Thursday, May 10, 2012

Spain takes on Bankia's massive debts

Bloomberg has a video that may be viewed from here. This blog has long chronicled the sorry saga of the Spanish Cajas, see here and Bankia itself from here.

So how does this look for the future of people in Spain? Absolutely grotesque, can surely be the only answer to that question. Billions of Mickey Mouse money called euros are issued through loan sharks, allowed by the EU to call themselves banks, to build properties for foreigners (often on beach front plots to which the title is unsure) and the mind-boggling losses (which none have yet to even pretend to be able to begin to start quantifying,) have been placed upon future taxpayers in a bankrupt country by combining the "so-called" loan sharks called Cajas into an outfit laughingly named Bankia, placed under the management of a former IMF official and today offloaded onto the public.

And yesterday they had the gall to celebrate something called Europe Day!

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