Soros’ three months is madness issued for the purpose of MSM/MOPE.
Jim
Spain warns of credit freeze
By Aaron Smith and Alfred Souza
June 5, 2012: 10:50 AM ET
NEW YORK (CNNMoney) — Spain’s Treasury minister appealed to European leaders for financial support Tuesday, saying the country’s credit markets are seizing up.
The yield on Spain’s 10-year bond has been flirting dangerously close to the 7% mark that smacks of default anxiety. Over the past week, the 10-year yield has been at its highest level since November.
Treasury Minister Cristobal Montoro told Spanish radio station Onda Cero that it is "technically impossible" for Spain to bail itself out. He said that Spain needs to get more money to improve its debt situation to open the bond markets back up so people can invest in the country.
"The risk premium says Spain doesn’t have the market door open," said Montoro. "The risk premium says that as a state we have a problem in accessing markets, when we need to refinance our debt."
Economists estimate that the Spanish government has about €800 billion in outstanding debt.
Meanwhile, the European Stability Mechanism, a bailout fund that comes into effect this summer, will be equipped with only €500 billion.
Spain, the new epicenter of Europe’s woes
Montoro said that Spain wants "to continue being part of the [eurozone] and must bet on the European institutions" to financially support the fiscally troubled Iberian nation.
The extent of Spain’s fiscal troubles were unveiled in May, when the government announced a €19 billion rescue of Bankia, one of Spain’s top lenders.
More…
http://money.cnn.com/2012/06/05/investing/spain-credit-banks/
Jim Sinclair’s Commentary
You might laugh but I suggest this carries a real message. As I said to you today, Soros’ statement that Euroland has three months breathing time is fodder for MSM – MOPE. Euroland and the US Federal Reserve will be lucky to get three more weeks. That was the message of last Friday’s market.
The PPT (Plunge Protection Team) was saved by the day of the occurrence, Friday. If it had happened on a Monday there would not have been two days of time out in between. All PPT had to do was to jiggle the Dow and NASDAQ index futures in Europe to open unchanged to better by taking off the short side of the huge index spreads at a profit.
The sign the sage should carry is not The "end is near," the proper sign should say, "the end is here."
http://www.jsmineset.com/
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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