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August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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« Reply #60 on: May 31, 2012, 09:37:46 pm »

Spain is currently in a state of 'total emergency'. - The Telegraph

Spain is in a state of 'total emergency', the country’s former prime minister has warned, with Madrid facing punitive borrowing costs and the prospect of needing a Greek-style bail-out.

Felipe González, the country’s elder statesman, said: “We’re in a situation of total emergency, the worst crisis we have ever lived through.”

Global financial markets lurched yesterday at the spectre of the eurozone’s fourth biggest economy being locked out of international capital markets and being unable to fund itself.

Spanish borrowing costs soared, while the Madrid stock market fell 2.6 per cent, the euro sank to a 22-month low against the dollar and the price of Brent crude dropped 2 per cent.

Meanwhile, global investors fled to “safe havens” sending UK bonds to another low. The FTSE 100, however, dropped 1.7 per cent, along with European and American stockmarkets.

The rout on global markets paused briefly around midday when the European Commission published a report calling for radical new support for “sinner states” across the eurozone.

[Related feature: What if Spain or Greece did leave the euro?]

The report said the eurozone should create a “bank union” under which all countries would stand behind stricken banks. The Commission’s top economic official also said he was “ready to consider” relaxing Spain’s deficit reduction targets.

However, stocks and bond markets lurched again when traders realised the ideas were just recommendations and were likely to be dismissed by Berlin anyway.

International confidence in Spain has drained since Mariano Rajoy, the prime minister, announced plans for a €23.5 billion (£18.8 billion) rescue of Bankia, the country’s fourth biggest lender.

Economists have warned that Spain does not have the resources to rescue the bank and Brussels has refused to help. A raft of other Spanish banks are also struggling under toxic property loans. The European Central Bank said savers withdrew €31.44 billion from Spanish banks in April alone.

On Tuesday night, Miguel Ángel Fernández Ordóñez, Spain’s central bank governor, resigned abruptly, before testifying to the senate that he had been muzzled to avoid inflaming events. Spanish tax revenues have collapsed, replicating the pattern in Greece. Fiscal revenues have fallen 4.8 per cent over the last year and VAT returns have slumped 14.6 per cent, while the cost of servicing debt has risen by 18 per cent.

Andrew Roberts, credit chief at Royal Bank of Scotland, said Spain was caught in a classic deflationary vice: a rising debt burden on a shrinking economic base. “Once you get into such a negative feedback loop, you can move beyond the point of no return quickly,” he said.

Yesterday Olli Rehn, the EU economic affairs commissioner, said he was “ready to consider” giving Madrid an extra year to cuts its budget deficit from 8.9 per cent to 3 per cent of GDP. However, Mr Rehn said Spain would first have to curb the spending of its regional governments and produce “solid” budget plans for the next two years.

http://uk.finance.yahoo.com/news/spain-state-total-emergency-211610085.html
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« Reply #61 on: June 01, 2012, 01:27:57 am »

http://www.reuters.com/article/2012/05/31/us-spain-economy-idUSBRE84U08N20120531

5/31/12

Money flies out of Spain, regions pressured

(Reuters) - Spaniards alarmed by the dire state of their banks are squirreling money abroad at the fastest rate since records began, figures showed on Thursday, and the credit ratings of eight regions were cut.

Spain is the next country in the firing line of the euro zone's debt crisis, with spendthrift regions and shaky banks threatening to blow a hole in state finances and pushing funding costs towards levels that signal the need for a bailout.

The European Commission gave new help on Wednesday, offering direct aid from a euro zone rescue fund to recapitalize Spanish banks and more time for Madrid to reduce its budget deficit.

That helped lower the risk premium investors demand to hold Spanish 10-year debt rather than the German benchmark on Thursday, but it remained close to the euro-era record, at 520 basis points.

Bank of Spain data showed a net 66.2 billion euros ($82.0 billion) was sent abroad last month, the most since records began in 1990. The figure compares to a 5.4 billion net entry of funds during the same month one year ago.

Spaniards are worried about the health of their banks, hit by their exposure to a 2008 property crash, and have been sending money to deposit accounts in stronger economies of northern Europe.

