The Watchdog

Keeping citizens in the loop

JANE BURGERMEISTER REPORT: ‘ECB increases loans to Spanish banks to 53 billion euros in May, up 11 billion euros’

ECB increases loans to Spanish banks to 53 billion euros in May, up 11 billion euros

Jane Burgermeister | June 15, 2011 at 4:33 pm | Categories: Uncategorized | URL: http://wp.me/puNtl-1hW

*The number of ECB loans to Spanish banks increased by 11 billion euros in May, up from 42 billion in April to 53 billion euros

*what quality of collateral are Spanish banks offering? Will tax payers have to bleed again?

*Spanish banks are borrowing directly from the ECB because of the higher costs of financing for banks that increasingly look like they are insolvent

*Large-scale lending to flagging banks by the ECB strongly suggests Spain is the next victim of a eurozone, public sector Ponzi scheme; same ECB  lending patterns as in the case of Greece, Ireland and Portugal

June 14 (Bloomberg) — Spanish banks’ loans from the European Central Bank jumped 26 percent in May as growing expectations of a Greek default increased lenders’ financing costs. Read more of this post

June 15, 2011 - Posted by | Internationally significant information, Jane Burgermeister Report

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