The Bank of Spain has acknowledged this week that, so far, it has only recovered 5% of the 51,303,000,000 euros the State ”lent” the Spanish banks to make them profitable again. Now the agency has admitted to El Pais that in total at least 38,012 million is ‘lost forever’, even though the government promised repeatedly that citizens wouldn’t have to pay for the crisis.
Not only has the public forked out 38 billion to prop up corrupt crony banks but the state could only avoid intervention by putting it in the sacred Spanish Constitution that interest and loan repayments must come before ALL OTHER payments.
So Spain is a now Cash Cow forever.
At least until Capitalism collapses. Despite low or even negative interest rates each Spanish person pays 721 euros each year in interest on the public debt.
The public have to pay, it’s in the Constitution.
As in Greece, Spanish debt is a safe bet for the ECB, the big Banks and the portfolios of the ‘investment funds’ that prop up the already rich around the world.
When such large numbers are handled it is easy to lose perspective. Just remember that all the heavy cuts in health and education during the crisis have amounted to 16,000 million.
Apart from cabals, the true and most serious fact is the irretrievable loss of 38,012 million, (at least) a result of ‘sales and expenses already incurred’, makes this crisis a more burdensome history.
PP Government promised No : but YES CITIZENS PAY
Members of the Government denied more than three times that citizens would have to pay to bail out their favourite crony banks, not citizens. However, reality has denied them with and irrecoverable losses of at least 38 billion of taxpayers money.
Luis de Guindos, Minister of Economy and bank rescue pilot, said on June 13, 2012 in Parliament: “Do not be the slightest doubt that …money destined for the nationalized banks will be recovered. The loan will be at no cost to society, but quite the opposite. “ That same day, President Mariano Rajoy said: “It is a credit to the bank and will pay for itself.”
– Mapa de corrupción de los distintos partidos políticos:
http://goo.gl/maps/4R8G a very crowded corruption map. Though thousands of politicians are indicted the courts and legal system is collapsed with dirty deals and endless appeals.
Cada español paga 721 euros al año en intereses de la deuda pública La deuda pública sigue engordando en 2016. Más allá de su sostenibilidad, que depende de la confianza que inspire España, tiene un impacto directo en el bolsillo de los ciudadanos…. por PEDRO CALVO http://widget.smartycenter.com/
Luis de Guindos, ministro de Economía, y piloto del rescate bancario, afirmó el 13 de junio de 2012 en el Parlamento: “No le quepa la menor duda de que se recuperará la mayor parte de lo destinado a los bancos nacionalizados. El préstamo no tendrá coste para la sociedad, sino todo lo contrario”. Ese mismo día, el presidente Mariano Rajoy aseveró: “Es un crédito a la banca y lo va a pagar la propia banca”.