The Spanish government will wait at least until mid-September before requesting help from its European partners in order to properly assess what offers and under what conditions the European Central Bank (ECB), intends to use. This is what analysts at Goldman Sachs pointed to their clients.
“We continue to see Spain as the first in line in this respect (ask for help and accept the conditions), although we expect that there will be a request in mid-September at the earliest,” say analysts at the Wall Street bank.
So, consider that “the Spanish authorities will probably wait until they have clear what offers the ECB Council will present during the September 6 meeting, before deciding whether to make a request for support to the EFSF and, if so, how and when.”
In fact, the report from Goldman Sachs bets that Mario Draghi will unveiled a strategy at the next Council meeting with a plan to ‘guard the euro’ which will intend to curb the escalating sovereign debt interest rates of the countries of the euro zone.
In this sense, analysts expect the ECB to perform interventions “opportunistically” in debt maturities of the one to three years kind in order to prevent interest rate peaks required on short-term debt in countries where their obligations have paralyzed the debt markets several times.
However, the report from Goldman Sachs is more cautious about the possibility that the ECB will announce the purchase of large amounts of sovereign debt and believes that the institution will first attempt to reactivate private markets through sporadic interventions, instead of immediately replacing the private sector with its own balance sheet. That means the ECB may have to buy debt itself, in order to bring some peace to the markets and confidence to private debt buyers.
The possibility that Spain finally requests financial assistance by mid-September is best handled in the markets, as the country will face the maturity 26,351,000 (6,085,000 bonds and 20,266,000 in bonds and notes) in October.
In fact, the Treasury will have to attract about 79,968,000 from markets for the remainder of the year to fund outstanding maturities and the deficit, according to the primary market which has had access to Europa Press.
The maturities from August to December amounted to 45.968 million euros, to which must be added about half of the deficit forecast for this year (6.3%), which is about 30,000 million and 4,000 million that has been pledged to regional liquidity fund.
S&P will not slash Spain’s credit rating after request for bailout
S & P said today that it will probably keep Spain’s credit rating intact, even though the Spanish government may request a total rescue of the economy from Brussels and the International Monetary Fund.
In a statement, the Anglo-saxon agency notes that it maintains the negative outlook for Spain, whose long-term debt rate remains at BBB +, after the country sought a grant of up to 100,000 million for its banking system.
However, S&P warned that the credit worthiness will not fall any lower if the government of Spain requested a bailout of the total economy because the agency thinks it would be easier to successfully complete what Mariano Rajoy has called ‘the ambitious economic reform agenda’.
The government led by Francois Hollande will offer subsidized employment to young people for periods that will vary between one and three years.
The French Minister of Labour, Michel Sapin, has indicated that the French government will launch the program called “future jobs” for young unemployed and will subsidize those jobs from the state budget.
The program consists of temporary job positions for anyone who is unemployed with the objective to “further their training and integration,” said Sapin in an interview with the radio station ‘Europe 1′.
The minister has defended the initiative, despite its cost to public finances because “is one of the priorities for 2013″ and also despite the government ‘s alleged commitment to reduce the deficit, specifically limiting it to 3 % of Gross Domestic Product (GDP) next year. Such a goal is seen as far fetched since France is not giving any signs of economic growth or significant recover. In fact, France together with Italy and Spain are countries which are seriously struggling to make their sovereign debt payments.
In that regard, Sapin has emphasized that markets have confidence in France as it shows that those who lend money “are even willing to lose some money.” France has echoed petitions by other European nations to get some kind of deficit amnesty in order to keep afloat due to their lack of capacity to meet their obligations.
Sapin believes that the latest French debt auction helps support his vision, because some of the purchases of short-and mid-term bonds were awarded negative interest rates. He has emphasized that the problems of unemployment — 4.3 million unemployed — can not be resolved quickly, and that it is a problem his government inherited from the previous administration.
With this move, France intends to avoid the unemployment debacle seen in other countries such as Greece and Spain, where the number of people without a job has pushed the rates over 24 percent for the young. In the case of Spain, people are calling the current generation of young, educated men and women as the “lost generation” whose member are unable to find work despite their academic achievement or experience.
With the start of the subsidized employment program, France to keep at least part of its population from starting popular protests to the austerity measures adopted by the government. “It is not enough to change the president or Congress” said Sapin before recognizing that France needs to adopt emergency measures such as “futures contracts” and proposed “deep reforms”.
