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**Chris** · 10-06-2012, 00:22

http://www.bbc.co.uk/news/business-18382659

Spain is to get up to €100 billion to bail out its banks. That's about EIGHTY BILLION POUNDS. The total cash outlay to bail out UK banks was about £120 billion. The difference is, we had the resources to pay for it. Spain does not.

Let nobody be fooled by the mechanism being used to funnel the money here. The fact that the EFSF is paying Spain's own bank restructuring fund directly rather than handing the cash to the Spanish treasury is a rather pathetic face-saving exercise designed (but doomed to fail) to disguise the fact that Spain does not have enough cash to bail out its own banks.

Spain's banking sector is bankrupt and were it not for foreign aid, that fact would imminently be bankrupting the Spanish state itself. Eurogeddon is here, folks, and the fat lady is in the wings.

10-06-2012, 00:22	#835
Chris Trollsplatter Join Date: Jun 2003 Location: North of Watford Services: Humane elimination of all common Internet pests Posts: 38,262	Re: Eurozone will collapse... http://www.bbc.co.uk/news/business-18382659 Spain is to get up to €100 billion to bail out its banks. That's about EIGHTY BILLION POUNDS. The total cash outlay to bail out UK banks was about £120 billion. The difference is, we had the resources to pay for it. Spain does not. Let nobody be fooled by the mechanism being used to funnel the money here. The fact that the EFSF is paying Spain's own bank restructuring fund directly rather than handing the cash to the Spanish treasury is a rather pathetic face-saving exercise designed (but doomed to fail) to disguise the fact that Spain does not have enough cash to bail out its own banks. Spain's banking sector is bankrupt and were it not for foreign aid, that fact would imminently be bankrupting the Spanish state itself. Eurogeddon is here, folks, and the fat lady is in the wings.