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Spain will formally send a letter requesting a bank rescue on Monday, says finmin De Guindos,...

Spain will formally send a letter requesting a bank rescue on Monday, says finmin De Guindos, with a memorandum of understanding (which will contain the key provisions) set for July 9. In another headline, it's said the country is considering imposing losses on junior bank bondholders. Spanish shares momentarily dove lower, but have since regained their composure.
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Comments (13)
  • Hitesh Patel
    , contributor
    Comments (314) | Send Message
     
    5 weeks ago Spain's Fin Min stated Spain has no needs for any funding from the ECB/EU etc and now he is formally requesting money. 2 Weeks ago Italian Fin Min said they have no funding needs so i expect them to formally ask next week . A this pace the Euro will be dissolved in the next 10- 15 business days
    22 Jun 2012, 10:03 AM Reply Like
  • klarsolo
    , contributor
    Comments (707) | Send Message
     
    In the world of finance perception is reality. You'd not have acted any differently in his position. There is absolutely no upside in stating your honest opinion, regardless of whether you are a bank CEO or a politician. If you admit you're weak then you usually create more damage than if you lie. It is much smarter to proclaim your strength and then quietly de-risk and de-lever behind the curtain as much as you can. Once the market knows you're weak, doing that is almost impossible.

     

    Yes. I'm aware how sad this is, but it is what it is.
    22 Jun 2012, 04:31 PM Reply Like
  • American in Paris
    , contributor
    Comments (5494) | Send Message
     
    The Euro will be around long after you are dead. I am tired of this Euro Doomsday that has made now for the last 3 years.

     

    The Euro Zone is slowing evolving into a tighter fiscal and monetary union. It will not be accomplished in the next fifteen nor is it necessary.

     

    It is great time to be a Prophet of Doom because the retail investors lap it up like a cat does cream.

     

    But I don't know any Prophets of Doom that have achieved any long term success as investors. By and large, the great investors are optimists and optimism about the ability of the global economy to heal itself is rewarded time and time again. Apocalyptic pessimism is not rewarded.
    23 Jun 2012, 03:22 PM Reply Like
  • Mike A-P
    , contributor
    Comments (12) | Send Message
     
    If Spain is considering imposing losses on junior bond holders where does that leave the stockholders?
    22 Jun 2012, 11:50 AM Reply Like
  • Hitesh Patel
    , contributor
    Comments (314) | Send Message
     
    that leaves em screwed
    22 Jun 2012, 01:44 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (2044) | Send Message
     
    And where does it end? This is not the end, it is not the beginning of the end, it the beginning. We are just sitting down to Act I of the end of an era. The new era scares the living stuffing out of me.

     

    {deep breath} I think I will begin to shorten sail, smell a storm forming.

     

    Capt. Brian
    The Lost Navigator
    22 Jun 2012, 06:24 PM Reply Like
  • godalmightee13
    , contributor
    Comments (585) | Send Message
     
    I want to know what happened to the last letter that SAN was supposedly going to send to request for funding a couple of weeks ago
    lol.
    22 Jun 2012, 01:29 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    It was ignored - terms were unrealistic, and they still are.
    22 Jun 2012, 04:32 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (2044) | Send Message
     
    Make me an offer.
    22 Jun 2012, 06:25 PM Reply Like
  • seealp
    , contributor
    Comments (324) | Send Message
     
    In the US it is much easier - just phone and have extra trillion dollars printed right away - no formal requests are required.
    23 Jun 2012, 04:58 PM Reply Like
  • minecanary
    , contributor
    Comments (720) | Send Message
     
    Everybody cries about the rating agencies, and rightly so, but where is the jackass auditor that allowed Banqia to claim a profit a few weeks ago? Probably about to surface as Obuma's new ECOM secretary.
    23 Jun 2012, 05:27 PM Reply Like
  • Mike A-P
    , contributor
    Comments (12) | Send Message
     
    Last week SAN and BBVA said they did not need any bail out money, has something changed?
    24 Jun 2012, 04:25 PM Reply Like
  • caupachow
    , contributor
    Comments (491) | Send Message
     
    The next month is going to be berry berry interesting. Some will ask while others will beg. Europe will finally be ruled by Germany and not one tank had to cross the Rhine.
    25 Jun 2012, 12:18 AM Reply Like
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