The capital flight data predates the nationalization of Spain's fourth biggest lender Bankia (BKIA.MC) in May when it became clear the bank could not handle losses from bad real estate investments, compounded by a recession.

Spain's centre-right government has contracted independent auditors to assess the health of its financial system in an effort to restore faith in its banks.

Spain must lay out its restructuring plans for Bankia to the European Commission (EC), a spokesman for the EU executive arm said on Thursday. He added that a domestic solution to the country's bank crisis would be better than a European rescue.

The government said on Wednesday it would finance a 23.5 billion euro rescue of the bank through the bank fund, FROB but senior debt bankers said that the syndicated bond market is currently closed for Spanish agencies.

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« Reply #62 on: June 01, 2012, 09:11:15 pm »

Italy, Spain default insurance costs hit record
1 June 2012. by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/italy-spain-default-insurance-costs-hit-record-2012-06-01

The cost of insuring Spanish and Italian government debt against default via instruments known as credit default swaps, or CDS, hit new records on Friday, according to data provider Markit.

The spread on five-year Spanish CDS widened to 610 basis points from 596 basis points on Thursday.

That means it would now cost $610,000 annually to insure $10 million of Spanish debt against default for five years, up $14,000 from the previous day.

The spread on Italian CDS widened by 22 basis points to 579.

Core euro-zone countries also saw a rise, with the French CDS spread widening by 8 basis points to 225 and Germany widening by 4 basis points to 106, Markit said.
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« Reply #63 on: June 02, 2012, 11:29:01 am »

Euro Shorts Reach Record as Spain, Greece Concern Damp Demand
1 june 2012, by Catarina Saraiva (Bloomberg)
http://www.bloomberg.com/news/2012-06-01/euro-shorts-reach-record-as-spain-greece-concern-damp-demand.html

Excerpt:

Futures traders boosted bets that the euro will depreciate against the dollar to a record high as concern increased that Spain’s banking crisis will worsen and Greece may exit the 17-nation currency union.

Hedge funds and other large speculators increased wagers on a euro drop for a fourth straight week in the five days ended May 29, Commodity Futures Trading Commission data showed today.

The surge came during a week in which Greece’s anti-bailout political party gained in the polls and as Spanish leaders debated how to recapitalize Bankia group.

“Positions are getting more extended,” said Brian Kim, a currency strategist in Stamford, Connecticut, at Royal Bank of Scotland Group Plc.

“It’s not just because of the crisis, but also data getting weak and expectations that the ECB could ease in the second half of the year.”

The [color]difference[/color] in the number of wagers on a decline in the shared currency compared with those on a gain, known as net shorts, was 203,415, the most since the euro’s inception in 1999.

It was the third consecutive weekly record.

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« Reply #64 on: June 04, 2012, 11:18:07 pm »

http://news.yahoo.com/g7-hold-emergency-eurozone-talks-spain-top-concern-172150142--business.html

G7 to hold emergency euro zone talks, Spain top concern

6/4/12

TORONTO/BERLIN (Reuters) - Finance chiefs of the Group of Seven leading industrialized powers will hold emergency talks on the euro zone debt crisis on Tuesday in a sign of heightened global alarm about strains in the 17-nation European currency area.
 
With Greece, Ireland and Portugal all under international bailout programs, financial markets are anxious about the risks from a seething Spanish banking crisis and a June 17 Greek election that may lead to Athens leaving the euro zone.
 
"Markets remain skeptical that the measures taken thus far are sufficient to secure the recovery in Europe and remove the risk that the crisis will deepen. So we obviously believe that more steps need to be taken," White House press secretary Jay Carney told reporters.
 
Canadian Finance Minister Jim Flaherty said ministers and central bankers of the United States, Canada, Japan, Britain, Germany, France and Italy would hold a special conference call, raising pressure on the Europeans to act.

