Thursday, June 14, 2012

Still Report #50 Spain

Jun 13, 2012
bstill3 - German Chancellor Angela Merkel now admits that government borrowing is the problem. Part of the 100 billion Euro Spanish bailout is that Italy is loaning Spain at 3% but having to borrow it on the open market at nearly 7%. Cyprus quietly announced that it needed a bailout because it is exposed to Greek debt. Italy's oldest bank, BNI suspended withdrawals a week ago. One town in Ireland is accepting the old Irish Punt -- the debt-free Irish money before the Euro took hold; and Nigel Farage blasts the European Parliament and calls the Euro experiment the Titanic on the rocks with not enough lifeboats.


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