Exodus from Spain.

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This topic contains 12 replies, has 6 voices, and was last updated by Profile photo of Anonymous Anonymous 5 years, 1 month ago.

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  • #56389
    Profile photo of logan
    logan
    Participant

    As the economic calamity in Spain deepens the government welcomes the departure of immigrant workers. However many skilled and well educated Spanish are now leaving Spain in search of employment.

    http://www.ft.com/cms/s/0/f6042f74-f5b1-11e0-be8c-00144feab49a.html#axzz1b7UXp5Cp

    Rumours in the City yesterday suggested Spain is secretly seeking a 20% haircut on it’s national debt. It is this type of contagion EU leaders fear the most. If Greece gets an expected 40% haircut on it’s debt you can bet other countries will demand similar help.

  • #106174
    Profile photo of Anonymous
    Anonymous
    Participant

    “Jeremiah Ekenobaye, a Nigerian immigrant who worked as a van driver and bought a flat in Parla with a mortgage but then lost his job, told the FT recently: “I am even planning to get out of Spain. Maybe Holland or the UK. But it’s difficult to make a move.””

    Of course people like Mr. Ekenobaye will just dump his flat on the bank portfolio.

  • #105974
    Profile photo of Anonymous
    Anonymous
    Participant

    “Jeremiah Ekenobaye, a Nigerian immigrant who worked as a van driver and bought a flat in Parla with a mortgage but then lost his job, told the FT recently: “I am even planning to get out of Spain. Maybe Holland or the UK. But it’s difficult to make a move.””

    Of course people like Mr. Ekenobaye will just dump his flat on the bank portfolio.

  • #97793
    Profile photo of Anonymous
    Anonymous
    Participant

    Not that I agree with the possible action by Mr Ekenobaye. What option has he got.

  • #97794
    Profile photo of peterhun
    peterhun
    Participant

    @logan wrote:

    As the economic calamity in Spain deepens the government welcomes the departure of immigrant workers. However many skilled and well educated Spanish are now leaving Spain in search of employment.

    http://www.ft.com/cms/s/0/f6042f74-f5b1-11e0-be8c-00144feab49a.html#axzz1b7UXp5Cp

    Rumours in the City yesterday suggested Spain is secretly seeking a 20% haircut on it’s national debt. It is this type of contagion EU leaders fear the most. If Greece gets an expected 40% haircut on it’s debt you can bet other countries will demand similar help.

    A 20% cut in its debt and a 50% increase in the interest rate it has to pay for new borrowing. Suicidal strategy and I can’t see them trying it.

  • #106175
    Profile photo of logan
    logan
    Participant

    @peterhun wrote:

    A 20% cut in its debt and a 50% increase in the interest rate it has to pay for new borrowing. Suicidal strategy and I can’t see them trying it.

    I agree it’s premature and the rumour did not gain legs. However with S&P’s recent downgrade and most of the credit agencies citing a negative outlook the rate Spain is paying for it’s debt will certainly rise without further measures.
    What is also likely when the PP gain power in November further restructuring of the debt pile is going to be eventually on the table. Further austerity and reining back regional government spending will be another priority.

    A classic example – Mazarron and the Murcian regional government have just announced they are to spend €66 million on a new water park. 😯
    http://www.simplynetworking.es/news-8362-31-mazarr%C3%B3n_council_plan_to_build_waterpark_in_the_municipality.html

    The PP have been very guarded about revealing their future strategy in case they frighten the electorate.
    However as I see it the Spanish people are going to have to accept some unpalatable ‘Greek style’ policies in order to satisfy the markets.

  • #105975
    Profile photo of logan
    logan
    Participant

    @peterhun wrote:

    A 20% cut in its debt and a 50% increase in the interest rate it has to pay for new borrowing. Suicidal strategy and I can’t see them trying it.

    I agree it’s premature and the rumour did not gain legs. However with S&P’s recent downgrade and most of the credit agencies citing a negative outlook the rate Spain is paying for it’s debt will certainly rise without further measures.
    What is also likely when the PP gain power in November further restructuring of the debt pile is going to be eventually on the table. Further austerity and reining back regional government spending will be another priority.

    A classic example – Mazarron and the Murcian regional government have just announced they are to spend €66 million on a new water park. 😯
    http://www.simplynetworking.es/news-8362-31-mazarr%C3%B3n_council_plan_to_build_waterpark_in_the_municipality.html

    The PP have been very guarded about revealing their future strategy in case they frighten the electorate.
    However as I see it the Spanish people are going to have to accept some unpalatable ‘Greek style’ policies in order to satisfy the markets.

  • #106181
    Profile photo of katy
    katy
    Spectator

    They will after the election when the real state of the economy is revealed!

  • #105981
    Profile photo of katy
    katy
    Spectator

    They will after the election when the real state of the economy is revealed!

  • #106183
    Profile photo of Anonymous
    Anonymous
    Participant

    If local politics in Catalonia is anything to go by, it will emerge after the election that the Socialists have spent far more than they fessed up to, especially on themselves and special interest groups.

  • #105983
    Profile photo of Anonymous
    Anonymous
    Participant

    If local politics in Catalonia is anything to go by, it will emerge after the election that the Socialists have spent far more than they fessed up to, especially on themselves and special interest groups.

  • #105990
    Profile photo of Anonymous
    Anonymous
    Participant

    “Mazarron and the Murcian regional government have just announced they are to spend €66 million on a new water “

    Does not surprise me to read what the Mayor says. Ofcourse he not spending his money. I am sure that he will get a kick back from the project.

  • #106190
    Profile photo of Anonymous
    Anonymous
    Participant

    “Mazarron and the Murcian regional government have just announced they are to spend €66 million on a new water “

    Does not surprise me to read what the Mayor says. Ofcourse he not spending his money. I am sure that he will get a kick back from the project.

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