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« Reply #65 on: June 05, 2012, 09:58:48 am »

6/5/12

http://online.wsj.com/article/SB10001424052702303830204577448023082690142.html

Updated June 5, 2012, 10:49 a.m. ET.
Spain Warns Market Access Being Shut

BY DAVID ROMÁN
MADRID—Spain's Budget Minister Cristobal Montoro on Tuesday urged euro-zone partners to act faster to help support its enfeebled banks, saying that the government has effectively lost access to capital markets because of steep risk premiums demanded by sovereign bond investors.

In making this dramatic admission, Mr. Montoro joined recent calls by the Spanish government for direct aid from European Union institutions for Spanish banks as the government hopes to avoid a full-blown bailout package.

The matter has gained urgency after Madrid was forced into a €19 billion ($23.75 billion) rescue of lender Bankia SA.

The government's borrowing costs have surged ...
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« Reply #66 on: June 06, 2012, 02:07:36 pm »

Spanish industrial production sinks 8.2% in April
6 June 2012, by Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/spanish-industrial-production-sinks-82-in-april-2012-06-06

Spanish industrial production dropped 8.2% in April on an annual basis, the national statistics office said Wednesday.

That comes after a fall of 7.5% in March.

Industrial production has been on the decline or flat for 14 months.

In May and August of 2011, production was unchanged.

The April fall was the biggest in more than a year.
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« Reply #67 on: June 08, 2012, 10:01:14 am »

Fitch cuts Spain credit rating to BBB
7 June 2012, by David B. Wilkerson - Chicago (MarketWatch)
http://www.marketwatch.com/story/fitch-cuts-spain-credit-rating-to-bbb-2012-06-07

Fitch Ratings on Thursday downgraded its long-term foreign and local currency issuer default ratings on Spain to BBB from A, with a negative outlook.

The BBB credit rating is just a notch higher than junk status.

The firm said Spain's "high level of foreign indebtedness has rendered it especially vulnerable to contagion from the ongoing crisis in Greece."

Fitch added that the nation's reduced financing flexibility hampers its ability to "intervene decisively in the restructuring of the banking sector and has increased the likelihood of external financial support."
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« Reply #68 on: June 09, 2012, 11:11:18 am »

http://news.yahoo.com/spain-could-ask-bank-bailout-weekend-114910573--finance.html

Spain could ask for bank bailout this weekend
By ALAN CLENDENNING and HAROLD HECKLE | Associated Press – 52 mins ago.

MADRID (AP) — Spain could ask for a rescue of its struggling banks this weekend when European finance ministers hold an emergency conference call Saturday to discuss the country's financial problems, a move that would make it the fourth member of the 17-nation eurozone to seek outside help since the continent's debt crisis erupted two years ago.

The ministers will discuss a potential rescue package for Spain as pressure mounted on the country to prop up the banks hurt by toxic assets after a property boom went bust.

A new report from the International Monetary Fund estimated Spanish banks need a recapitalization injection of at least €40 billion ($50 billion) following a stress test it performed on the country's financial sector. That report came out early Saturday, three days ahead of schedule, underscoring the urgency of the situation.

Spain, as of early Saturday afternoon, had not asked for help, "but we want to prepare if the call comes," said Guy Schuller, a spokesman for Luxembourg Prime Minister Jean-Claude Juncker, who chairs the meetings of eurozone finance ministers. Spanish officials neither confirmed nor denied a request for a bailout was imminent

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« Reply #69 on: June 09, 2012, 11:34:59 am »

http://news.yahoo.com/eurozone-set-emergency-talks-spanish-bank-crisis-132026235.html

Eurozone eyes '100 bn euros' for Spain
By Aurelie Mayembo and Celine Loubette | AFP – 2 hrs 5 mins ago.

Eurozone finance ministers holding an emergency conference call on Saturday are eyeing "up to 100 billion euros" ($125 billion) in aid for Spain's distressed banks, a senior EU official told AFP.
 
A separate eurozone official said the teleconference of the finance ministers in the 17-nation Eurogroup had begun as planned at around 1400 GMT
 
In a departure from rescue plans already approved for Greece, Ireland and Portugal, Spain was likely to get a deal focused on helping banks that are saddled with bad debt from the country's collapsed property sector.
 
