Title: Mcgowanjm Wire 2012 Source:
[None] URL Source:[None] Published:Feb 26, 2012 Author:Various Post Date:2012-02-26 09:15:13 by A K A Stone Keywords:None Views:1371962 Comments:2390
" Spain Nationalizes BFA and 45% of Bankia; No Bid for CatalunyaCaixa, Bank Worth Less Than Zero; Der Spiegel: Germany Fears "Bottomless Pit"
The implosion in Spanish banks continues. On Wednesday, Spain nationalized BFA, the 8th nationalization since the start of the crisis.
After sinking 3 billion into CatalunyaCaixa, Spain tried to privatize the mess but there were no offers at zero euros. Clearly CatalunyaCaixa bank is worth less than zero.
Meanwhile Der Spiegel reports "Bundesbank has no idea of what is happening in Spanish banks". Mish readers do. The Spanish banking system is without a doubt bankrupt."
What we’ve been seeing in the last ten days in the EU as a whole is growing evidence that banking debt exposure to intrabank loan clients and ownership of ClubMed subsidiaries are vying with sovereign debt to be uppermost in the minds of nervous investors. And sources in an around Mario Draghi’s ECB continue to hint that the Italian Stallion is nearly out of oats when it comes to eurobank support.
This is partly because all his ‘money’ (loose and somewhat inaccurate term) is going into manipulation of the bond markets discreet purchases of excess bonds left lying around in places like, for example, Spain. The bond yields there on 10-year notes went above 6% again yesterday.
Spain is going to go bang pretty soon. At this rate, there won’t be any FiskalPakt applicants remaining solvent by the time the Fuhrerin gets it together. (And in Ireland, the tide is turning against FP ‘Yes’ campaigners)."
Spain is going to go bang pretty soon. At this rate, there won’t be any FiskalPakt applicants remaining solvent by the time the Fuhrerin gets it together. (And in Ireland, the tide is turning against FP ‘Yes’ campaigners).
Credit Agricole owns 20% of commercial bank Bankinter SA, Spain’s sixth largest bank. The bank has been hit hard by the Troika-aggravated recession in Spain, the shares having declined some 30 per cent over the last 12 months. Spain’s biggest seven banks need €68 billion of additional capital as a buffer against bad loans, and to meet regulatory requirements, according to RBS. All this is the sort of information that (a) demonstrates multivariate contagion and (b) why investors remain acutely aware of CreditAg’s very high level of exposure on several fronts.
Poll: US Opposition to Afghan War Hits New High Opposition Levels Unseen Since Vietnam War by Jason Ditz, May 09, 2012 Print This | Share This
A new AP/Gfk poll is showing that the trend of opposition to the Afghan War continues, with an overwhelming 66% of Americans now opposed to the conflict, with only 8 percent of Americans remaining “strongly” in support of it.
The AP compared the poll to a late 1971 poll on the Vietnam War, which showed 65% of Americans opposed to continuing that war. But while the US was slowly beginning its withdrawal from Vietnam at that time, President Obama is just one week off of signing a deal to keep US troops occupying Afghanistan through 2024.
