Great Incentives Offer This Week … and LOTS of New Affordable Preps Listed Purchasing My First Firearm How To Find Gold In Creeks!!! One of the problems with the Hispanic Pandora's box unleashed by a now insolvent Bankia, which as we noted some time ago, is merely the Canary in the Coalmine, is that once the case study "example" of rewarding terminal failure is in the open, everyone else who happens to be insolvent also wants to give it a try. Spain is trying to clean up its banks, requiring lenders to set aside more for possible losses on loans deemed performing to developers like Metrovacesa SA (MVC), which hasn’t completed a project in more than a year and has none under way.
The Economy Ministry says that Spanish banks have 184 billion euros of developers' loans and assets that are “problematic,” while the remaining 123 billion euros are performing. Many Spanish banks are avoiding property sales so they don’t have to make “mark to market” valuations. A spokeswoman for CECA, the association for Spanish savings banks, who declined to be identified citing company policy, said the group can’t comment on the banks’ commercial policies. Metrovacesa, once Spain’s largest developer, is typical of the industry, according to Manso. Metrovacesa currently trades at 38 cents a share, valuing the company at about 375.5 million euros. Terrifying, because proper accounting treatment would mean that the abovementioned €76.5 billion in max provisions is really orders of magnitude lower than what the final number will be.
Of course, it wouldn't be an article about a ponzi scheme if it didn't have an official refutation. But if the above hasn't caused blood to shoot out of one's ears yet, the next paragraphs absolutely will.
More than half of Spain’s 67,000 developers can be categorized as “zombies,” according R.R. The Bank of Spain allows loans that are refinanced before turning delinquent and interest-only loans to be considered “normal” or “performing” on banks’ books, according to Manso.
Refinancing the current and future zombie developers will cost 30 billion euros over the next two years, according to Acuna. Echavarren’s Irea brokered the refinancing of a 200 million-euro loan two years ago for a developer. Spain’s government and banks need to be more like their counterparts in Ireland and be more forthcoming about loan losses, according to Echavarren.
Who says we can not: why, it is the sole prerogative of every central bank not to fight inflation, not to maximize employment, and lately, not even to keep the Russell 2000 over 800.

Finally, as a courtesy to our readers, with the global zombie apocalypse about to be unleashed in every format possible, here are some hints on defending from the undead, both banks and those whose EBT cards have run out, courtesy of Shaun of the Dead and Zombieland.
Select your preferred way to display the comments and click "Save settings" to activate your changes. Open bank subsidiaries in the City of London (they have no laws there) and get to rehypothecating that shit. The Spanish are alike the Greeks in the sense they riot only when their welfare is threatened.
When every bearish inclination has past, all notions of a meaningful reversal has been purged, when you are wondering if somehow it has actually turned around and have your mind on other things as futures light up green again. The Euro is oversold, the newsflow on Europe is bad, panic has sent investors into the dollar, bunds and treasuries - all of which are overbought.
In North Korea and other central planning Paradises, people pi k through shit for corn, rice bits. The elites and financiers are a pustulating scab on the bum of the world today, simply because the farmer's HARD WORK, in what was once called 'PRIMARY PRODUCTION', created a SURPLUS of material resources, in the first instance.
By the time this mess reaches its limits every corner of the globe will be rioting in one way or another. Look, everything that is going on is maneuvering and squirming about groping for a methodology that steals the needed money from Germany while they somehow don't say no. Germany could put an end to all of this shit by standing up and saying "THERE WILL BE NO MECHANISM ALLOWED THAT IN ANY WAY COSTS GERMAN CITIZENS MONEY.
Ease up on the liquidity to the PIIGS and German companies won't be able to sell their wares. I don't know about Clooney's Ferret but I gotta feeling there's probably Gere's Gerbil involved somewhere.
In Fact, if Clinton, Rubin, and Reich hadna't made it possible, we'd only be talking about US Investment banks failing, and stockholders getting hosed, instead of the taxpayers and the entire economy. But a Chinese enthusiastic Transformers fan has brought us some surprises: an awesome Megatron Tank steel sculpture. In other words: nobody wants to, pardon, nobody dares to do anything, and the best Europe, and by implication the world, can hope for is to survive day to day, without launching the terminal financial D-Day. While that represents about 30 billion euros ($38 billion) of increased provisions, it’s not enough because many of the loans said to be performing aren’t, said Mikel Echavarren, chairman of Irea, a Madrid-based finance company specializing in real estate.

The need for more reserves to cover losses on the loans can’t be ruled out, Nomura International analysts Daragh Quinn and Duncan Farr said in a May 14 report. Instead, they’re giving developers new loans to pay debt coming due to prevent defaults, said Ruben Manso, an economist at Mansolivar & IAX and a former Bank of Spain inspector. The Madrid-based company, which once owned HSBC Holdings Plc’s London headquarters and had about a 50 billion-euro market value, was taken over by creditors in 2009 after its largest shareholder struggled to service billions of euros of debt.
The depreciation of those developer assets from 2012 onwards will generate a further 20 billion euros of losses in that time, he said. After two more rounds of refinancing, there is about 180 million euros left on the loan and it’s classified as performing, he said, without identifying the company.
He forecasts that the larger Spanish banks with income from international operations will be able to pay for domestic real-estate losses within two years.
It is merely to perpetuate the lies, to extend and pretend, to keep the zombies in check, to repeal every law of math, physics and statistics known to man: from the second law of thermodynamics, to simple sine wave oscillations, to prop the insolvent as the liabilities get exponentially bigger than the assets, to change accounting rules, and to pretend that reality matters, until everything finally crashes.
There is still earnings strength and bulls who have reasons to be bullish, but the trend has changed in this market.
Pritchard's summary of next steps is expected: "The result of Europe's policy paralysis is more likely to be a disorderly break-up as Spain – and others – act desperately in their own national interest. As the ponzi unravels more and more each day, the above case will be rather serious compared to what is in the pipeline.
They have combined debt of 180 billion euros that will lead to 104 billion euros of losses that hasn’t been fully provisioned for, Acuna estimates. As we can see from the images, many parts of the all-metal Megatron Tank are cut from thick iron plates, and put together into the monster.
But for now, a company spokesman forced to deny that the company he works for is not an undead creature with a penchant for brains does it for us. Apart from that, the Megatron also features exquisite details such as the terrible track covered by shape teeth, 6 rear booster rockets, and more.
After the break, check out the rest images about the awesome Transformer Megatron Tank steel sculpture.By the way, have you remembered that huge Optimus Prime in Taiwan?

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