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Spain Agrees to Unconditional Bank Bailout

edited June 2012 in Off-Topic
Rally on (or, in this bizarro world, maybe not?)

http://www.zerohedge.com/news/spain-agrees-unconditonal-bank-bailout

Comments

  • I'll bet on rally on, but I'm looking to raise more cash during that rally.
  • It would be prudent to see how Asian and European markets react on Monday to this news. My guess is also risk on, at least for now. One has to wonder if markets will soon focus their attention much more on Italy and if a firewall will need to be built around Rome later on down the road.

    Hopefully the results of the Greek election have been mitigated by the action regarding Spain...
  • Thanks tgeno for your post. I followed your suggestion to sell on strength and am glad that I did.
  • Reply to @tgeno: Rally on for all of about 5 min.
  • I sold a trading position that wasn't working out. I'm building a huge cash position that's burning a hole in my pocket, but I'm out of ideas at the moment. May add to an EM bond fund that's been holding up fairly well
  • edited June 2012
    PIGGS
    Looks like Italy also scramblin' for cash
    may have a hug crash soon, ? start of double dip???

    we maybe hoverin' around these areas for a while
    http://www.bloomberg.com/news/2012-06-11/bond-bubble-dismissed-as-low-yields-echo-pimco-s-new-normal-1-.html


    personally I think oil/energy could be a bargain right now for intermediate/long term
  • Reply to @scott: Blink and you missed it...
  • From a Fuller Money Referenced Article:
    "Spain's banking problems are nothing to do with the global spread of its two giant lenders, Santander and BBVA. Nor is it anything to do with investment banking. The Spanish crisis is actually a tale of what happens when power-hungry politicians get their hands on financial institutions.

    Spain's problem lies with its regional savings banks - the cajas - that lent money hand over fist to the property developers that fueled Spain's boom. Almost all of these banks were controlled or influenced by one of Spain's local governments. The party in power would own voting shares in its local caja and sit on the board. Nobody in Madrid was paying much attention to how that relationship between local banks and local politics played out."

    Article:
    Agenda: Spanish banking lessons are lost in
    translation

    http://www.fullermoney.com/content/2012-06-11/THE_SUNDAY_TIMES_SpanishBankingLessons12May2012.pdf
  • edited June 2012
    And here's the latest from PBS NewsHour, Monday June 11:

    ⇒ Is Spain 'in Denial' Over Growing Banking Crisis?
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