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Euro Zone Disgrace! Two Members -Spain and Cyprus- Submit Bailout Request Within One Day

What a disgrace for the euro zone and the European Union leaders! Two of it 17 members, Spain and Cyprus, submitted bailout requests within a single day.  Spain formally asked banking aid of at least 100 billion euro n Monday morning. In the afternoon Cyprus became the last EZ member to ask for aid as Fitch had downgraded the country.

In a letter to European Financial Stability Facility, the Cypriot government explained the need for aid in order to contain the risks to the Cypriot economy, due to large exposure of its banks to Greek debt.”

Ahead the EU Summit on June 28th and 29th 2012 pressure is increasing on EU leaders to finally find solutions before the Euro zone collapses.

Is this the domino they were warning us about? the C-PIGS?

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8 comments

  1. yeap, it is. tomorrow it’s Italy, and then they’ll really have something to talk about at their summit.

  2. And here we go! Italian banks have now officially asked the ECB to restart the Financial Stability Facilty after todays’ pounding on the markets. The Banca Monte dei Paschi di Siena, the oldest bank in the world and Italy’s 3rd largest lender is today in negotiation with the Italian Treasury and the Bank of Italy to issue 1 billion € of government backed bonds. Italy’s first bank bailout, ooops, sorry, state assistance. CLK CLK CLK CLK, dropping domino’s everywhere…

    • keeptalkinggreece

      assistance, assistance! write it down 100 times.

    • The Banca Monte dei Paschi di Siena today received agreement from the Bank if Italy and the Italian treasury for “assistance” worth 2 billion €. that is on top of the 1.9 billion they got in 2009, and according to theEBA about 1.3 billion short of what they really need. But all is well in Disney, sorry, Euro land…. Nothing to worry about, it’s just fine!

  3. Stefania, Italy

    Say the truth, the original reason for MPS capital loss has little to do with the crisis, except that the current situation only made things worse and worse in a short time.
    A huge scandal including political corruption, speculation, conflict of interest, clientelism, souspicious takeovers and wathelse was made public just weeks ago, and the affair started years before all this economic mess. That’s the way they run Italy. 🙁

  4. That, Stefania is the way they run Europe. Some are not just more equal than others, they are mcuh better at hiding the smelly stuff, and one in particular is very good at passing thier smelly stuff on to all the others..

  5. Personally I think you would be much better off staying where you are. When the smelly stuff hits the fan, and I don’t think it’s going to last much longer before it does, you really don’t want to be in places like Germany of France, and definietly not as somebody from one of the PIIGS countries. And if you’re going to have to be poor, it’s easier doing that in the sunshine…