Spain’s Atrocious Piggy Bank Spending Runs Wild

20090113 bankruptcy-01

20090113 bankruptcy-01 (Photo credit: Wikipedia)

Bank

Bank (Photo credit: 401(K) 2012)

A strange title some would say but the sheer fact that Spain has been able to hide these huge amounts of debt, for many a year! Is staggering to say the least!

I have been following this and many more stories on the Euro Zone paying special attention to the amounts being requested and asking myself, is that what they really need! Or what they say they want!

As numerous discussions have taken place with bankers and treasury ministers l have come to the conclusion the ” left hand does not know what the right hand is doing” ! So let us consider the right-hand, this we will call the bankers or treasury ministers who for years have so-called looked after their people’s money! One day it all changes with a new buzz wordBailout Fund” a way for any Euro Zone country to get money to pay off their debts! Wow free money, with very few strings attached just impose austerity on the people whose money you squandered, make them pay, for your incompetence! While you continue to provide the same inept services you always did making sure you get a nice big pay rise to boot!

These figures l provide in the part below this statement are what l personally overheard Spain’s banking minister say when interviewed on 3 separate occasions until last night when Catalonia said we have just enough money for one more month! Well here are the figures –

When the likelihood of a bailout emerged only a short while ago it was just a figure of 23 trillion Euro’s it rose by miscalculation after miscalculation from 46 to a figure of 100 trillion! Last night it was revealed that this was only earmarked for the banks! In fact this will not be enough to bail out the country, this is nearer 350.00 trillion!

So my conclusion is that any country through sheer incompetence gets in a financial mess and are a member of the Euro Zone countries, just cry bailout and make the people pay!

Just one more thing who or what is the left-hand ,well l said in the beginning the ” right hand does not know what the left hand is doing” well the right hand is the bankers and treasury officials! So the left hand must be all the rest of us, who are so blinded by what we are told is all being provided to help our economy grow! Of course prosperity does not come from borrowing more, austerity measures or getting people to spend more, that is cap-it-all-ism!

True prosperity comes like a rich tapestry of life from good honest hard work, good honest people and most of all the faith in oneself to do the best they can for their fellow-man and woman! Not from under-hand and under the counter wheeling and dealing by putting profit before people.

#bailout, #berlin, #catalonia, #european-central-bank, #eurozone, #government-of-spain, #spain, #united-states

Ever Wondered Who Has All Those Euro`s

Mariano Rajoy en Bilbao. Imagen tomada por Ike...

Mariano Rajoy en Bilbao. Imagen tomada por Iker Parriza (Photo credit: Wikipedia)

Just picked up these details of who actually has the highest capital available in Euro’s and how much is really available to lend. Not a surprise Germany leads the pack!

Also that maximum available for lending is just 500 billion not a lot when Spain has been promised 100 billion or 1/5th of the pot. This relationship to countries and the funding mechanism known as the EMSF will not cover further bailouts as was announced on EUobserver today with comment as follows:

Italy‘s Mario Monti has said his country does not need a bail-out, even though its borrowing costs have soared amid contagion from Spain. This is and seems to be recent history repeating itself as the same comments were made by Spain’s Prime Minister Mariano Rajoy at 9am UK time that they did not need a bailout then they needed 40 billion a few hours later. By the following day at 4pm UK time they needed 100 billion.

So my question is how long will it be before the Euro Zone runs out of money?

#bailout, #european-union, #eurozone, #germany, #italy, #mariano-rajoy, #mario-monti, #spain