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Spain’s New Big Bubble Begins to Wobble
Spain’s New Big Bubble Begins to Wobble Tourism is now bigger than construction was during the real estate bubble. Since hitting rock bottom in 2013, Spain has been one of the biggest engines of economic growth in Europe, expanding at around 3% per year. But according to a report by the Bank of Spain, most […]
Is Another Spanish Bank about to Bite the Dust?
Is Another Spanish Bank about to Bite the Dust? Stockholders and junior bondholders fear a “bail-in.” After its most tumultuous week since the bailout days of 2012, Spain’s banking system is gripped by a climate of fear, uncertainty and distrust. Rather than allaying investor nerves, the shotgun bail-in and sale of Banco Popular to Santander […]
Catalonia Threatens Spain with “Financial Bloodbath”
Catalonia Threatens Spain with “Financial Bloodbath” Catalonia’s independence would set off Spain’s debt time-bomb. On Monday El Pais published leaked excerpts from what it claims to be the Catalonian regional government’s road map to independence. The secret document includes a plan for the region to unilaterally break away from Spain should its citizens be prevented […]
Strange That The Same Point In Time For The Economic Crisis Keeps Coming Up
Strange That The Same Point In Time For The Economic Crisis Keeps Coming Up This video was produced by X22 Report Netherlands is making a move to leave the EU. Theresa May is worried that a Scottish Referendum vote will happen at the same time as the Article 50 vote. Former IMF chief sentenced to jail […]
The Globalists Strike Back With A Major Push Toward A Cashless Society
The Globalists Strike Back With A Major Push Toward A Cashless Society Their agenda may be on the rocks in the United States at the moment, but that doesn’t mean that the globalists are giving up. In fact, a major push toward a cashless society is being made in the European Union right now. Last May […]
It’s Time We Talked About Our Owners
It’s Time We Talked About Our Owners How vast asset managers impact “our increasingly cartelized economy.” The world’s biggest asset manager, BlackRock, was splashed across the front pages of the Spanish financial news yesterday. The firm had just raised raised its stake in Spain’s telecoms giant Telefónica to 336 million shares — the equivalent of 6.7% of […]
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options The bank-bailout business rages on. During the first week of 2017, Spain’s “most Italian bank”, Banco Popular, got off to a flying start as its stock outperformed all other major Spanish banks. By Jan 5th its shares had even crossed the €1-line for the first […]
Spain Is without a National Government — And Spaniards Are Digging It
Spain Is without a National Government — And Spaniards Are Digging It With neither major party able to secure a majority of seats in the national legislature and the two parties unable to agree on a coalition government, for the last 10 months Spain has had a do-nothing caretaker government for the first time in its history. While basic government services continue, […]
Negative-Interest-Rate absurdity is another “rabbit out of the hat.”
Negative-Interest-Rate absurdity is another “rabbit out of the hat.” For the second time this year, Spain’s caretaker government just managed to sell 50-year bonds in a €3 billion ($3.4 billion) deal. Despite maturing in the year 2066, when many of us won’t even be alive and the duty to pay back the debt (assuming it […]
Spanish Banks Brace for Ultimate Showdown
Spanish Banks Brace for Ultimate Showdown “Very serious threat … to Spain’s entire mortgage market”: Moody’s A bitter, long-simmering conflict finally appears to be reaching its finale in Spain. On one side of the divide are the country’s biggest banks and some of the world’s largest investment funds; on the other are hundreds of thousands […]
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels The European Union on the verge. Since the granddaddy of all housing bubbles popped in Spain between 2008 and 2009, unleashing one of the deepest recessions in living memory, the nation’s public debt has more than doubled, from just over 40% of GDP to almost exactly 100% […]
Next Shoe to Drop on Spanish Banks
Next Shoe to Drop on Spanish Banks “The mortgage ‘floor clauses’ are a fraud.” Thursday, April 7, 2016, could go down in history as a great day for Spanish mortgage holders and a very grim one for many Spanish banks, thanks to a new ruling that the so-called mortgage floor-clauses that were unleashed across the […]
How Italy will fail and drag down the European Project
How Italy will fail and drag down the European Project Italy is big enough to matter (it is the eight largest economy on the planet), but so uneventful that most does not pay any attention to what is going on there. We contend that Italy will, during the next year or two, be on everyone’s […]
“Everything Has Come to a Standstill”: Political Fallout Hits Business in Spain
“Everything Has Come to a Standstill”: Political Fallout Hits Business in Spain Things are likely to get a whole lot uglier. On Friday, Spain’s benchmark stock index, the Ibex 35, plumbed depths it had not seen since the worst days of 2013, the year that the country’s economy began its “miraculous” recovery. Of the 35 […]
Emerging Market Meltdown Sinks Spain’s Biggest Companies
Emerging Market Meltdown Sinks Spain’s Biggest Companies A Lethal Cocktail After years of uninterrupted domination, the old guard at Spain’s Ibex 35 stock index – two mega-banks Banco Santander and BBVA, oil giant Repsol, telecommunications behemoth Telefonica, and utility Iberdrola – is beginning to lose it. Today the big-five’s combined capitalization represents 45% of the ibex 35’s total capitalization. This may […]
