There's Gonna Be A Banking Bailout!

The news on my PC screen this afternoon reads that Spain will be asking the EU for a 40 billion plus euro banking bailout this week. That's your money fellow European blippers. The banks have been reticent to release their true exposure to the debt so it could be three times that amount. The guy on the left, although in reality he is so far right he's falling off the edge, is Spanish PM Mariano Rajoy. He's broken almost every pre-election promise he made although it's fair to say that he didn't actually come up with any policies to solve the financial meltdown in Spain in the first place. The guy is a true incompetent, totally off the graph and makes the UK's David Cameron almost appear sane.

There's not one single politician in Spain who appears to know what he /she is doing. Meanwhile all the greedy bankers who made quick bucks during the building boom are in trouble and are being bailed out whilst 50% of the Spanish youth are unemployed. Farmacies have been closed for two days because the regional government won't pay them for drugs that they have issued, people are losing their homes and being put out on the street including the elderly, prices are rocketing, banks are not helping anybody in any way and business's are closing down every day. People are taking to the street and this whole thing could get nasty if the majority of the population is backed into a corner. Austerity is not working, anyone with half a brain can see that but of course these politicians and bankers have less than half a brain.

There are companies both here in Spain and in the UK who escape paying billions of euros/pounds in tax through offshore loopholes. What are the politicians doing about them? Nothing is the answer because these companies are run by their very own cronies and fundraisers. I could go on. I'm making sure I've got some cash out of the banks before they stop giving me access to it. Some of the banks have already started doing this with some customers. This is going to be interesting.

June 9th 1998: Buddah Bar