asterisk2a + spain   167

Italien: Rechtsradikale Gruppen wie Casa Pound wachsen - SPIEGEL ONLINE
From Spain to Turkey, the rise of the far right is a clash of cultures not civilisations
Elif Shafak
Vox and other extremists are making huge political gains for the first time in years. Their success risks tearing societies apart
What Vox is selling is strikingly similar to the package embraced by populist nationalists elsewhere: anti-immigration, anti-diversity, anti-gay marriage and LGBT rights, an aggressive longing for a mythical golden past. The Catalan conflict has played into Vox’s hands – as through history, one type of “benign” nationalism has dangerously inflamed another to stoke a vicious conflict. Populist nationalists love imaginary enemies, and Vox is no exception. Misogyny lies at its heart. Talk that men are suffering at the hands of “feminazis”, and that radical feminists are threatening the social fabric, will be familiar to watchers of the far right. They don’t believe that patriarchy exists, just as they don’t believe climate change is happening. Coming from Turkey, the misogynist rhetoric of the Spanish movement is horribly familiar to me. Just like the Justice and Development party (AKP) in Turkey, Vox wants to convert the current gender ministry into a ministry of family. The shift in words is significant. Rather than looking at gender discrimination and institutional gender disparity, the new focus is on “traditional family values”. Until recently Spain was regarded as one of the few countries that had made huge gains in gender equality. Now we know that even in such countries history can go backwards.
Italy  Italien  Rechtsruck  Rechtsextremismus  Spain  Vox  values  culture  family  LGBT  far-right  right-wing  alt-right  Spanien  Europa  fascism  Neo-Nazi  neonazi  neo-fascism  neofascism  Nazi  Xenophobia  Homophobia  homophobic  transphobia  Transphobic 
may 2019 by asterisk2a
EU intervention in Catalonia would cause chaos, Juncker says | World news | The Guardian
Commission president says he warned Spanish government to head off Catalan crisis, but EU cannot mediate
Catalonia  Spain 
october 2017 by asterisk2a
Catalonia: Spain issues deadline to separatists - BBC News
who blinks first. high noon pistol fight. &! - Catalonia: Spain takes step towards direct rule //&! alt view to 'counter revolution' movement left populist outward looking welcoming immigrants welcome nationalism: - neonationalism (global village no accountability) neoliberal kapitalism teilte die leute auf gegen sich auf. nicht vereint. siehe fb there is no global village connection to all (fb zuck dream PR talk), alles kleine identitaeten und grueppchen. isoliert. eigener blase. schaun nicht ausm fenster, wie mittlerweile in der realitaet. wer kennt schon alles seine nachbarn im etagen house wie sein bruder oder schwester? Scotland and Catalonia indy are majority led by left socialist populous. Brexit is led by far-right conservative neoliberalism on steroids populous.
Catalonia  Spain  Gesellschaft  Society  neoliberalism  Capitalism  Individualism  Consumerism  Consumer  Selbstdarstellung  Facebook  Twitter  mental  health  globalisation  bank  bailout  double  standard  indyref  indyref2  Scotland  Brexit  immigration  Identity  Culture  Politics  LGBT  far-right  right-wing  alt-right  DonaldTrump  Donald  Trump  left-wing  Jeremy  Corbyn  SPD  btw17  GE2017  workers  union  rights  trade  Community  segregation  GFC  Austerity  vulnerable  working  poor  Precariat  No  Representation  poverty  trap  Deprivation  income  inequality  Super  Rich  1%  Oligarchy  revolving  door  Corruption  social  mobility  redistribution  welfare  state  Privatisation  profit  maximisation  ZIRP  NIRP  QE  IMF  democracy 
october 2017 by asterisk2a
Endlessly refighting old wars does nothing to heal a fractured present | Will Hutton | Opinion | The Guardian
Europe’s obsession with historical grievances is preventing reforms that will benefit all the continent
European  Union  EU  history  Catalonia  Spain  Germany  France 
october 2017 by asterisk2a
Catalan crisis: Spanish court bars MPs' independence move - BBC News
Spain's Constitutional Court has suspended next Monday's session of the Catalan parliament, in a bid to pre-empt a possible push for independence.
The court said such a move would be "a breach of the constitution".
Earlier Prime Minister Mariano Rajoy warned Catalonia's regional government against declaring independence after a disputed vote last Sunday.
Catalan leader Carles Puigdemont had indicated that he could make such a declaration at next week's session.
Catalonia  Spain  EU  European  Union  UN 
october 2017 by asterisk2a
Italy’s €360 billion referendum – POLITICO
Italy’s banking system is staggering under €360 billion in bad loans. Almost any outcome that destabilizes Italian politics would send tremors through the country’s rickety financial system. While the long-term consequences could be dramatic — in a worse case scenario perhaps leading to the collapse of the eurozone — the first victims could be efforts to rescue two of Italy’s largest lenders.
non-performing  NPL  bad  bank  Italy  Referendum  Renzi  contagion  European  Union  systemicrisk  sovereign  debt  crisis  GFC  economic  history  recession  recovery  Austerity  ECB  Banking  Supervision  MarioDraghi  Greece  Spain  Portugal  PIGS  UK  exposure  bailout  bail-in  bailin  recapitalization  recapitalisation 
november 2016 by asterisk2a
Bancopalypse 2.0 - Some Disturbing Figures From The Looming Financial Crisis | Zero Hedge
Well-capitalized banks are supposed to have double-digit capital levels while making low risk investments.