The measures announced by Sapin include seeking funding for social programs “that does not penalize the companies competitiveness,” he added. It is important to remember that France recently passed a 75 percent increase in taxes for people earning just over $1 million a year as part of the policies to collect more money to finance the state’s increasing expenses.
If there was any doubt on anyone’s mind that the Euro zone will collapse, this is the time to change your mind. Not only is the main stream media predicting more financial rescues for EU nations, but one of the most influential bankers from one of the most influential families in Europe has now bet against the recovery of the Euro.
Lord Jacob Rothschild, from the Rothschild banking mob has wager $200 million against the European currency — euro — and with it he is basically expressing his strong belief that the Euro will collapse and so will the euro zone. Lord Rothschild is a member of the dynasty that has, at least in part, ruled the world through powerful banking institutions. It is the same family that has made a killing before, during and after every single major financial crisis by using the asset and power consolidation model first seen when 5 Rothschild children were unleashed around Europe to build and manage the central banking system that rules the planet today.
According to NBC, Lord Jacob, one of the elders of the Rothschild family “has taken the position against the euro through RIT Capital Partners, the 1.9 billion pound investment trust of which he is executive chairman.” The report says that Rothschild’s position on the Euro comes as he sees the currency weakening day after day due to the many problems that European nations face, especially the sovereign debt issue, which are working as separate ailments against the single currency.
Both Italy and Spain have called for “decisive action” from the European Central Bank to curb the current crisis, especially the lack of confidence on those two nations as their credit worthiness is downgraded by the banker created credit rating agencies. Just as it happened with Greece, Spain is finding it too difficult to pay its debt, and there are now talks emerging about a possible debt forgiving scheme to help beaten up countries remain financially alive. But the government in Brussels has been clear that it will not seek or encourage financial or fiscal amnesty for any nation.
The government in Brussels is the head the banking structure in Europe, where all banking deals are closed for European nations. According to banking sources, the EU government is not contemplating any type of payment forgiveness, because it considers that such action does not produce any revenue while it gives the wrong message about financial responsibility. This is an interesting position to have if one takes into account that the banking institutions are the entities responsible for most of the debt accrued on the debt sheets of the European nations.
Both in Europe and in North America, the rhetoric regarding the real state of the economies has experienced a 360 degree change, even on the main stream press, where both financial experts and teleprompter readers have now confessed that we have been slaves to the banking institutions for a long, long time, and that only a centralized banking entity will have the ability to solve the debt problem.
In an article published yesterday, the Wall Street Journal is assuring the public that Spain will definitely go through a financial rescue the same way that Greece did as the bankers seek to extend the painful economic and financial depression for as long as possible in every nation that belongs to the Euro zone. Editor Mary Anastasia O’Grady said that if the current crisis took too long to be solved, Spain ran the risk of having to be rescued by the central bankers, a scenario widely denied by the Spanish Prime Minister Mariano Rajoy.
O’Grady said in her article that Spain needs to become serious about structural changes that she said are necessary to get the economy going, as well as to propose and execute clear policies that promote growth. Spain needs to “liberalize businesses” so that business owners find it attractive to take risks against extreme austerity measures and cuts that the government has implemented, which do not help address “the path of growth.” She added that Spain can recover all the potential it had, but reforms must continue deeply and seriously.
This does not seem to be the scenario envisioned by Lord Rothschild, however, since he has bet big time against the recovery of the Euro. His position contrasts talking points issued by German Chancellor Angela Merkel and European Central Bank head Mario Draghi, who have said they will do whatever it takes to save the euro. But not all euro members necessarily agree with the “whatever it takes” part of their speech as more divisiveness seems to be growing among European leaders about the way things should be done to save — or not — the countries that are unable to paid the banker created debt.
The European Central Bank will “supervise” 6,000 banks in the euro area, including savings banks and regional German public banks, but the degree of direct supervision may vary depending on the banks and the involvement of other regulators.
The German newspaper Handelsblatt reported in its Friday edition that sources from the European Commission (EC), the European Union’s executive, wants the ECB to gain supervision of euro zone banks and not only those included in the European Stability Mechanism (ESM), the EC confirmed today.
With the proposal, the EC faces the German Government, as Chancellor Angela Merkel said the EU summit in late June that it is only necessary that the ECB monitor the 25 largest banks in the euro area, that is the ones considered to be in the ESM system.
