Beach Hut
Brighton Bhuna Boy
Looks like the pack of cards is slowly collapsing in the Euro Zone as Spanish banks have asked for 100 Billion Euros just to stay afloat.
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Spain 100 Billion Euros Aid
- Thread starter Beach Hut
- Start date
It's not quite that bad those, is it?
It's not their major banks (Santander et al).
It's 'only' the lesser banks that overstretched during their construction boom.
It's not directly linked to the average Spanish Juan.
Just a straight loan, from one set of banks to another.
Leekbrookgull
Well-known member
Radio Four was running with 'lesser banks' and around 40B Euros but it could be as much as 100B,you have to wonder is Spain the 'tipping point' for the Euro ?
Chicken Runner61
We stand where we want!
- May 20, 2007
- 4,609
Not that bad!
You do know they built more houses in Spain (and all on loaned money) than the whole of the Euro zone built (including the UK) put together
Not that bad, in the whole scheme of things, at the moment.
Because the money to be loaned is not directly linked to Spain, as a country.
Obviously it's all going to go breasts up, I'm not that stoopid (just).
It could well go wrong because of this loan, down the line.
But this deal as it stands isn't the straw that breaks the camel's back.
Chicken Runner61
We stand where we want!
- May 20, 2007
- 4,609
Its true is a bank loan rather than Sovereign debt so on Monday they will still be able to borrow but we have had failed solutions before and I understand they have more real estate loans in trouble than they have not in trouble!
As per an earlier thread I was asking those who may have had accounts in Spanish banks what they thought. From the response we have emptied our account in Bankia. We expected to do it but, overall consensus made us. The Spain situation is definately the tipping point. I may not have had much in Bankia but, amongst Dutch, the Scandinavians, the Flemish and the Germans, all who may empty their accounts lest the money be lost, Like us. YOU HAVE A BANK RUN. DO NOT BELIEVE IT IS'NT HAPPENING, NOW.
Chicken Runner61
We stand where we want!
- May 20, 2007
- 4,609
Very true - but where is safe ? Its all very well being protected in the Uk £85k wrapper but when they print the money to save it its going to devalue any way!
Captain Sensible
Well-known member
Let them have s bail out, there is money here in Spain and it will help long term. You know all those unfinished buildings and complexes you see down here ( on my hols ATM)? The banks recently pumped out loads of cash to independent firms to finish them, so the banks can flog them. They are nOw pushing the prices up as Spanish banks own around 50% of the new build market, which intern is pushing up the rest. This is only happening on the south coast where these complexes exist.
Still it's all relative, in Marbella/ Malaga the unemployed is just under 3%. Compare to 23.5% in the rest of spain.
There is cash here, it can grow....it might need to be out of the shackles of the Euro to do it.
Take the money and run, that's what a local Andalucian mayor said today.
Still it's all relative, in Marbella/ Malaga the unemployed is just under 3%. Compare to 23.5% in the rest of spain.
There is cash here, it can grow....it might need to be out of the shackles of the Euro to do it.
Take the money and run, that's what a local Andalucian mayor said today.
Last edited:
- Jul 7, 2003
- 47,645
The boffin on the news was saying this particular bail out was not as much of a concern as the Greek, Irish and Portuguese ones. I don't know why, but he seemed to think it was more or less a good thing.
Chicken Runner61
We stand where we want!
- May 20, 2007
- 4,609
Thats because its going down as a bank loan rather than sov debt
And like Greece they never seem to finish them.