Beaverstate

I was NOT defending Nazi Germany. Just comparing it to Francos Spain.

rugbymatt

Didn't say you were. It was simply a quip.

bobd22

Surely these experts must be talking about overall affect of default rather than just changing currency back? after all Spain seemed to manage ok without the Euro up to this century. Thing is it seems to me that if the EU and I suppose with that I mean Germany want these struggling countries to keep the Euro then they have to do more to help, rather than saying we're ok you will just have to suffer austerity. Mind seeing as German manufacturing is down no doubt they will be quite happy with a weaker Euro? and there I think lies a big part of the problem ok when it suits them but not otherwise, bag of nails springs to my mind and who knows when how or if the fiasco will end. I believe it will have to at some point as affecting the world economy too much which leads one to wonder why the great IMF didn't think through these problems when the Euro was proposed and being implemented.

bobd22

Maybe i've thought of the answer re the IMF, too busy working out how they could earn megga bucks and keep it tax free!

steviedeluxe

Berlusconi has weighed in with his answer to the crisis

http://au.finance.yahoo.com/news/ber...113345628.html

I'm not feeling well - I'm inclined to think he's right.

HBG

Somewhere around the time when we abolished slavery, we started to get democracy and finally capitalism, and free markets.

But everything has side effects; our great democracy in the UK has led to one man effectively electing governments for the past 30 years - Rupert Murdoch.

And our 'free' markets are no more than rich people's toys. The richest people in the world get together once a year and decide what's good for us. You won't find out much on Google, only what they want us to know.

Spain is probably safe in the long run, it suits 'them' to have a balance against the powerful Germans.

casa del sol

To be honest, I have no fear that Spain couldn't stand on its own two legs if it had to....the emergency is others emergency, the ones that lent the money not borrowed it.

Domino

steviedeluxe

Big four (accounting firms) to audit the banking sector, thus bringing back international confidence....or so the govt hopes

http://www.reuters.com/article/2012/...8510AF20120602

steviedeluxe

Valencia to show the rest of Spain how to get out of the tight spot (Spanish article)

http://www.elmundo.es/elmundo/2012/0...338633895.html

Since Valencia has been one of the worst debt-hit regions (and PP controlled to boot) I'd be very interested to see how they manage that! Suerte!

Dick Dasterdly

Obviously another expensive and desperate PR exercise, much like the previous one you posted.

jackytoo

Deloitte could be a bit biased

Deloitte warned Bankia back in October that their accounts were not drawn up correctly with the underplaying of the amount of toxic assets. The ratings agency refused to sign the accounts at the end of 2011, speeding up the nationalisation process.



I wonder how many more spanish banks are in the same position, that's what the financial markets are saying too!

steviedeluxe

Another grim report, this time from the Observer predicting an IMF intervention is near
[they still seem to make no differentiation between the main commercial banks, and the cajas/savings banks though]


http://www.guardian.co.uk/business/2...t-imf-eurozone

bigglesworth

Crikey Stevie, you mean even the Observer has woken up?
Next thing you know that Robert Peston will be telling us there is a problem!

steviedeluxe

Never really followed Peston's articles, but a glance at his recent list doesn't seem to show an optimist. Wasn't he the journalist who let slip that Northern Rock was toast? Perhaps he has to be a little careful with his words now.

http://www.bbc.co.uk/news/correspondents/robertpeston/