Community spokesman Internal Market and Financial Services, Stefaan De Rynck, said today that the EC is still working on the proposal, which will be presented around September 11, but that a single monitoring system should apply the common rules consistently throughout the Union Bank and all financial actors. This is the bankers attempt to turn a supposed financial rescue into a financial power grab, as it was detailed in the memo of understanding (MoU).
“We have seen in the past that systemic risks can arise from banks that are not mentioned much in the media and suddenly become systemic, so it is difficult to define what is a large bank, which is a systemic bank, so we have to ensure that the union bank supervisory system to be able to cover all the banks,” he said.
However, De Rynck said it remains to be seen how this principle is articulated with respect to the types of banks and all institutions of the euro zone. What is clear is that the European Banking Authority (EBA) will have a key role alongside the ECB to play in safeguarding the unity and coherence of the single market, he added.
A European official said today that evidently supervisors have the necessary human resources to engage in this system and said it also left open the possibility that the mechanism will get to countries that are not part of the euro zone. The new supervisory tasks will have to be approved unanimously by the 27 member countries in the case of the ECB and by qualified majority in the EBA.
The same source pointed out that, obviously, to talk about “all banks” also includes savings banks and regional public banks.
A Request from De Guindos
The economy minister Spain has been one of the most outspoken politicians who is pushing for a complete surrender of sovereignty to the European bankers. He believes that the European Central Bank’s intervention must be strong and without limit in order to bring about relief to the pressure exercised by the sovereign debt that all European nations are faced with. De Guindos thinks that more centralized power could be the solution to this crisis, even though the current banking policies created by central banking institutions are ones responsible for the current crisis.
The Spanish Minister of Economy and Competitiveness Luis de Guindos, said that the intervention of European Central Bank (ECB) to ease market pressure on Spanish debt must be strong and that there should not be a set limit to amounts or durations.
In an interview with Reuters, the minister has indicated that such interventions “can not be put limit or can not be explicitly explained; not in the amounts of money that will be used not in the length of time the intervention will take” to not detract the effectiveness of the aid which aims to dispel doubts about the euro zone. That is exactly what needs to be avoided. Giving the banks a blank check without limitations for action or time frame is all they want and need to carry out their agenda further.
Regarding the way in which the monies received by Spain and how they will be used, De Guindos explained that these decisions will be made by the finance ministers of the euro countries and the EU in a meeting to be held in the second week of September. He said that by then the Governing Council of the ECB will have to explain how it plans to run the program to buy debt in the secondary market.
Countries in trouble with sovereign debt expect that the ECB will act on the secondary market,where investors already exchange issued debt by buying short-term bonds and without exercising its role as a preferred creditor, which would drive away the other investors and raise the risk premium.
The interventions of the ECB “should not make explicit neither the amount nor a time limit and as noted by the ECB itself, it must take into account the problems caused by the preferred creditor status”, said an European source. In his opinion, the attitude of the ECB has opened “a very positive scenario” for the Spanish government, as the entity recognized the pressure on Spanish debt markets largely responding to something that goes “beyond the domestic politics ” and has seen fit to intervene to correct it.
By this statement, most European nations expect the ECB and the EU to intervene in every way possible, whenever it is necessary, instead of them looking for a domestic solution, which is how the debt problem could be solved more easily, by simply rejecting the payment of debt created by the banks on behalf of the Euro zone countries, which is what has turned the debt problem into a ticking bomb. Iceland did it and it is now enjoying a less painful recovery. Greece and Spain did not have the guts to face the bankers and reject their fraud, so they still suffer the consequences of working along the rubber barons of financial fraud.
It hasn’t been a secret for long, but very few times do viewers watch or listen to guests on main stream media not only accepting the fact that we are all slaves who work for central bankers, but to admit it emphatically on US national television. In a recent interview on CNBC’s Kudlow Report, one of the co-hosts asked on air if the current economic and financial situation was simply global governance at last, and whether the central bankers were in charge. Aren’t we all living and dying for what the central bankers do? One of the guests, Jim Iuorio, said that such scenario was exactly what we are experiencing. “To answer your question, we are absolutely slaves to Central Banks,” Iuorio said.