In Madrid, a government source said officials would study a report by the International Monetary Fund on the banks and wait for the outcome of the ministers' conference call before commenting on any bailout request.
 
"There is a meeting that was called by Brussels. We are waiting to see the results and we are analysing the IMF report," the source said.

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« Reply #70 on: June 09, 2012, 04:39:25 pm »

http://news.yahoo.com/swedish-pm-talk-spain-needs-80b-rescue-loan-160102185--finance.html

6/9/12

Swedish PM: "Talk" Spain needs ?80B in rescue loan

STOCKHOLM (AP) — Sweden's prime minister says there is widespread European agreement that Spain needs to ask for outside help to try to prop up its ailing economy and that "there is talk" of a bailout package of up to €80 billion.

Fredrik Reinfeldt, whose country is not part of the eurozone, spoke with national broadcaster Swedish Radio ahead of an emergency conference call between European finance ministers on Saturday.

He said the situation in the southern European country "is serious" and "that in reality we're talking about one of the greatest financial rescue operations the world has seen."

A report from the International Monetary Fund on Saturday estimated Spanish banks need a recapitalization injection of at least €40 billion ($50 billion), but Reinfeldt says "there's talk about up to €80 billion."
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« Reply #71 on: June 09, 2012, 08:07:53 pm »

http://news.yahoo.com/europe-bailout-spain-could-cost-125-billion-190614499--finance.html

Europe bailout of Spain could cost $125 billion
By DANIEL WOOLLS and SARAH DiLORENZO | Associated Press – 2 hrs 2 mins ago.

MADRID (AP) — Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to €100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17-country eurozone.

The rescue offer follows growing pressure from international investors and the Obama administration and comes a week before elections in Greece, whose voters could decide whether the country leaves the euro.

Europe's widening recession and financial crisis has hurt companies and investors around the world. Providing a financial lifeline to Spanish banks is likely to relieve anxiety on the Spanish economy — which is five times larger than Greece's — and on markets concerned about the country's ability to pay its way.

"What the markets are looking for is essentially the Spanish government's acceptance that its banks are broke," said Jacob Kirkegaard, a research fellow at the Peterson Institute for International Economics in Washington.

Economy Minister Luis de Guindos announced the deal after an emergency conference call with eurozone financial leaders. He said the aid will go to the banking sector only and would not come with new austerity conditions attached for the economy in general — conditions that have been an integral part of previous bailouts to Portugal, Ireland and Greece.

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« Reply #72 on: June 10, 2012, 07:52:07 am »

http://news.yahoo.com/imf-us-praise-100-bn-euro-bank-deal-042009708.html

IMF, US praise 100 bn euro bank deal for Spain
By Katell Abiven | AFP – 5 hrs ago.

The IMF and US both praised a Eurogroup deal giving Spain a lifeline of up to €100 bn ($125 billion) to save its stricken banks, with International Monetary Fund Managing Director Christine Lagarde calling it a "credible back stop" for the banking system.
 
"I strongly welcome the statement by the Eurogroup, which complements the measures taken by the Spanish authorities in recent weeks to strengthen the banking system," said Lagarde.
 
"Providing a credible back stop to recapitalize weaker segments of the banking system has been a key recommendation of the IMF's recent Financial Sector Assessment Program (FSAP) conducted in Spain," she said.
 
Lagarde also had words of praise for the operation's scope.
 
"The willingness of Spain's Euro Area partners to financially support the Fund for Orderly Bank Restructuring (FROB) with up to EUR 100 billion is a crucial step for the success of the Spanish authorities' strategy," she said.

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« Reply #73 on: June 10, 2012, 12:33:57 pm »

Bailout for Spain's banks buys time[life support] for Europe
By PAUL WISEMAN and PETER SVENSSON | Associated Press – 6/10/12

[] = emphasis mine

WASHINGTON (AP) — The plan to bail out Spain's banks with up to $125 billion in aid buys European policymakers time to try to save the euro and eases deep fears in global financial markets.

The deterioration of Spain's banks and the pressing need for a rescue was threatening to bankrupt its government. That would likely cause far more pain for Europe than the financial messes in Greece, Portugal and Ireland, smaller economies that have received bailouts.