Deutsche Bank, on the other hand, has a capital level of less that 3% (just like Lehman), and an incredibly risky asset base that boasts notional derivatives exposure of more than $70 trillion, roughly the size of world GDP.

Even the IMF has stated unequivocally that Deutsche Bank poses the greatest risk to global financial stability.

And the IMF would be right… except for all the other banks.

Because, meanwhile in Italy, nearly the entire Italian banking system is rapidly sliding into insolvency.

Italian banks are sitting on over 360 billion euros in bad loans right now and are in desperate need of a massive bailout.

IMF calculations show that Italian banks’ capital levels are among the lowest in the world, just ahead of Bangladesh.
Deutsche  Bank  derivatives  financial  instruments  BaFin  BuBa  European  Bank  Supervision  Italy  Spain  stresstest  PIGS  zombie  zombie  banks  non-performing  loan  capital  reserves  ECB  MarioDraghi  sovereign  debt  crisis  economic  history  Wolfgang  Schäuble  Angela  Merkel  banking  union  systemic  risk  systemicrisk  systemrelevant  systemrelevanz  TBTF  toobigtofail  too  big  to  bail  too  big  to  fail 
july 2016 by asterisk2a
5 Reasons Catalonia’s Elections Will Be the Next Flashpoint in Europe | Novara Wire
5. Catalan independence has consequences far beyond Spain. The reason the crisis in Catalonia isn’t just a concern for the Spanish state is the profound economic and political contagion it presents. Spain is the fourth largest country in the Eurozone and Catalonia forms 16% of Spain’s population and 19% of its GDP. Catalan independence is an existential crisis for the Spanish state, and thereby an existential crisis for Europe.
Spain  Scottish  independence  referendum  No  Representation  devo-max  Devolution  Scottish  Catalonia  2015  political  theory  social  contract  democracy  GFC  recovery  corruption 
august 2015 by asterisk2a
Spain enters a new political era - BBC News
Anti-austerity parties, linked to the Podemos movement on the far left, which is barely one year old, have the prestige of holding power in Barcelona, and could form a coalition to rule in the Spanish capital. Across the country the ruling Popular Party (PP) of Prime Minister Mariano Rajoy has been punished. The PP will hold onto the fact that they still have the highest share of the vote of any single party. But they have lost absolute majorities in regional parliaments across the country, including in traditional heartlands like Valencia, where the party has been badly damaged by corruption. [...] What is also eye-catching is that significant support nationwide has shifted from the PP to parties on the left, even though the PP has taken Spain's economy from the height of the financial crisis in 2012 through to a period of impressive growth. [...] That could be because the social impact of the recovery is still not being felt by enough of the people & !>
Spain  Podemos  Career  Politicians  corruption  No  Representation  austerity  Protest  Partei  Protest  Party  PIGS  Syriza  sovereign  debt  crisis  unemployment  lost  decade  lost  generation  bribery  political  economy  GFC  bailout  recovery  Gini  coefficient  inequality  income  growth  income  inequality  Europe  European  Election  2014  Protest  neoliberal  neoliberalism  liberal  economic  reform  competitiveness 
may 2015 by asterisk2a
Die Fakten über Griechenland - Undankbare Faulenzer? - Monitor 05.02.2015 - Bananenrepublik - YouTube - Deutsche Vorherrschaft in Europa: "Ein neuer Wirtschaftsnationalismus" Die "deutsche Frage" ist zurück: Der Wissenschaftler Hans Kundnani vergleicht Merkels Bundesrepublik mit dem Kaiserreich unter Bismarck. Hier erklärt er, wie er darauf kommt. [...] Herr Kundnani, Sie haben ein Buch über Deutschlands Rolle in der Eurokrise geschrieben, das im Jahr 1871 beginnt. Warum? [...] Publizisten wie George Soros und Martin Wolf schreiben sogar von einem neuen "German Empire". (( Hans Kundnani ist Research Director am European Council on Foreign Relations, wo er vor allem zu deutscher Außenpolitik forscht. )) &! - Bismarck-Jahr 2015: Der deutsche Traum als Schrecken Europas
Grexit  Greece  populism  Career  Politicians  Angela  Merkel  IMF  austerity  economic  history  Wolfgang  Schäuble  European  Union  Troika  Bailout  haircut  PIGS  Syriza  Podemos  Spain  humanitarian  crisis  human  tragedy  Politics  lost  generation  lost  decade  sovereign  debt  crisis  fiscal  sovereignty  greatrecession  GFC  recovery  Germany  Eurokriese  book  Europe  European  Exportweltmeister  Soziale  Marktwirtschaft  national  identity  identity  culture  Nationalismus  Nationalism  history  foreign  affairs  faultlines  Structural  Impediments  imbalance 
february 2015 by asterisk2a
Wolfgang Münchau: Die Gefahren des Jahres 2014 - SPIEGEL ONLINE
Beide Seiten haben Grund zu Pessimismus. Die strukturkonservative Bundeskanzlerin sieht mit Schrecken, dass Frankreich, Spanien und Italien keineswegs geneigt sind, deutsch zu werden. Euro-föderale Kritiker wie ich sind darüber enttäuscht, dass es weder eine Fiskalunion noch eine echte Bankenunion geben wird. Für uns ist das, was letzte Woche beschlossen wurde, keine Bankenunion, sondern nur ein schlechter Witz. Jedes Land bleibt für seinen eigenen Bankensektor verantwortlich. Das vorrangige ökonomische Ziel, die Risiken von Banken und Staaten zu trennen, ist dahin. Stattdessen ist die Bankenunion nur noch ein komplizierter administrativer Prozess.
