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Sunday, 10 June 2012


Despite recently, but regularly, issuing comforting statements about the condition of the Spanish economy, Spain has suddenly decided that, now is better than later, to seek EU financial help !!!

Why, suddenly, now ?  It seems that Spain wants to be "served" before the expected "crisis" in Greece "blows-up", after the election next Sunday, June 17, 2012 !!!

Spain has slowly admitted that its financial sector is in difficulty.  Initial figures indicated that capitalisations of Banks amounting to 40 Billion Euros, were required !!! Spain also seemed to maintain that National Finances were "solid", not the problem !!!

Now, suddenly, Spain requires help !!!  The last "figure" published in the Press reveals the "help" required is 100 billion Euros !!!  However Spain is being prudent !!!  It says that there are "ongoing" audits and that the results will not be available for Two Weeks !!!  Really ?  Audits take time, true !!!  The  wording of the Report at the end is what really takes more time than it should !!!

Does this mean that Spain in fact, had no control over their Banks during recent years ?  If this is true, the National Accounts of Spain in recent years have now also become somewhat suspect !!!

When Greece, two years ago, sought help, they too were talking about 20 Billion EUROS.  Greece has obtained at least 230 Billion Euros of "help" since !!!

Who pays for all the Greek aid ?  EU taxpayers of course !!!  With Spain one could say "Here we go again" !!!  Finally, is the problem not that the EU Central Bank has absolutely no idea what is going on in Banks in EU countries ?