25 Responses to Eurozone troubles mount: Spanish banks need $100 billion euros to remain solvent

  1. Barbara Mahati Schäfer says:

    It doesn’t look good at all. Spain and Greek together, it,s to much to handle for the rest. According to IWF Spain needs at least 40 billions of Euro,s now.
    *
    http://www.spiegel.de/wirtschaft/soziales/iwf-schaetzung-spaniens-banken-brauchen-mindestens-40-milliarden-a-837868.html

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  2. Craig says:

    This is something i’ve not been able to figure out. If there is so much debt everywhere, then where the hell do all the Billions of euros come from that we keep throwing at countries needing it?? Not a subject I know anything about but wouldn’t it be simpler for everyone to go back to what they had before the Euro? Surely things will only get worse if we keep piling Billions into certain countries, would it be easier to let them go bankrupt? The countries that keep getting bail outs seem as though they are going to go bankrupt anyway so what’s the point in giving them all this money, to me it seems it’s just going to be more money lost.
    It was an idea when the recession first hit in the UK what about 3/4 years ago? Some people were saying give a certain amount of money to every tax payer instead of the banks and you would see the economy kick back in, I do see a lot of sense in this and I think they did this in Australia and they are not as bad as everywhere else I believe?

    As I said don’t know much about this but that’s how it looks to me.

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  3. linda says:

    Since these stresses are in the commercial banking sector, why can they not just let them fail? Why are all the world’s banks asking for handouts when they were the ones that mismanaged the funds to begin with? Did they see how the US banks got away with it and are deciding to follow suit? Since the central Spanish banks are fine, I guess I just don’t see why capitalism is good for every other industry to succeed or fail except for the banks. Is the problem due the gov’ts not paying on their loans owed these commercial banks? I am going to have to find some good econ books and study all this.

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  4. Craig says:

    And now I just read this breaking news on BBC:

    http://www.bbc.co.uk/news/business-18382659

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    • And you notice not a word about correcting the behavior of the banks that got them into trouble in the first place. Want to guess what happens when you send a check and pay off your college student’s credit card bill?

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      • Michele B. says:

        um… the debt just goes somewhere else?

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      • radiogirl says:

        They get another card..and do it again.

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      • elijahsmom3 says:

        The slate is wiped clean. They just wrack up the debt again. And probably faster than they did the first time.

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      • ONTHEMARK55 says:

        Thank you for stating the obvious. We have a financial crises because of Banking Practices based on Maximum Profit(read greed) which has killed the Golden Goose(read people) Never should there have been ANY BAILOUTS it prevented the required market adjustments which has prolonged the spiral. General Motors was bailed out to save jobs for the auto workers. Has anyone heard of GMAC? That was General Motors Accepetance Corporation which was created to invest in the real estate bubble, lending money to underqualified buyers on variable low interest rates so payments would fit debt to income ratios, which were also altered! If you can’t afford it now, how can you afford it later. You can blame people, fine, but why bailout crooked financial advisors. We allowed them profits by BAILING THEM OUT!. We should have revalued homes to realistic amounts and made the financial institutions reissue loans at realistic FIXED interest rates to QUALIFIED buyers. The market would have readjusted and whatever companies failed, new ones would have replaced them. TO BIG TO FAIL was a lie to keep the 1% from taking the hit for the mess they created. Make no mistake, 2008 was the first cancer pain felt, if we would have treated it properly then we would have survived. we ignored the symptoms, self medicated to dull the pain to the point i believe it’s terminal. If people and there leaders don’t accept the fact that we have to FACE AUSTERITY, were doomed to total collapse. Does anyone really think anything or anyone will accept that willingly? I find it sadly humorous this time, people’s belief in Jesus and God are so low, anyone read Revelations lately?

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      • Cliche but true;
        “Those who ignore history are bound (or doomed) to repeat it”
        – George Santayana

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  5. Corebone says:

    Hello, this is my first time responding to a story. I’ve been coming to this site for almost a year now. I dont remember how I found this site but I bookmarked it and came back a few times in that week. At the end of that week, I started coming to this site everyday 🙂 Now I always come to this site first and then I go to other sites for more info. I bought your book back in January and I just started to read it this week, had three other books that I had to read first but very good so far 🙂

    I’m not saying this will happen (yea right) What I can’t stand is that if they get this loan, these CEO’s of those banks will be giving themselves bonuses or going on conferences at extravagant spas, with top of the selve alcohol, and food fit for a king and a queen. I think they should appoint someone to monitor the money and make sure it is being used for the right thing. Just a thought

    Thanks Alvin for all the hard work you do, I TRULY appreciate it. And thanks to everyone else for the comments and links.