Investors need all the reassurance they can get. They're already worried about what will happen when Greek voters go to the polls June 17. The Greeks could elect a government that will refuse to live up the terms of a $170 billion bailout. That could force the country to exit the euro — an outcome that would raise fears that another, bigger European country might be next.

"A significant part of this (bailout for Spanish banks) has to do with ring-fencing Greece," says Jacob Kirkegaard, a research fellow at the Peterson Institute for International Economics in Washington. "This is enough to prevent added market contagion."

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« Reply #74 on: June 10, 2012, 01:07:31 pm »

http://news.yahoo.com/spain-relieved-angry-over-humiliating-bank-rescue-133958758--finance.html;_ylt=AknsonNgPmRD7Vsyph5izPJg24cA;_ylu=X3oDMTRvZDc4MW44BGNjb2RlA2dtcHRvcDEwMDBwb29sd2lraXVwcmVzdARtaXQDTmV3cyBmb3IgeW91BHBrZwMzNzZmMDJhNi1jYjkxLTNlYjMtYjA1ZS02MWU1NDBkMTZiMzgEcG9zAzIEc2VjA25ld3NfZm9yX3lvdQR2ZXIDZWZlNDg1NjEtYjMxZC0xMWUxLWJiN2YtMWU0MmExZDA4YzE4;_ylg=X3oDMTMwbW4yMjhiBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDMzc0MWU2MTItYWJiNy0zODA2LWIxNzYtZTljOTk1ZjRlNzRmBHBzdGNhdANlbGVjdGlvbnMyMDEyBHB0A3N0b3J5cGFnZQ--;_ylv=3

Spain relieved, angry over humiliating bank rescue
By ALAN CLENDENNING | Associated Press – 1 hr 5 mins ago.

MADRID (AP) — Spain's grinding economic misery will get worse this year despite the country's request for a European financial lifeline of up to €100 billion ($125 billion) to save its banks, Prime Minister Mariano Rajoy said Sunday.

A day after the country conceded it needed outside help following months of denying it would seek assistance, Rajoy said more Spaniards will lose their jobs in a country where one out of every four are already unemployed.

"This year is going to be a bad one," Rajoy said Sunday in his first comments about the rescue since it was announced the previous evening by his economy minister.

The conservative Prime Minister added that the economy, stuck in its second recession in three years, will still contract the previously predicted 1.7 percent even with the help. Small businesses and families starving for credit will eventually get relief as the funding props up banks and they increase lending, but Rajoy didn't offer guidance on when.

Spain on Saturday became the fourth — and largest — of the 17 countries that use Europe's common currency to request a bailout — a big blow to a nation that a few years ago took pride as the continent's economic superstar only to see it become the hot spot in the eurozone debt crisis. Its economy is the eurozone's fourth largest after Germany, France and Italy.

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« Reply #75 on: June 11, 2012, 04:19:23 pm »

Fitch downgrades pair of Spanish banks
11 June 2012, by William Spain - Chicago (MarketWatch)
http://www.marketwatch.com/story/fitch-downgrades-pair-of-spanish-banks-2012-06-11

Fitch Ratings on Monday downgraded Banco Santander's and Banco Bilbao Vizcaya Argentaria's long-term issuer default ratings to BBB+ from A and viability ratings to bbb+ from a.

The outlooks on the long-term IDRs are negative.

The moves "are primarily based on the downgrade of the Spanish sovereign" and reflect concerns that "Spain is forecasted to remain in recession through the remainder of this year and 2013 compared to the previous expectation that the economy would benefit from a mild recovery in 2013," Fitch said

More Here: Fitch downgrades Spain's Santander, BBVA http://www.marketwatch.com/story/fitch-downgrades-spains-santander-bbva-2012-06-11
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« Reply #76 on: June 12, 2012, 01:31:40 pm »

Fitch lowers rating on 18 more Spanish banks
12 June 2012, by Kristin Jones (MarketWatch)
http://www.marketwatch.com/story/fitch-lowers-rating-on-18-more-spanish-banks-2012-06-12-104855451

Fitch Ratings lowered its rating on 18 more Spanish banks, following the downgrade of Spain's sovereign debt last week, on the expectation that the country will remain in recession through 2013.