Europe  europeanunion  banking  union  banking  crisis  bank  crisis  sovereign  debt  crisis  fiscal  sovereignty  austerity  2013  2014  France  Spain  Italy  liberal  economic  reform  greatrecession  greatdepression  lostdecade  lostgeneration  Japan  economic  history  history  Angela  Merkel  political  folly  political  error  FrancoisHollande  policy  error  policy  folly  ECB  creditcrisis  creditcrunch  M3  monetary  transmission  mechanism  monetary  policy  fiscal  policy  Richardkoo  reflation  deflationary  deflation  inflation  ZIRP  QE  LTRO  unintended  consequences  NIRP  negative  real  interest  rate  unconventional  monetary  policy 
december 2013 by asterisk2a
Spanien: Arbeiten bis zum Umfallen | Europa Aktuell - YouTube
nothing is safe. safety is an illusion. just change the law - and they can use your pension to pay debt off. done everywhere else. Portugal. Ireland. some east-European countries.
Spain  GFC  trust  pension  fund  Debt  Super  Cycle  confidence  pension  obligation  pension  scheme  sovereign  crisis  trustagent  greatdepression  pension  democracy  greatrecession 
october 2013 by asterisk2a
Italien und der Umgang mit Doping-Sündern -
- Sachschaden feststellen und zivil wegen Betrug und Sachschaden verklagen. + NADA muss unabhaengig werden und mehr geld bekommen - von Internationaler Stakeholder Gesellschaft (Sponsoren, Verbaende (die TV rechte verkaufen), Laender). NADA hat conflict of interest - Deutscher Staat der finanziert und aber auch resultate will. Kein Verfolgungsinteresse nach Hinweisen/Tipps und auch gestandenen. + + +
Society  NADA  DFB  DLV  FIFA  DOSB  Anti-Doping-Law  cycling  Spain  I.O.C.  Soccer  accountability  Italy  Doping  transparency  Anti-Doping  Riccardo  Riccò  conflict  of  interest  Anti-Doping-Gesetz  UCI  Sport  Germany  WADA  governance 
august 2013 by asterisk2a
Rajoy Deputy Santamaria Could Be Next Spanish Prime Minister - SPIEGEL ONLINE
As Rajoy becomes increasingly mired in the massive scandal over illegal party donations, corruption and financial contributions, Sáenz de Santamaría, a former state lawyer who represented the country's highest court, is one of the few in the party to remain untouched by the allegations. And that alone may be enough to qualify her for the government's top job.
transparency  MarianoRajoy  Politics  Spain  PIGS  accountability  Corruption 
july 2013 by asterisk2a
The Dark Side > Micheal Rasmussen interviewed during the Sibiu Tour
Doping for a decade under the nose of WADA. With a little help of UCI. Lance Armstrong life-time ban would have never happened if it weren't for the USADA. Period. + >
NADA  FIFA  anti-doping  society  Spain  cycling  sports  sport  Soccer  Eufemiano  Fuentes  doping  Operation  Puerto  Tour  de  France  Fuentes  UCI  USADA  TdF  lancearmstrong  Michael  Rasmussen  WADA  Travis  Tygart  culture  EPO 
july 2013 by asterisk2a
Wolfgang Münchau über die Zinspolitik der EZB - SPIEGEL ONLINE
Aber am Ende ist das alles Haarspalterei. Es läuft auf dasselbe Ergebnis hinaus: Die Zinsen werden lange bei null bleiben, wahrscheinlich über mehrere Jahre. Solange es keine Anzeichen für eine dauerhaft steigende Inflation gibt - und die wird es auf absehbare Zeit nicht geben - solange wird sich dieser Ausblick nicht ändern. [...] Es besteht ein klarer Zusammenhang zwischen Geldmenge und den Preisen für Wertpapiere. [...] Es besteht die akute Gefahr, dass ähnlich wie in Japan vor zwanzig Jahren die Geldpolitik nicht greift, solange der Bankensektor so krank ist.
Greece  monetary  policy  JörgAsmussen  bond  bubble  incentive  asset  bubble  Europe  zombie  banks  monetary  transmission  mechanism  sentiment  BOE  banking  crisis  deflation  QE  PIGS  debt  monetisation  greatdepression  zombie  consumer  dis-inflation  deleveraging  asset  allocation  inflation  debt  monetization  balance  sheet  recession  Spain  GFC  capital  allocation  MarioDraghi  unintended  consequences  liquidity-trap  banking  union  negative  real  interest  rate  ECB  bank  crisis  greatrecession  debtoverhang  LTRO  OMT  NIRP  communication  Fed  trust  economic  history  Super  Cycle  confidence  sovereign  debt  crisis  monetarism  unconventional  monetary  policy  ZIRP  Jens  Weidmann 
july 2013 by asterisk2a
Doping im Fußball: Lügt Armstrong wieder? - Nachrichten Print - DIE WELT - Sport - DIE WELT
Auch der Fußball hat Dreck am Stecken, jedenfalls die Spanier. >> + Pep Guardiola kontak zu Fuentes und Doping geschichte. - selbst Eneko Llanos hatte mal auf Twitter berichtet das die Spanischen behoerden sehr lax seien. - photo gepostet auf blog - + >>,1473466,23606520.html + >> Von der Epo-Epoche zur Aicar-Ära?
Ironman  FC  Valencia  moral  anti-doping  Epo  Spain  Soccer  FC  Barcelona  Eufemiano  Fuentes  Sports  doping  Aicar  Alberto  Contador  Cycling  Operation  Puerto  Pep  Guardiola  Jan  Ullrich  UCI  Fuentes  GW1516  lancearmstrong  Sport  WADA 
july 2013 by asterisk2a
JAN ULLRICH - Das graue Schaf
Betrügerische System von allen Beteiligten um des Erfolgs willen gestützt wurde, ist kaum von der Hand zu weisen [...] das gnadenlose System des Profiradsports, in dem alle verbotene Substanzen nehmen, in dem alle einander betrügen und deshalb keiner sich als Betrüger sieht, sondern nur als Wahrer seiner Chancengleichheit. Den Blick auf den Radsport wollte er verändern; [...] "Ich habe niemanden betrogen, weil alle Betrüger waren." [...] Auch Sponsoren, Medien und nicht zuletzt die Zuschauer seien Teil des Systems: Die ungeheuerlichen Leistungen, die sie verlangten, seien ohne Hilfsmittel nicht zu erbringen. [...] Bei den Profis werde man allerdings von Verbandsärzten und Trainern, auch von Kollegen, nach und nach an Hilfsmittel herangeführt. >> Difference to Triathlon / Ironman :: Die Zielliene ist das Ziel. Nicht als erster an zu kommen. Due to broad participation.
