Failed Spanish Banks......
Nov 28th 2012, 5:57 pm
#1
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Location: On Top of the World
Posts: 17,507
Failed Spanish Banks......
...get 37bn bailout.
http://www.guardian.co.uk/business/2...-spanish-banks
"Four failed Spanish banks including the nationalised giant Bankia have been rescued by the eurozone's bailout fund in exchange for brutal cuts to their workforces, branch networks and balance sheets as tens of thousands of small retail bondholders were also hammered.
Bankia, Catalunya Banc, Novagalicia and Banco de Valencia were set to shed more than 10,000 jobs in return for receiving €37bn (£29.9bn) to clean out toxic real estate assets that will be transferred to a Spanish "bad" bank."
Talk about cooking the books, toxic assets transferred to "Spanish Bad Bank", wonder who that is ?
Quite a few investors who were promised their money was safe have made some hefty losses.
http://www.guardian.co.uk/business/2...-spanish-banks
"Four failed Spanish banks including the nationalised giant Bankia have been rescued by the eurozone's bailout fund in exchange for brutal cuts to their workforces, branch networks and balance sheets as tens of thousands of small retail bondholders were also hammered.
Bankia, Catalunya Banc, Novagalicia and Banco de Valencia were set to shed more than 10,000 jobs in return for receiving €37bn (£29.9bn) to clean out toxic real estate assets that will be transferred to a Spanish "bad" bank."
Talk about cooking the books, toxic assets transferred to "Spanish Bad Bank", wonder who that is ?
Quite a few investors who were promised their money was safe have made some hefty losses.
Last edited by Dick Dasterdly; Nov 28th 2012 at 6:14 pm. Reason: add on
Nov 28th 2012, 8:14 pm
#2
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Posts: 1,558
Re: Failed Spanish Banks......
Meanwhile another man has committed suicide today after the bank wanted to take his house from him.
4.200€ worth of debts. Is life so cheap?
4.200€ worth of debts. Is life so cheap?
Nov 28th 2012, 8:53 pm
#3
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Nov 28th 2012, 8:56 pm
#4
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Re: Failed Spanish Banks......
First, I think that only affects new repossessions, not those already being processed by the banks/courts.
Second, there are clauses related to minimum income and more importantly, nº of children or elderly in the family. So a single person, or couple, with no dependents, can still be kicked out on the streets.
At least, as I understand it. But then clearly I don't understand anything because I don't see that as a solution to the crisis. If a govt can't guarantee the welfare of its people, then it has failed, however much it may reduce its budget deficit.
Second, there are clauses related to minimum income and more importantly, nº of children or elderly in the family. So a single person, or couple, with no dependents, can still be kicked out on the streets.
At least, as I understand it. But then clearly I don't understand anything because I don't see that as a solution to the crisis. If a govt can't guarantee the welfare of its people, then it has failed, however much it may reduce its budget deficit.
Nov 28th 2012, 9:08 pm
#5
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Joined: Aug 2006
Location: That, there, that's not my post count... nothing to see here, move along.
Posts: 46,302
Re: Failed Spanish Banks......
I'm not gonna get into another discussion about the rights and wrongs of evictions but I think we can all see what is wrong with the situation and how tragic it is but the damage goes deeper, this will impact on future generations it will never be forgotten and given how fractious and politicised the Spanish youth can be I'd say its pretty stupid to allow it to happen!
Nov 29th 2012, 7:27 am
#6
Lost in BE Cyberspace
Joined: Jan 2009
Posts: 5,368
Re: Failed Spanish Banks......
...get 37bn bailout.
http://www.guardian.co.uk/business/2...-spanish-banks
"Four failed Spanish banks including the nationalised giant Bankia have been rescued by the eurozone's bailout fund in exchange for brutal cuts to their workforces, branch networks and balance sheets as tens of thousands of small retail bondholders were also hammered.
Bankia, Catalunya Banc, Novagalicia and Banco de Valencia were set to shed more than 10,000 jobs in return for receiving €37bn (£29.9bn) to clean out toxic real estate assets that will be transferred to a Spanish "bad" bank."
Talk about cooking the books, toxic assets transferred to "Spanish Bad Bank", wonder who that is ?
Quite a few investors who were promised their money was safe have made some hefty losses.
http://www.guardian.co.uk/business/2...-spanish-banks
"Four failed Spanish banks including the nationalised giant Bankia have been rescued by the eurozone's bailout fund in exchange for brutal cuts to their workforces, branch networks and balance sheets as tens of thousands of small retail bondholders were also hammered.
Bankia, Catalunya Banc, Novagalicia and Banco de Valencia were set to shed more than 10,000 jobs in return for receiving €37bn (£29.9bn) to clean out toxic real estate assets that will be transferred to a Spanish "bad" bank."
Talk about cooking the books, toxic assets transferred to "Spanish Bad Bank", wonder who that is ?
Quite a few investors who were promised their money was safe have made some hefty losses.