    May God continue to bless you, Alvin and everyone else.

    Corebone

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    • Corebone,

      Thanks for making yourself known to me and thanks for the book purchase. I appreciate you being here and lets us all know you’re out there. Thank you for the kind sentiments.

      God bless you as well,

      Alvin

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  6. Craig says:

    An update on my earlier link, couldn’t get past the headline. I’m speechless.

    http://www.bbc.co.uk/news/business-18382659

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  7. Gill says:

    On the money subject, i would recommend a book by G Edward Griffin. Creature From Jekyll Island. It explains the whole system and how it works , it explains where money comes from, who makes it, where it goes, debt, how it makes more money. How wars are the cause of the great illusion money really is. boom and bust cycles, inflation. how really evil the whole system is it will change your view of the world , it has me. Its a really must read.

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  8. Andy says:

    It is good to see the truth finally emerging and that there is definately a two tier system in Europe. If you are greek,portuguese or Irish you have had your countries torn apart but Spain gets what they want. I think the word Union need to be dropped.

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  9. gary4katieGary Burton says:

    It is scandalous really. We get into debt and the baliffs are knocking at the door pronto! It also begs the question – if all these countries are in so much debt – who are the ones to whom they owe the money? Are there really so many rich nations around in these times? I don’t think so…we are currently spiralling into a financial catastrophe which I believe is being orchestrated by certain global individuals seeking world control.
    Thanks Alvin for your tireless efforts in bringing these stories to us every day.

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  10. Sam Beckett says:

    I am pro free market, for capitalism, & want to see it continue..however, stating that, the greed, corruption, selfishness, & dirty cutthroat ways have led to the demise of the world economy. The rich get richer while us normal hard working people get poorer. 2 years ago, I lost my 12 year job due to the company closing down. Now I work 2 jobs, & though I make more, I have much less to sound because of the ridiculous greedy inflation of everything, & that goes for most of us. Groceries are about triple the price than they were a few years ago, medical insurance, gas, household bills, etc…as time goes on, I find myself spending less & less on fun stuff, items, etc…I have not been to the movies in over 2 years, a sporting event in 3 years, I rarely buy a movie & eat out once in a great while…eat frozen dinners, etc..to save money because of the cost of living has tripled in just a few years. I do save $ from each check, because to be honest in 35 years when I am eligible for social security I do not plan on it being there because off all I mentioned above. People are spending less on material goods, because of the cost of living, etc…which in turn effects the profits of corporations, stores close, people get let go, & so on…a dominio effect. My whole point is all this is already blowing up in the faces of those corporations, the rich, etc…due their greed for money, power, etc…All this has made me learn less is more so I rarely spend $ on material goods, etc…& so have others…& the whole damn economic system is falling apart worldwide

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    • So many are suffering. It’s sometimes hard to imagine just how far the two worlds of the haves and the have nots are sliding further apart. This is no indictment of anyone or what is their business to do with what they will with their own money but the below piece does give us a glimpse across the fence into how a handful are prospering even in this downed economy. This is a classic case of if you had a lot before; now you have even more…

      What recession? http://online.wsj.com/video/202CFC67-86BC-4451-885D-2E788A463051.html?mod=wsj_article_tboright

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      • Sam Beckett says:

        Wow….that article you linked to me. If I was that rich, I would not be spending $150 million for a house…that is just absolute gluttony when there are hundreds upon hundreds of millions of people that do not get to eat each day…& so on. I used to be angry over my financial status despite that I work hard, pay bills, etc…& see those that control my job (corporations, etc..) kept getting richer & living the good life. I still get frustrated about it once in a while but I have learned these past few years, less is more & know that the path we humans are on shall change drastically soon.

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      • Sam Beckett says:

        Forgot to add, as I had previously commented on I used to be angry, now I get frustrated once in a while regarding my financial status despite I work hard, etc…& seeing those that control my job & others jobs get richer, greedier, etc…1 of my 2 jobs is working at a bank, that is partly what still gets me frustrated. Not all rich people are greedy, snobbish, selfish, etc…there are customers of my bank that our rich & treat I & others with respect, etc…sadly most are not that way

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