journalism  Ironman  anti-doping  society  Spain  cycling  sports  sport  Eufemiano  Fuentes  doping  Olympics  journalismus  Operation  Puerto  Jan  Ullrich  UCI  Triathlon  lancearmstrong  elite  sports  culture 
june 2013 by asterisk2a
Fotos von Kilian Foerster: Spaniens verlorene Generation - SPIEGEL ONLINE
Keine Arbeit, keine Perspektive, keine Hoffnung - in Spanien wächst die Generación Cero heran. Der Fotograf Kilian Foerster hat Jugendliche in Madrid fotografiert, die unter den Folgen der Wirtschaftskrise leiden.
austerity  greatdepression  2013  society  GFC  lostgeneration  Spain  human  tragedy  property  bubble  Generación  Cero  greatrecession  youth  unemployment 
june 2013 by asterisk2a
Spanien will mit Doping-Image aufräumen - Radsport - Mehr -
Oeffentlicher Doping Kampf in Spanien? Vielleicht. Aber intern, nie. Spaniens Sporthelden und Idole (Fussball, Tennis, Olympia) stehen im Schatten. Im Doping Schatten. U.a. weil diese selbst wissen was passiert wenn Fuentes redet, order zum reden gezwungen wird. Der Verdacht bleibt beim interresierten Sportzuschauer, dass Sporthelden und Idole der Justiz und der Politik ein paar Saetze zugezwitchert hatten - die den Prozess Verlauf und Ausgang in ihrem Sinne beguenstigt hat. Punkt.
Tennis  anti-doping  Operation  Puerto  Spain  Fuentes  sports  sport  Soccer  doping 
june 2013 by asterisk2a
After Scandal Trial, Fuentes wants to sell the truth.
So far up to 100,000E offered for Fuentes' explanation. Hints at Olympians back to LA '84, London marathon, football teams. Nervous anyone? [ ] >> It would be devastating for Spain if this man talks for money, but isn't asked to talk in-front of Judge & Jury. One of the greatest cover-up operations (by Spanish Highballers) in European Sports is unfolding. If Spanish Football is offering him to be silent. Well, the whole truth will never come out and the doubt about Sports History 'was it clean?' will remain. Same now for Spanish Football 'dominated European and World Football Scene for +10 years'. There is a HUGE shadow over the question whether or not it was all legitimate. Even hinting at LA84 Olympics, one could imagine that doping was systematic via Spanish Olympic Org.
anti-doping  Operation  Puerto  Spain  Fuentes  doping  Olympics 
may 2013 by asterisk2a
Of Spain's "Bad Bank" Foreclosed Properties, Only 6,000 Of 83,000 Units Have Tenants | Zero Hedge
Nearly all of the foreclosed properties in its portfolio are empty, including apartment blocks far outside big cities. Only 6,000 of nearly 83,000 housing units have tenants.
badbank  banking  crisis  Spain  NPL  property  bubble  bank  crisis  zombie  banks 
may 2013 by asterisk2a
IMF Warns Spanish Debt-Load Is Unsustainable | Zero Hedge
The IMF warns Spain "will need to undertake unprecedented fiscal efforts to bring their debt ratios to traditional norms," as most countries have never experienced debt levels similar to current ones; and seemed to think a debt restructuring is more likely and will "entail substantial and long-lasting economic and social costs."
2013  lostgeneration  Spain  deposit  haircut  economic  history  haircut  European  Commission  sovereign  debt  crisis  austerity  Troika  greatdepression  debt  restructuring  deposit  levy  lostdecade  greatrecession  IMF 
april 2013 by asterisk2a
17 Signs Of A Full-Blown Economic Depression Raging In Southern Europe | Zero Hedge
The percentage of bad loans in Italian banks has risen to 12.2 percent.  Back in 2007, that number was sitting at just 4.5 percent. Data from Italy's national statistics institute ISTAT showed that the country's economy shrank by 0.9pc in the fourth quarter of last year and gross domestic product was down a revised 2.8pc year-on-year. The Italian economy is in the midst of a horrifying "credit crunch" that is causing thousands of companies to go bankrupt. "The sustainability of Italian public finances is in jeopardy. The euro crisis will therefore return shortly with a vengeance."
Portugal  unemployment  2013  Greece  Spain  NPL  Europe  creditcrunch  zombie  banks  Italy  sovereign  debt  crisis  austerity  PIIGS  greatdepression  banking  crisis  zombie  consumer  bank  crisis  greatrecession 
march 2013 by asterisk2a
Spanien: Luis Garicano über Schmiergeldvorwürfe gegen Rajoy - SPIEGEL ONLINE
Spaniens Regierungschef Rajoy ist in den Schlagschatten eines großen Schmiergeldskandals geraten. Das Land schliddert in eine politische Krise, die Märkte reagieren nervös. Im Interview analysiert der spanische Ökonom Luis Garicano die Affäre und die Folgen möglicher Neuwahlen.
trustagent  MarianoRajoy  bribery  bubble  Politics  trust  Spain  corruption  property  bubble  accountability  confidence  greatrecession 
february 2013 by asterisk2a
France and the euro: The time-bomb at the heart of Europe | The Economist
THE threat of the euro’s collapse has abated for the moment, but putting the single currency right will involve years of pain. The pressure for reform and budget cuts is fiercest in Greece, Portugal, Spain and Italy, which all saw mass strikes and clashes with police this week (see article). But ahead looms a bigger problem that could dwarf any of these: France.