The downgrades also reflected the ratings firm's concerns that the portfolio of certain banks could deteriorate further.

Banks whose loan books are heavily exposed to the construction and real-estate sectors, or have low equity bases, are particularly vulnerable, it said.

Fitch has carried out new stress tests, both on the Spanish banking sector as a whole and on an individual basis, that factor in Spain's deteriorating macroeconomic conditions.

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« Reply #77 on: June 12, 2012, 01:43:53 pm »

Yields for Spanish, Italian bonds spike higher
12 June 2012, by Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/yields-for-spanish-italian-bonds-spike-higher-2012-06-12

The yield on Spain's 10-year bond yield spiked above 6.7% on Tuesday, taking out highs reached last November.

The yield shot up 28 basis points in late afternoon trading, to 6.81%, according to Tradeweb.

That is the highest level on record according to Tradeweb charts, which go back to 2008.

The yield on Italy's 10-year government bond jumped 23 basis points to 6.27%.

As bond yields spiked, European stocks turned lower across the board.

Yields for Spain have been under fresh pressure this week due to disappointment over the bailout plan for the nation's banks.

Italian yields have been moving in lockstep, with concerns as well that that government may need a bailout at some point.
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« Reply #78 on: June 12, 2012, 02:54:00 pm »

http://www.reuters.com/article/2012/06/11/us-eurozone-spain-idUSBRE85908Z20120611

6/11/12

Market euphoria over Spanish bank bailout fizzles

Reuters) - Financial market euphoria over a European bailout for Spain's debt-stricken banks faded quickly on Monday as investors sounded the alarm over its impact on public debt and bondholders, and eyed the next risks in the euro zone's debt crisis.

EU and German officials said Spain faces supervision by international lenders after the deal to lend Madrid up to 100 billion euros ($125 billion), contradicting Prime Minister Mariano Rajoy who insisted the cash came without such strings.

European stocks leapt to a four-week high, with investors scooping up battered financial shares. But Spanish and Italian bond yields rose sharply as doubts set in about the impact and terms of the deal, designed to avert a run on Spanish banks.

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« Reply #79 on: June 13, 2012, 07:55:44 pm »

Moody's cuts Spain rating to Baa3
13 June 2012, by Wallace Witkowski - San Francisco (MarketWatch)
http://www.marketwatch.com/story/moodys-cuts-spain-rating-to-baa3-2012-06-13

Moody's Investors Service said late Wednesday it downgraded Spain's sovereign-debt rating to Baa3 from A3 and placed it on review for a possible further downgrade.

Moody's based the downgrade on Spain's plans to borrow up to 100 billion euros from the European Financial Stability Facility, its limited financial-market access and increasingly vulnerable economy.

Moody's said it will conclude its review to decide a further downgrade within three months.

The downgrade follows one earlier Wednesday from Egan-Jones, which lowered its rating on Spain to CCC+ from B.

On Wednesday, yields on Spain's 10-year note pushed past 6.75%.
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« Reply #80 on: June 13, 2012, 07:57:00 pm »

Egan-Jones downgrades Spain to CCC+
13 June 2012, by Wallace Witkowski - San Francisco (MarketWatch)
http://www.marketwatch.com/story/egan-jones-downgrades-spain-to-ccc-2012-06-13

Egan-Jones Ratings Co. downgraded its sovereign rating on Spain further into junk Wednesday as funding costs rise and the country's banking sector seeks financial aid.

Egan-Jones cut its rating on Spain to CCC+ from B, right on the heels of a downgrade from BB- in late May.

"As we expected, Spain requested support for its banking sector and will probably need cash for weaker provinces," the ratings agency said in a note.

"Assets of Spain's largest two banks exceed its GDP."