See the complete clip below:
There is not need for the main stream media to admit or show proof of such scenario. Perhaps the clearest example that shows how the central bankers are in total control, is that they ordered governments in North America and Europe to ‘rescue’ the banks that were near bankruptcy due to their holdings of toxic financial products. Even banks that did not need to be rescued were obligated to accept financial aid in a move to chain down almost every single banking institution to the European and American central bankers.
Last week, The Real Agenda informed about the current state of monetary policy planning in the euro zone where central bankers are already working on further consolidation of the global financial system. In the article New Global Money Secretly Planned by Elites, AmericanFreed.com explains how the world’s monetary system is being shaped right now.As explained in previous articles, central bankers are adepts of creating order out of chaos, and the current global crisis is not the exception. The elites in charge of the banking system are anticipating the results of their monetary and financial policies of the last century, and have already introduced plans for a world currency. Such currency seems to be a basket of currencies backed by gold, which will later become a single currency.
All financial experts agree that the establishment of a single currency will not occur at once, but over the next 5 to 15 years, depending on how the central bankers plans of financial consolidation advance in the Euro zone and North America. The elites are counting on their current rescues to buy them time until their system is fully in place to handle the last great collapse, when they will introduce the one currency system as the only solution to the chaos they caused. The elites or central bankers who want to run the world will produce as much agony as possible in order to tighten the grip as strongly as they can before the big implosion.
The central bankers have been successful in inducing countries into massive debt as a way to get out of the current state of indebtedness; an oxymoron, no doubt. Spain, a country on the verge of falling off the financial precipice, announced today its request to the Euro government in Brussels to rescue its banking system. The Spanish government continues to deny that its call for a rescue is indeed a bailout, however the more than $100 billion that will be given to some of the biggest banks in that country, is coming from the European financial rescue fund created under the auspices of the government led by Angela Merkel.
Spain in now working on a memo of understanding which the government in Brussels will officially receive next July 9. The move to accept monies from the European fund will be discussed next Thursday and Friday during a meeting that will be held by some European leaders. The conditions under which the rescue of Spanish banks will occur, will include length of the loan, interest rate, payment conditions and penalties that will be incurred should the bankers not pay their debt back. This last fact is strange, yet it is another example of how central bankers control every government.
European leaders say banks cannot request a financial rescue themselves, that the countries need to solicit such bailouts, even though the banks are branches of the central banking model all over Europe. At the same time, the bankers in control of the euro zone also say that governments must request the money and detail the conditions under which their banks will receive the funds because they are legally prohibited from doing so. Of course, that is not the case. It is the European central bankers the ones who dictate the conditions, who determine the interest rate European taxpayers — not the banks — will have to pay for the next 25 years or so. Indeed, governments request the bailout of their banks, but the banks are not the ones who will pay the interests on the debt or the debt itself. That burden is purposely left to the European working class.
An even more insightful view of how central bankers control the global financial system came from another guest of Kudlow’s Report, Jim LaCamp. “Markets are driven by policy, they dare not driven by market forces, they are driven by central banks’ proclamations.” In other words, it is the decisions made by technocrats in charge of unelected supranational financial institutions who operate on behalf of the central bankers, and who attend to their requests, the ones who determine how economies function. It is not industrial production, free markets, elected government directives or the proposals put in front of these governments by social groups.
“In Spain, too many people say to many things about what needs to be done,” said Iñigo Méndez de Vigo, Spain’s Secretary of State for European Relations. See, only the bankers should dictate what is done, not the people, not the press, not the governments. According to Méndez, Brussels needs to oversee Spain’s and other nations’ budgets, economies and monetary policies. “We have to make decisions on an European level, right now,” added Méndez during an interview on TVE, Spain’s government funded television. “We have to assure the euro zone that here in Spain were are serious about finding a solution to this debt problem.”
“It is important not to lose sight of the intentions of this request for funds,” said Spanish Prime Minister, Mariano Rajoy, who insists that the bailout of the Spanish banking system is not a bailout. He sees it positive that the rescue will only apply to 3 banks, but he forgets to point out that the sum of money — $100 billion — is what makes the rescue alarming, not the number of banks that are being rescued. Under the current model chosen by the central banks, the adoption of debt-based programs to solve a collapse caused by sovereign debt, the scenario seen in Greece and Spain will be repeated in France, Portugal and the rest of Europe before moving to North America, where the financial implosion will take place.
Who else will admit that the people of the world are indeed slaves to the global financial system controlled by central banks?
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