[Its] economy looks increasingly vulnerable as well.

As our special report in this issue explains, France still has many strengths, but its weaknesses have been laid bare by the euro crisis. For years it has been losing competitiveness to Germany and the trend has accelerated as the Germans have cut costs and pushed through big reforms. Without the option of currency devaluation, France has resorted to public spending and debt.

[...] [Yet,] Mr Hollande still seems half-hearted.
IMF  Spain  economic  history  economics  Italy  unemployment  FrancoisHollande  Politics  liberal  economic  reform  GFC  competitiveness  greatrecession  Euro  Europe  austerity  sovereign  debt  crisis  PIIGSFB  PIIGS 
november 2012 by asterisk2a
Zuwanderung von Ingenieuren aus Südeuropa nützt Deutschland - SPIEGEL ONLINE
So absurd es klingen mag: Die Euro-Krise hilft Unternehmen wie Ziehl-Abegg. Denn der Bewerberstrom aus Südeuropa wird in den nächsten Monaten kaum abreißen: Im ersten Halbjahr 2012 kamen netto rund 182.000 Zuwanderer nach Deutschland, 35 Prozent mehr als im Vorjahreszeitraum. Die Zahl der Portugiesen und Spanier stieg gegenüber 2011 um mehr als die Hälfte, die Zahl der griechischen Zuwanderer steig um 78 Prozent. In der Krise gilt Deutschland als letzte Zuflucht vor der Massenarbeitslosigkeit und der tiefen Rezession in ihren Heimatländern.


Imigration ... Das habe Deutschland auch bitter nötig: "Der demografische Wandel wird uns in 10 bis 15 Jahren voll treffen. Bis dahin müssen wir unser Erwerbspersonenpotential entwickeln", sagt Brücker. Ob der Zustrom aus dem Süden aber noch lange anhält, hält der Ökonom aber für sehr fraglich: "Wir haben eine einmalige Situation. Fast überall in Europa ist Krise, nur in Deutschland nicht. Das bleibt nicht für immer so."
babyboomers  demography  demographics  lostgeneration  lostdecade  greatrecession  germany  emigration  imigaration  2012  Portugal  Greece  Spain  unemployment  sovereign  debt  crisis  PIIGS 
november 2012 by asterisk2a
Days After Disclosing Its 2013 "Austerity" Budget, Spain Announces It Will Miss Revised 2012 Budget Target | ZeroHedge

Days After Disclosing Its 2013 "Austerity" Budget, Spain Announces It Will Miss Revised 2012 Budget Target
austerity  greatrecession  2012  trust  confidence  Politics  Europe  sovereign  debt  crisis  Spain 
october 2012 by asterisk2a
Prof Martin Feldsein on Spanish economy and Euro (28Sept12) - YouTube
Report about anti austerity protests.
Report about politicians in Portugal taking a step back.

Spain, Catalonia, Politics, ...

Social fabric breaks apart.

Decline is subliminal. In-front our eyes, hardly noticeable.
confidence  trust  economic  history  Euro  fiscal  policy  ECB  IMF  fiscal  sovereignty  Pact  Troika  ESM  economics  MarianoRajoy  Catalonia  lostgeneration  greatrecession  Europe  Politics  social  contract  PIIGS  sovereign  debt  crisis  2012  Spain  Portugal  austerity 
september 2012 by asterisk2a
Spain Promises Much, Does Little And Will Tap Social Security Reserves For Funding | ZeroHedge

Incidentally this is the same fund which has 9 months of pension reserves and is invested in... drumroll... Spanish Bonds!

And cue to the riotcam.


Spain is yet another democratic country which plunders its citizens savings to mop up the floor while the sink is overflowing and the faucet is still running.
social  contract  socialsecurity  democracy  governance  government  Politics  greatrecession  Europe  sovereign  debt  crisis  austerity  pension  scheme  pension  obligation  pension  fund  2012  Spain 
september 2012 by asterisk2a
Sparprogramm in Spanien: Tiefer in die Krise - SPIEGEL ONLINE
Für Spanien haben entscheidende Wochen begonnen. Mit einem radikalen Sparprogramm will Ministerpräsident Rajoy den Weg für neue ESM-Hilfen frei machen. Doch die Regierung geht damit ein doppeltes Risiko ein. Sie verschärft die Rezession und bringt die eigene Bevölkerung gegen sich auf.