Yields on Spain's 10-year note hit 6.75% on Wednesday.
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« Reply #81 on: June 14, 2012, 09:46:31 am »

Yield on Spain bond yield hits highest-ever 7%
14 June 2012, by Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/yield-on-spain-bond-yield-hits-highest-ever-at-7-2012-06-14

The yield on Spain's 10-year government bond reached an all-time high of 7% on Thursday, with Tradeweb reflecting the yield at 7.01%, versus a close of 6.772% the prior day.

The move came in the wake of a three-notch Moody's Investors Service downgrade for Spain, which put its debt rating one notch above junk status.

Italy's yield was at 6.34% as the country prepared to auction medium- and long-term debt.
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« Reply #82 on: June 14, 2012, 10:01:58 am »

http://wsws.org/articles/2012/jun2012/econ-j14.shtml

6/14/12

Global crisis deepens after Spanish bailout

Rising interest rates in bond markets demonstrate that the €100 billion Spanish bailout last weekend has done nothing to resolve the euro zone crisis and may well have made it even worse. The rate on Spanish 10-year bonds climbed to the danger level of 6.8 percent Wednesday, while interest rates on Italian one-year government debt reached their highest levels since last December.
 
The latest turmoil came as the World Bank issued a report warning that so-called “emerging markets” face heightened risks from the European crisis. The World Bank’s latest Global Economic Prospects report predicted that growth in developing countries would fall to 5.3 percent in 2012, down from 6.1 percent. The forecast for overall world growth was cut to 3 percent for 2013, down by 0.1 percent from the estimate in January.
 
The bank said that developing countries should prepare for a long period of volatility, warning that Eastern Europe and Central Asia were particularly vulnerable because of their trade and financial ties with the major European economies.
 
The director of economic prospects at the World Bank, Hans Timmer, said the volatility of financial markets made policy making difficult, adding that there was “no silver bullet” and that “you cannot solve problems over a weekend.”

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« Reply #83 on: June 14, 2012, 10:04:33 am »

http://news.yahoo.com/global-shares-ease-weak-u-data-wary-italy-003755925--finance.html

Spain's debt hits record as euro zone crisis worsens

6/14/12
LONDON (Reuters) - Spain's 10-year bond yield climbed to a euro-era record of 7 percent on Wednesday as the storm surrounding Europe's debt crisis worsened, with fears over its impact on global growth sending world shares lower.
 
U.S. stock index futures pointed to a more mixed start on Wall Street after weak retail sales data and the euro zone's problems had sent shares lower on Wednesday. <.N>
 
"The underlying problem of deteriorating confidence in sovereign debt in Europe is continuing to intensify," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi.
 
The rise in Spanish debt yields came as Germany, Europe's most powerful economy, rebuffed calls from other European leaders to help underwrite the region's debt or guarantee deposits in euro zone banks.

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« Reply #84 on: June 14, 2012, 11:34:20 am »

Spanish Bank Borrowings From ECB Surpass Italian, As Italy Sovereign Debt Hits Record €1.95 Trillion
14 June 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/spanish-bank-borrowings-ecb-surpass-italian-italy-sovereign-debt-hits-record-%E2%82%AC195-trillion

Excerpt:

First, we observe the just released data showing Spanish bank borrowings from the ECB:

at €287.8 billion, this was a €24 billion increase from April, €235 billion from a year earlier, and the highest ever.

For the first time since June of 2011, Spanish bank ECB borrowings increased to more than those of Italy, which at just €272.7 billion rose a mere €2 billion from April month (to a new record as well).

In other words, both Italy and Spanish banks are now spurned by counterparties everywhere, but Spain's a little bit more than Italy's.

Yet before Italy gloats, it bears reminding Italy that its own offsetting factor, and where it is weakest,

its insane public debt, just hit a new record high of €1.95 trillion, pushing the country's debt to GDP ratio well into the 120%+ range.
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« Reply #85 on: June 20, 2012, 05:53:39 pm »

Moody's downgrades Telefonica over Spain crisis
20 June 2012, by Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/moodys-downgrades-telefonica-over-spain-crisis-2012-06-20

Shares of Telefonica SA fell 0.8% on Wednesday after Moody's Investors Service downgraded the telcommunications provider.

Moody's said the Spanish economic crisis will continue to weigh on consumer spending, and in turn, the telecommunications provider's domestic revenue.

