Sunday, June 10, 2012

The "spailout" of Spain underwhelms

Nature does not give bailouts, Al Gore has warned, either from climate change or from (the new worry) solar storms.  But the Eurozone markets will.  Apparently, European bankers are set for a "spailout", a 100 billion euro (or $125 billion) shore-up of banks in Spain.  Note, that not money for the government itself. Just indirectly.

Spain is apparently getting the largest bailout (indirectly), after Greece, Portugal, and Ireland (the last of which was a shining star for business just a few years ago).

It's not expected to have the same social effects that happened in Greece.  But Spain, like much of Europe, is facing problems with "demographic winter", in a time when France is actually trying to restore the age 60 retirement.

The London Telegraph has an op-ed on the mixed reactions of investors here.   The Washington Times has a Sunday op-ed on it, which is not as right-wingy as I expected, here, probably because it came from the AP. Yet, TWT made this a major email broadcast Sunday morning.

Reuters and Yahoo! write that the "Spain aid deal calms Europe fears" by investors, here (Angela Moon).  My legacy employer ING is limping along at a very measly 6.09.   It's a good thing that I sold employee-accumulated stock in 2002 at $16.

The rain in Spain stays mainly in the plain. 

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