Die viertgrößte Wirtschaft der Euro-Zone wird ihren schon 2011 eingeschlagenen Sparkurs noch einmal drastisch verschärfen.

Der Etat werde im kommenden Jahr um 40 Milliarden Euro entlastet, sagte Finanzminister Cristobal Montoro in Madrid. Die einzelnen Ministerien müssen demnach im Durchschnitt 8,9 Prozent einsparen.

Regierungschef Rajoy steckt in einem Dilemma: Einerseits muss er sparen, will er die mit der EU vereinbarten Defizitziele auch nur annähernd erreichen - andererseits riskiert er durch allzu harte Kürzungen einen Volksaufstand, der das Land in eine tiefe politische Krise stürzen könnte.
unemployment  politics  ECB  sovereign  debt  crisis  OMT  ESM  Europe  property  bubble  greatrecession  2012  austerity  MarianoRajoy  Spain 
september 2012 by asterisk2a
Spain's 2013 budget a lose-lose act for Rajoy - YouTube
Deficit to widen because of no growth ...
thus keep on going with spending cuts to meet deficit targets.

Spain is very likely to request a bailout (via OMT and ESM) at the last minute ... somewhere in 2013 eventually.

Then it is about Portugal and Italy.
OMT  ESM  PIIGS  budget  deficit  2012  Europe  greatrecession  sovereign  debt  crisis  Spain  MarianoRajoy 
september 2012 by asterisk2a
Chart Of The Day: For Spain, The Real Pain May Be Just Beginning | ZeroHedge
Spain's banks deposit outflow (retail and corporate) scary.
ECB is the only backstop for banks.
2012  capital-flight  ECB  confidence  trust  Spain 
august 2012 by asterisk2a
The Owl Of Minerva | A Fistful Of Euros
In the August edition of their monthly bulletin the ECB finally let out that dirty little secret than every insider in the know has already discounted. The Bank have finally accepted that the much heralded Spanish labour reform isn’t going to work. At least not as planned. As the Financial Times put it, the Spanish labour market reform approved in February was “far-reaching and comprehensive” but came too late, the ECB implied, saying it “could have proved very beneficial” in avoiding job cuts if the measure had been passed some years ago.

But once we recognise this point, isn’t that rather leaving the Spanish economy adrift in stormy seas without a rudder? Simply cutting the deficit back and cleaning up bank balance sheets won’t get the economy back to growth.

Indeed this habit of continually getting behind the curve, and trying vainly now that the economy is spiralling almost out of control to introduce measures which should have been brought in a decade ago extends well ...
ECB  2012  property  bubble  GFC  greatrecession  Italy  PIIGS  sovereign  debt  crisis  austerity  liberal  economic  reform  Spain 
august 2012 by asterisk2a
Spain and the markets: The Spanish patient | The Economist
A full bail-out of the euro area’s fourth-largest economy is looming

The Spanish government must borrow €385 billion until the end of 2014 to cover its budget deficit and other needs such as bond redemptions, according to economists at Credit Suisse. Even if the IMF chips in a third as in previous bail-outs, European lenders would have to find €250 billion or so. They have already committed €100 billion to rescuing Spanish banks, so for other emergencies they would have only €150 billion of the €500 billion now in their rescue kitties.

The plight of Spain and the danger of its sickness spreading to Italy call for a decisive countermove by Germany and the ECB. One being discussed would be to give the ESM a banking licence, which would magnify its resources by allowing it to borrow from the central bank. The graver the euro crisis gets, the bigger the response has to be—and the harder it is to sell to sceptical northern electorates.
uncertainty  Politics  trustagent  confidence  trust  policy  folly  policy  error  ECB  Italy  EFSF  ESM  sovereign  debt  crisis  PIIGS  austerity  greatrecession  2012  Spain  bailout 
august 2012 by asterisk2a
The euro: The flight from Spain | The Economist
Spain’s nightmare is a symptom of what is wrong with the entire euro zone. As the months drag on, the crisis is deepening. Europe’s leaders have asked the world to trust that they will do what it takes to save the euro. They have also pleaded for more time to sort out the mess. Their task is indeed immense, but as they disappear to their chateaux and beach villas, trust is draining away and time is not their friend.

Unite or die

Ultimately, as we have argued, a solution requires the currency’s members to draw on their combined strength by mutualising some debt and standing behind their big banks. But alongside greater federalism, Europe also needs to do something about growth. Moderating austerity programmes is a priority (Spain shows how self-defeating they can be), but so is pursuing the structural reforms to set entrepreneurs free.


The euro zone is stagnating and dragging Britain down with it.
policy  folly  policy  error  Politics  uncertainty  confidence  trustagent  trust  PIIGS  2012  Europe  sovereign  debt  crisis  Spain 
august 2012 by asterisk2a
"Did Somebody Repeal The Laws Of Mathematics?" | ZeroHedge
Back then (2010), the general opinion was that if the contagion spread to Spain the game was over because there wasn’t enough money with which to bail out an economy the size of The Kingdom of Spain. I’m not sure exactly what happened— maybe I wasn’t paying attention—but suddenly, almost two years on and in an environment where even the rich nations of Europe are seeing an undeniable slide towards recession, there is no talk about Spain being ‘too-big-to-bail’ anymore.