The ratings firm cut Telefonica's long-term senior unsecured and issuer ratings to Baa2 from Baa1, and cut ratings of its guaranteed subsidiaries as well.

Those ratings all remain on review for further downgrades.

Telefonica "does not have the domestic or financial strength, or sufficiently robust access to liquidity, to distance itself from the current and future credit environment implied by the sovereign's Baa3 rating," said Carlos Winzer, a Moody's senior vice president.

The ratings firm said it believes that the required strengthening of the company's financial ratios and challenging domestic and international operations will increase its overall business and financial risk.
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« Reply #86 on: June 21, 2012, 06:26:46 pm »

Spain to seek bank aid as borrowing costs soar

6/21/12

http://www.reuters.com/article/2012/06/21/us-eurozone-idUSBRE85K0IU20120621

(Reuters) - Independent auditors said Spanish banks may need up to 62 billion euros in extra capital, to be filled mostly by a euro zone bailout, after Spain's medium-term borrowing costs spiraled to a euro-era record on Thursday.

Euro zone finance ministers met in Luxembourg to discuss how to channel up to 100 billion euros ($126 billion) in aid to Spanish lenders weighed down by bad debts from a burst property bubble. Madrid's economy minister said a formal request would be made in days for the bailout, which was agreed two weeks ago.

Many in the markets see the package as a mere prelude to a full program for the Spanish state, which Madrid vehemently denies it will need.

Spain's financial plight took centre stage a week before a European Union summit tackles long-term plans for closer fiscal and banking union in a bid to strengthen the euro's foundations, after bailouts for Greece, Ireland and Portugal failed to end a 2-1/2-year old debt crisis.

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« Reply #87 on: June 25, 2012, 07:30:11 pm »

http://www.cnbc.com/id/47954108

Moody's Downgrades 28 Spanish Banks

6/25/12

Spain formally requested a European bank rescue on Monday but lack of details kept investors fretting and Moody's cut the ratings of most Spanish lenders, citing the government's reduced ability to support them and the likelihood of higher property losses.

In a letter to Eurogroup Chairman Jean-Claude Juncker sent early on Monday, Spanish Economy Minister Luis de Guindos said he wanted to take up the EU offer of up to 100 billion euros ($125 billion) and hoped to finalise the package by July 9.

He did not specify how much money Spain will seek to recapitalise the indebted lenders and said the final amount and conditions of the assistance were still under discussion.
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« Reply #88 on: July 09, 2012, 09:42:50 am »

Spain borrowing rate hits bailout danger zone

7/9/12

MADRID (AP) — Spain's borrowing costs rose to dangerously high levels Monday as finance ministers of the 17 countries that use the euro began to gather in Brussels to discuss terms of a rescue package for the country's stricken banks.

The interest rate, or yield, on the country's 10-year bonds hit 7 percent Monday morning, a level that market-watchers consider is unaffordable for a country to raise money on the bond markets in the long term and the point at which Greece, Ireland and Portugal all sought an international bailout. Stocks on Madrid's benchmark index fell 1.7 percent. The yield later fell back down to 6.99 percent.

The yield indicates the interest rate a government would have to pay to raise money from financial markets when it holds bond auctions. While Spain can afford the high rates for a few weeks at least, it would find them too expensive in the longer term.

more: http://news.yahoo.com/spain-borrowing-rate-hits-bailout-danger-zone-083607487--finance.html
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« Reply #89 on: July 11, 2012, 10:50:53 am »

http://www.cnbc.com/id/48144383

Spain Deepens Austerity Under European Pressure

7/11/12

Prime Minister Mariano Rajoy announced a swathe of new taxes and spending cuts on Wednesday designed to slash 65 billion euros from the budget deficit by 2014 as recession-plagued Spain struggles to meet tough targets agreed with Europe.

Rajoy, of the center-right People's Party, proposed a 3-point hike in the main rate of Value Added Tax on goods and services to 21 percent, and outlined cuts in unemployment  benefit and civil service pay and perks in a parliamentary speech interrupted by jeers and boos from the opposition.
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