I mean no disrespect to the long-suffering people of Spain or any other eurozone country — Dave
I guess we will never know whether or not [Spanish Prime Minister] Mariano Rajoy uttered the two magic words so effectively immortalized in song by Aretha Franklin Fontella Bass...
... that Saturday afternoon in late May as he cruised down the Chicago River in what Spanish media called a Love Boat ride
What is obviously true is that Spain is in trouble, and needs help yadda, yadda, yadda...
Capitalism's Epic Fail
Five years after the Global Financial Crisis broke out unemployment is at 25% of the labor force (and rising), house prices continue to fall, non-performing loans continue to rise in the banking sector, bank credit to the private sector is falling yadda, yadda, yadda...
and, as Finance Minister Cristobal Montoro said two weeks ago, the sovereign is having increasing difficulty financing itself. Hence the bank bailout yadda, yadda yadda...
Socialism's Epic Fail
Via Bloomberg, here are those surging Spanish bond yields that everyone’s been talking about this morning, that is, now that the election in Greece is over, ushering in new hope that a government will be formed that will continue with its austerity program yadda, yadda, yadda...
.... attention turns to Spanish debt, what now appears to be the most likely catalyst for pushing the eurozone into the abyss yadda, yadda, yadda
Spain Is Not Greece
“Spain is not Greece.”
Elena Salgado, Spanish Finance minister, Feb. 2010
“Portugal is not Greece.”
The Economist, 22nd April 2010.
“Ireland is not in ‘Greek Territory.”
Irish Finance Minister Brian Lenihan.
“Greece is not Ireland.”
George Papaconstantinou, Greek Finance minister, 8th November, 2010.
“Spain is neither Ireland nor Portugal.”
Elena Salgado, Spanish Finance minister, 16 November 2010.
“Neither Spain nor Portugal is Ireland.”
Angel Gurria, Secretary-general OECD, 18th November, 2010.
Yadda, Yadda, Yadda...
Bonus Video — French Taunting