Looking at it all :: the market (Spanish gov showed them some slides ...) assumes that Spain will get out of recession by 2013 with pa growth of 1.6% as internal demand will rise again.

*make one speechless*
Germany  bipolar  disorder  Stockholm  Syndrome  ESM  SMP  EFSF  Italy  toobigtofail  policy  folly  policy  error  contagion  2010  austerity  greatrecession  2012  PIIGS  Spain  MarioDraghi  ECB  centralbanks  unintended  consequences  politics  Europe  sovereign  debt  crisis 
august 2012 by asterisk2a
BBC News - Germany's AAA credit rating under review by agency
Core countries risk blowing up their debt/gdp bc of assuming PIIGS bailout liabilities/risk.

In reality, no new news.
2012  Grexit  Spain  creditrating  EMU  Europe  sovereign  debt  crisis  PIIGS  France  Germany 
july 2012 by asterisk2a
Euro-Krise: Merkel und Schäuble verlieren Geduld mit Griechenland - SPIEGEL ONLINE
Bundesregierung will Griechenland neue Hilfen verweigern

Berlin verliert die Geduld mit Griechenland: Bundeskanzlerin Merkel will Athen offenbar keine weiteren Finanzspritzen gewähren. Laut einem Zeitungsbericht gilt es in Regierungskreisen als undenkbar, den Bundestag um Zustimmung für ein drittes Rettungspaket zu bitten. Auch Finanzminister Schäuble zeigt sich hart.

Das Risiko eines Austritts Griechenlands aus der Währungsunion wird mittlerweile in den Ländern der Euro-Zone für beherrschbar gehalten.
Spain  austerity  IMF  ECB  2012  sovereign  debt  crisis  bailout  liberal  economic  reform  Greece 
july 2012 by asterisk2a
Hunderttausende Spanier protestieren gegen Sparpläne der Regierung - SPIEGEL ONLINE
Die Sparmaßnahmen enthalten unter anderem eine drastische Anhebung der Mehrwertsteuer und die Abschaffung des Weihnachtgeldes für die Staatsangestellten. Zudem soll das Arbeitslosengeld gekürzt werden. Die Einschnitte sind bei breiten Teilen der spanischen Gesellschaft auf großen Widerstand gestoßen.
2012  austerity  Spain 
july 2012 by asterisk2a
Spanien-Krise: Mogelpackung vor dem Bundestag - SPIEGEL ONLINE
eines der vertracktesten Probleme in der Euro-Krise geknackt worden sei: die Verwobenheit zwischen Staaten und ihren Banken. Indem Spanien seine Banken rettete, geriet der Staat selbst in Schwierigkeiten. Genau das war vor einigen Jahren auch das Problem in Irland. Der irische Staat hatte kein Schuldenproblem, bis er auf deutschen Druck anfing, mit Milliardenaufwand seine Banken zu retten [ to assume their debt obligations ].
angelamerkel  ange  Germany  ESM  2012  banking  crisis  GFC  bank  crisis  sovereign  debt  crisis  bailout  moralhazard  Spain  Ireland 
july 2012 by asterisk2a
Euro Bank Supervisor Faces Hurdles -
Setting up a powerful euro-zone banking supervisor, a significant move toward closer economic union within the 17-nation currency bloc, was a German condition for its agreement to allow the bloc's bailout fund to recapitalize banks without first lending the money to their host government.

Bypassing governments is meant to help Spain, where worries have mounted that Madrid is becoming overloaded with debt as it tries to shore up its struggling banks.

"There is a pressure to move ahead relatively quickly," said one senior finance official from a euro-zone country. He added that even under the best of circumstances, getting the supervisor up and running would take nine to 12 months.

* Well, they just have 6 months.
moralhazard  European  Bank  Supervision  politics  toobigtofail  sovereign  debt  crisis  Europe  ECB  bailout  banking  crisis  crisis  PIIGS  Spain  germany  2012  EU  Bank  Supervision  EMU  Bank  Oversight  Fiscal  Pact  ESM 
july 2012 by asterisk2a
Wie Monti sich beim Euro-Gipfel gegen Merkel durchsetzte - SPIEGEL ONLINE
Nach EU Summit ...

Mit aller Härte und allen Finessen spielte Italiens Regierungschef Monti beim Euro-Poker in Brüssel. Der gewiefte Taktiker und EU-Profi brauchte den Sieg über Kanzlerin Merkel. Sonst wäre es der Anfang von seinem Ende in Rom gewesen.

Italiens Regierungschef hatte gegen den Widerstand der gut situierten Nordländer, angeführt von Deutschlands Kanzlerin Angela Merkel, neue Instrumente gegen die Euro-Krise durchgesetzt. Sie erlauben künftig finanzielle Hilfe aus dem EU-Rettungsfonds, ohne dass die Empfänger sich dafür massive Sparauflagen aufbürden lassen müssen.

