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Spanish bailout could hit 100b euros [Copy link] 中文

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Post time 2012-6-10 10:27:32 |Display all floors
This post was edited by sansukong at 2012-6-10 09:28

Spanish bailout could hit 100b euros
2012-6-10  |    NEWSPAPER EDITION


A bailout for Spain's teetering banks, once requested by Madrid, could amount to as much as 100 billion euros, two senior EU sources said yesterday. Spain has not yet made aformal request for European aid but it could come during a conference call of euro zone finance ministers scheduled for last night, the sources said. The chairman, Jean-Claude Juncker, called for a "quick solution."

















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Post time 2012-6-11 02:47:10 |Display all floors
Euro confirms up to 100b aid ready for Spain



Updated: 2012-06-10 03:49  (Xinhua)

BRUSSELS - Eurozone finance ministers confirmed on Saturday that the single-currency area is ready to offer up to 100 billion euros (about 125 billion US dollars) in financial aid to rescue Spain's ailing banking sector.

"The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100 billion euros in total," the Eurogroup said in a statement on the European Commission's website after an emergency conference call of finance ministers.

"The financial assistance would be provided by the EFSF/ESM for recapitalization of financial institutions," the Eurogroup added.

The Eurogroup also confirmed that it has been informed that "the Spanish authorities will present a formal request shortly" and the euro area "is willing to respond favourably to such a request."

It said that it "supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect."

Following the formal request, the European Commission will provide an assessment in liaison with the European Central Bank (ECB), the European Banking Authority (EBA) and the International Monetary Fund (IMF), and a proposal for the necessary policy conditionality for the financial assistance, said the statement.

The Eurogroup also praised efforts by the Spanish government to " implemented significant fiscal and labour market reforms and measures to strengthen the capital base of the Spanish banks."

"The Eurogroup is confident that Spain will honour its commitments under the excessive deficit procedure and with regard to structural reforms, with a view to correcting macroeconomic imbalances in the framework of the European semester," said the eurozone finance ministers.

"Progress in these areas will be closely and regularly reviewed also in parallel with the financial assistance," they added.

Shortly before the Eurogroup announcement, Spanish Economy Minister Luis de Guindos told reporters in Madrid that "The Spanish government declares its intention of seeking European financing for the recapitalization of the Spanish banks that need it."

De Guindos described the terms of the rescue loan "very favourable" compared with market rates and the funds will be channelled through Spain's bank fund, the Fund for Orderly Bank Restructuring (FROB).




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Post time 2012-6-11 05:25:34 |Display all floors

RE: Spanish bailout could hit 100b euros

This post was edited by sansukong at 2012-6-11 12:00

$125 Billion Bank Bailout Announcement Sparks Massive Protests In Spain
Posted by Alexander Higgins         - June 10, 2012 at 6:04 am         - Permalink- Sourcevia Alexander Higgins Blog




People in Spain have taken to the streets hours after the government’s decision to request for a bailout for its struggling banks.

Just hours ago it was announced that Spain has officially put forth a request for $125 billion to recapitalize their banks in the midst of a European wide bank run.

Bank Run Forces Spain To Request $125 Billion Bailout



Spain has officially requested a $125 billion bailout to keep its banks afloat after massive deposit withdrawals from the nation’s banks.

Read more…


Within hours of the announcement a massive number of citizens are now flooding the streets of the capital city of Madrid to protest the bailout.

As the sovereign debt crisis has made it infeasible to access funding from the markets Spain is being forced to borrow money from other European nations to pay for the bailout.

The additional debt will add to the overwhelming debt load Spanish citizens are being forced to pay as they face harsh austerity measure in the midst of raging unemployment in a depression-like economy.

Press TV reports:

Spanish protesters rally against bank bailout request

Press TV – Protesters in the debt-ridden country were out on the streets of the capital Madrid on Sunday against the newly government’ decision on asking for European Union financial assistance to save the banks.

The demonstrators were banging their pots and pans in protest against the government’s call for help.

They were telling their government that it’s the suffering citizens that should benefit from international aid, not the financial institutions.

Spain government on Saturday, after an emergency economic videoconference with eurozone finance ministers, announced the decision.

“The Spanish government declares its intention to request European financing for the recapitalization of those banks that need it,” Spanish Economy Minister Luis de Guindos said at a press conference after the videoconference.

The decision is seen as a U-turn in policy by Spanish Prime Minister Mariano Rajoy, who had firmly ruled out the need for a bailout for the country’s banking sector.

Spain has been under pressure to shore up its banking sector before the parliamentary elections in Greece.

There are growing concerns that the outcome of the Greek polls could lead to the country’s exit from the eurozone and further destabilize the euro.


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Post time 2012-6-11 11:28:16 |Display all floors
sansukong



I need money for my old age. So, this is a signal to buy shares, not protest in the streets.
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Post time 2012-6-11 16:50:25 |Display all floors
wow lot of money , but too late Spain is gooing down the drain.

All Europe is going down the drain with exception of prosperous and wealthy Russian Federation.

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Post time 2012-6-11 17:16:20 |Display all floors
SMITHI Post time: 2012-6-11 16:50
wow lot of money , but too late Spain is gooing down the drain.

All Europe is going down the drain  ...

With oil at $ 80, the Pudding will find a way to spend money as if oil is $150 and so Russia is still bankrupt.
I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2012-6-11 17:56:11 |Display all floors

RE: Spanish bailout could hit 100b euros

SMITHI Post time: 2012-6-11 15:50
wow lot of money , but too late Spain is gooing down the drain.

All Europe is going down the drain  ...

That is not the end of the problem. The next may be Italy which is a much bigger economy than Spain, and Italy is also in distress.
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