are bailing out the banks once more! It is as if the EU ministers are purposefully trying to destroy the Eurozone.

When will the endgame come? When will the EU collapse? It is only a matter of time now.

What few seem to realise, even after all this time, is that this is a slow motion bank robbery, by those running the banks. The money was, and is still being effectively removed from banks capital reserves, pension fund assets etc to pay iniquitous remuneration packages. It has been going on for decades, the cumulative effects being hidden by opaque derivatives and creative accounting.




www.bbc.co.uk
(visit the link for the full news article)

$30 Billion...

For a group that has ripped of the masses for decades making them TRILLIONS!

Imagine what $30 billion could do for the homeless, the children, the sick, the aged,innovation and science.

Well done governments, what a spineless bunch we are!

reply to post by chemistry


$30 Billion more for the rich class i guess. The bailouts don't help the people. And Greece is a good example of that.

I think it is quite shocking that the 30bn is just an installment of the total 100bn!

Where is all of this money coming from? Oh yes, that's right; the people. The stupid, absent minded, easy-to-acquiesce Joe Public.

I think it's about time we started governing our own local communties and we stopped relying on big government competely.

Nothing but a bunch of criminals, the lot of them!

I can fully understand the BS that WTO, ECB and ministers around the world are attempting. I ....wish to remain silent...But...I...can't.....

Mankind cannot continue live with delusions, more so at this stage, where so much had been divinely revealed. We have to acknowledge it, correct it so that we may progress and evolve. Sweeping it under the carpet or false propaganda will not solve the problem, but only hinder us....


1. 30 billion, and only at the end of month is mere small change. Spain needs more, let alone EU itself

The ECB thought that by propping up banks, it would mean depositors and humanity will think that banks will ALWAYS be solvent, and then will not withdraw funds. It is a stability measure, but ....unfortunately, it will only work under NORMAL conditions, unlike today.

Many of humans are worried about their savings, as the banks had only REVEALED and proven how irresponsible they are. Many will only withdraw their funds, or call in their investments, totally to a staggering and out of this world $700 Trillion in leverages. There is NO one or institution capable of paying that amount today. It is several times the growth of our world when included with human capital and resources!

Where does the $30 billion, or hundreds of billions in ECB and IMF came from? It came from the savings and pension funds worldwide. It is STILL the People's money that ECB and IMF are screwing with by bailing out banks instead of the People.

When the banks received those money, depositors will only withdraw it, as these are uncertain times, and hide it at home, thus not circulating money. Investors will demand their investments backs, and pandominum breaks out, for there is not ENOUGH money to pay off everyone.

Worse still, with austerity drives, such as those practiced by the corrupted and manipulated Spanish govt - to bail out banks instead of the People, there will be no growth. With no growth, Germany, which is the paymaster and beneficiary of EU member states consumption in terms of profits obtained and interests from loans, Germany will too spin into a recession when EU folks wear collar chains around their necks.

Resulting in a few billions who had managed to get their savings and investments out in time, HOARDING it big time, with NO circulation of money. In time, as ECB and IMF continues to use worldwide funds to prop up failed banks, the world will starve. And humans have NO capacity to watch their loved ones starved. Wars and barbarism will eventually rise and doom our planet in a mushroom cloud conflagaration.

But what is the solution?

It had already been long offered by many around the world to EU beancounting management, but disregarded in their misplaced loyalty to banks instead to humanity.

Sit back....grab a beer...and watch it....all ...go down. Won't be too long now, if those bean counters refuses to wake up....