Kühles Kalkül mit dem Horror

Gemeinsam tüftelten sie auch eine kleine Erpressung aus. Weder das milliardenschwere Konjunktur- und Wachstumsprogramm, noch die Einführung einer Finanzmarkt-Steuer werde es auf dem Gipfel geben, wenn Merkel nicht bei der Entlastung der spanischen Banken und der Begrenzung italienischer Schuldzinsen mitspiele. Dann scheitere der Gipfel eben total. Mit allen Konsequenzen. ...
EMU  Germany  PIIGS  angelamerkel  ESM  2012  sovereign  debt  crisis  compromise  diplomacy  Spain  Italy  Europe  politics  mariomonti 
june 2012 by asterisk2a
Kommentar zu Merkels Rolle auf dem EU-Gipfel - SPIEGEL ONLINE
Nach EU Summit

Der Rettungsschirm ESM soll künftig auch direkt Banken unterstützen können - das könnte vor allem Spanien helfen, denn so werden die ESM-Hilfen nicht mehr auf die spanische Schuldenlast angerechnet. Und Staaten sollen nun Geld aus dem Rettungsschirm erhalten können, ohne im Gegenzug ein strenges Überwachungsprogramm zu akzeptieren - das hilft vor allem Italien. Das hochverschuldete Land hat nun zumindest die theoretische Option, ESM-Geld zu beantragen, ohne sich dem Troika-Kuratel zu unterwerfen.

Doch direktes Geld an die Banken soll auch erst dann fließen, wenn eine wirksame Europäische Bankenaufsicht installiert ist. Das wird dauern.

Es war wichtig, Monti in Brüssel öffentlichkeitswirksam einen Punkt landen zu lassen.
EFSF  compromise  democracy  FrancoisHollande  Germany  angelamerkel  diplomacy  political  economy  political  ec  MarianoRajoy  Spain  Italy  mariomonti  Politics  Europe  Fiscal  Pact  ECB  ESM  2012  sovereign  debt  crisis  banking  crisis  PIIGS 
june 2012 by asterisk2a
The EU Smiled While Spain’s Banks Cooked the Books - Bloomberg
One of the catalysts for last weekend’s bailout request was the decision last month by the Bankia (BKIA) group, Spain’s third-largest lender, to restate its 2011 results to show a 3.3 billion-euro ($4.2 billion) loss rather than a 40.9 million-euro profit. Looking back, we probably should have known Spain’s banks would end up this way, and that their reported financial results bore no relation to reality.

The danger with the technique is it can make companies look healthy when they are actually quite ill, sometimes for years, until they finally deplete their excess reserves and crash. The practice also clashed with International Financial Reporting Standards, which Spain adopted several years ago along with the rest of Europe. European Union officials knew this and let Spain proceed with its own brand of accounting anyway.
accounting  FROB  bailout  2012  Spain  accountability  transparency  banking  bankia 
june 2012 by asterisk2a
Too Big to Bail? Spain is Repeating Ireland’s Mistakes | Institute for New Economic Thinking

“Ireland went bankrupt stopping its banks going bankrupt,” Kinsella and Blyth write. “Spain simply cannot do this even if it wanted to: the problem is too big.”

They recommend several courses of action to prevent an Ireland-style collapse on a massive scale.


Spain's property bust (non performing loans and outright losses) on banks (& cajas lead by corrupt politicians) balance sheet is too big to underwrite (underwrite the debt). Spain is economically not able to underwrite all losses from its banks and cajas. And or able to nationalize and inject cash via gov debt with +6% yield. And Europe won't do it either ... I guess.

But 100bn last weekend into from via EFSF/ESM ... nobody knows if it was the last or the first of many.


This analysis show again that PIIGS are not all the same with their problems.
2012  EMU  Europe  PIIGS  sovereign  debt  crisis  ESM  EFSF  FROB  moralhazard  cajas  NPL  property  bubble  bubble  property  bankia  Ireland  banking  Spain  bailout 
june 2012 by asterisk2a
The euro zone crisis: Old maid | The Economist
There is no "solution" to the debt crisis that is pain-free; we are merely arguing about how the pain is distributed.
davidcameron  GeorgeOsborne  barackobama  FrancoisHollande  sarkozy  angelamerkel  politics  Grexit  Spain  Italy  Greece  France  Germany  PIIGS  UK  USA  Europe  sovereign  debt  crisis 
june 2012 by asterisk2a
Europe’s banks: Slouching towards a banking union | The Economist
Media got wind of the banking problem in Spain via Bankia headlines and its troubles, and thus Spain's troubles, media also covered the capital flight/deposit exodus from PIIGS.

"Almost €100 billion, about one-tenth of GDP, was pulled out of the country’s banks and bond markets in the first quarter."

Yet, Europes (EMUs) banking problem gets much bigger as Europe as a whole is at stall speed and the periphery in yet another year of depression.

"Yet as quickly as banks are filling their existing capital holes, new ones seem to be appearing. Analysts at Nomura note that non-performing loans are rising in several European countries, including Italy and Germany. They reckon that a severe recession in Europe could cost the region’s 90 biggest banks €420 billion in losses and consume about a third of their capital, with big shortfalls in Britain, France and Germany in addition to those already emerging in Spain (see chart)."

Spains 100bnE bailout (into FROB, Spains TARP) is just 1of many.
NPL  confidence  FROB  ESM  EFSF  capital-flight  ECB  EMU  bankia  2012  bailout  greatrecession  banking  PIIGS  Spain 
june 2012 by asterisk2a
Europe's democracies must not subcontract their destiny to the Bundebank - Telegraph
yet another bailout ... now for spanish banks, ... reading between the headlines shows that this bailout is no step out of the fire for southern periphery, but one together into the fire.
EFSF  cajas  2012  ESM  EMU  Europe  bank  crisis  sovereign  debt  crisis  Bankia  Spain  bailout  PIIGS 
june 2012 by asterisk2a
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