I always find the ‘crisis live’ report at the start of the week depressing; it seems to regurgitate the previous week’s bad news just to start the week off on a sour note. The Spanish bank bail out has already been extensively reported, as has France’s renewed attempt to strip the City of its financial hub status for the Eurozone, to which the UK doesn’t belong.
Neither news item is new, both are months old.
I’m already dreading next Monday, there won’t be much good news after Osbourne’s mini budget on Wednesday, he has already forecast another five years of austerity.
Maybe he doesn’t expect to be in the post in five years time?
Another successful (not) Spanish financial catastrophe! 🙄
Now Bankia will ‘wipe out the investments of 350,000 shareholders, many of them small savers and pensioners after it emerged that losses on bad loans at the troubled Bank were even worse than expected. It will hit small investors drawn in by aggressive marketing last year (similar to those dodgy agents and developers who sold property in the boom).
A Central Bank source says ‘they will lose up to the shirt on their back’ , good of him to say that, on top of the 6000 job losses.
Investors are saying ‘we’ve been duped’, how strange to think that about a Spanish Bank 🙄
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