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Catalonia asked for bailout
http://www.reuters.com/article/2012/05/25/spain-catalonia-idUSL5E8GP73Z20120525
http://www.zerohedge.com/news/it-begins-spanish-region-catalonia-demands-bailoutWhy Catalonia before Andalucia or Murcia? I thought Catalonia are the rich ones…
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The first but not the last. Valencia is odds on, watch the trickle effect take hold into a flood. I have predicted this for years.
http://www.telegraph.co.uk/finance/financialcrisis/9290206/Catalonia-demands-a-bailout-from-central-government.html -
The first but not the last. Valencia is odds on, watch the trickle effect take hold into a flood. I have predicted this for years.
http://www.telegraph.co.uk/finance/financialcrisis/9290206/Catalonia-demands-a-bailout-from-central-government.html -
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They may well be too late Chopera.
If Ambrose and Edward Hugh are right and they are more often right than wrong, there is little hope for Spain.
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They may well be too late Chopera.
If Ambrose and Edward Hugh are right and they are more often right than wrong, there is little hope for Spain.
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@flosmichael wrote:
Why Catalonia before Andalucia or Murcia? I thought Catalonia are the rich ones…
Because they have the biggest budget deficit and urgent refinancing needs.
Catalan nationalists would also say it’s because of the fiscal deficit they run with the rest of Spain. Catalonia is a big net contributor to the Spanish national budget, they pay in much more than they get out. Some Catalans complain that they work hard and pay their taxes just so feckless Andalucians (and all the others) can live for free. Sound familiar? Germany and Greece?
Anyway, the numbers just don’t add up any more (not that they ever did). There is no money in the kitty.
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@flosmichael wrote:
Why Catalonia before Andalucia or Murcia? I thought Catalonia are the rich ones…
Because they have the biggest budget deficit and urgent refinancing needs.
Catalan nationalists would also say it’s because of the fiscal deficit they run with the rest of Spain. Catalonia is a big net contributor to the Spanish national budget, they pay in much more than they get out. Some Catalans complain that they work hard and pay their taxes just so feckless Andalucians (and all the others) can live for free. Sound familiar? Germany and Greece?
Anyway, the numbers just don’t add up any more (not that they ever did). There is no money in the kitty.
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Yes Mark, the reason is what you say but from my point of view…..
make no mistake, Catalonia is one of the largest contributors but not the greatest. The largest contributor is Madrid.
Catalan´s nationalists with their complaints dont seek that the money they bring to other regions of Spain is used correctly and productively (like Germany about Greece). They seek political gains and that the Spanish government will throw the trap in which they entered for their disastrous economic policies. They can not get financing because nobody would buy the debt and the Catalan´s government intended that the Spanish State endorses them ….. but do not close the embassys of this region throughout the world or stop of spending money on non-productive policies that only seek separles of Spain or….. -
Yes Mark, the reason is what you say but from my point of view…..
make no mistake, Catalonia is one of the largest contributors but not the greatest. The largest contributor is Madrid.
Catalan´s nationalists with their complaints dont seek that the money they bring to other regions of Spain is used correctly and productively (like Germany about Greece). They seek political gains and that the Spanish government will throw the trap in which they entered for their disastrous economic policies. They can not get financing because nobody would buy the debt and the Catalan´s government intended that the Spanish State endorses them ….. but do not close the embassys of this region throughout the world or stop of spending money on non-productive policies that only seek separles of Spain or….. -
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There is a report here that says Valencia region hasn’t paid any bills to pharmacies this year and they owe them 50 million. In spanish
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There is a report here that says Valencia region hasn’t paid any bills to pharmacies this year and they owe them 50 million. In spanish
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These autonomous Spanish regions are bankrupt. They have been disguising their deficits by not paying suppliers using dubious accounting. They spent money in the boom years recklessly when EU banks were giving them blank cheques.
Their creditors have rumbled them finally and will not lend them any further funding.
Valencia has to repay creditors almost €9bn this year. They have not got the money.
Central government will need to bail them out because the creditors want their money back and will not roll the debt over.The tab mounts up for the national governments whose deficit will balloon. Bankia, the regions and other struggling banks in the pipe line. It’s estimated the bill will amount to a staggering €290bn!
Spanish 10 year bond yields reached 6.5% today. Unsustainable levels.
The end game is now being played out.
http://www.telegraph.co.uk/finance/debt-crisis-live/9293828/Debt-crisis-live.html -
These autonomous Spanish regions are bankrupt. They have been disguising their deficits by not paying suppliers using dubious accounting. They spent money in the boom years recklessly when EU banks were giving them blank cheques.
Their creditors have rumbled them finally and will not lend them any further funding.
Valencia has to repay creditors almost €9bn this year. They have not got the money.
Central government will need to bail them out because the creditors want their money back and will not roll the debt over.The tab mounts up for the national governments whose deficit will balloon. Bankia, the regions and other struggling banks in the pipe line. It’s estimated the bill will amount to a staggering €290bn!
Spanish 10 year bond yields reached 6.5% today. Unsustainable levels.
The end game is now being played out.
http://www.telegraph.co.uk/finance/debt-crisis-live/9293828/Debt-crisis-live.html
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