Courtesy of Russ Winter of Winter Watch at Wall Street Examiner
Spain’s Rescate (“Rescue”)
Spain’s bank rescue news is out, and the obfuscation is very high, as usual. The rescate (rescue) amount offered is $100 bn euros, a mere two and a half times last week’s estimate. This tells us the Spanish banks are under-capitalized by at least $100 bn euros. That’s positive? We already knew the ESFS and ESM would lend Spain money, the question is in what manner? This uses up about all the capacity Europe has on its own and opens up more cans of worms.
Courtesy of Lee Adler of the Wall Street Examiner Debtmaggeddon Russ Winter of Winter Watch joins the The Wall Street Examiner’s Lee Adler as they continue their regular brief updates on the markets and economic/financial scene. Tod... Read Post
Peak Heist Courtesy of Russ Winter of Winter Watch at Wall Street Examiner The latest bank heist (LTRO) totaled $641 billion as European banks passed on collateral in exchange for a 3 year, 1% loan. In return the ECB just was handed... Read Post