“The mortgage ‘floor clauses’ are a fraud.”
By Don Quijones, Spain & Mexico, editor at WOLF STREET.
Thursday, April 7, 2016, could go down in history as a great day for Spanish mortgage holders and a very grim one for many Spanish banks, thanks to a new ruling that the so-called mortgage floor-clauses that were unleashed across the whole financial sector in 2009 are abusive (but not illegal) and lack transparency.
These floor clauses set a minimum interest rate — typically of between 3% and 4.5% — for variable-rate mortgages, even if the Euribor drops far below that figure. In other words, the mortgages are only really variable in one direction: upwards! Continue reading »
A number of towns and regions in Spain have agreed to ban glyphosate herbicides in public areas, according to Kistiñe Garcia of the Spanish NGO, Ecologistas en Acción.
On Thursday thirteen civil society organisations active in agriculture and environmental issues have officially alerted the European Commission that the wild ancestor of cultivated maize, teosinte, has appeared in Spain and is spreading widely in maize growing areas as an invasive species.
Teosinte and maize have the potential to interbreed and form hybrids. This applies equally to genetically engineered maize MON810, produced by Monsanto and grown on more than 100,000 hectares in Spain. Due to the risks of appearance of an invasive, transgenic teosinte species, the organisations have asked the Commission and the Spanish government to ban the cultivation of MON810 in 2016. Continue reading »
05/02/2016 – MARBELLA, Spain – British teenager gang raped
An 18 year old Brit was dragged into a car by a gang of Moroccan men while walking home from work, and gang raped reports the Daily Mail. Police are investigating Moroccan males in the area but there have so far been no arrests.
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– The Costa del Armageddon: How the US dropped H-bombs on a beach in Spain… and turned its back on hundreds of British expats who have been caught in the deadly nuclear fall-out zone (Daily Mail, May 10, 2014)
– US to clean up Spanish radioactive site 49 years after plane crash (Guardian, Oct 19, 2015):
Nearly 50 years after a US air force B-52 bomber carrying nuclear weapons crashed in Palomares in south-east Spain, Washington has finally agreed to clean up the radioactive contamination that resulted from the crash.
– ’66 H-bomb accident still a concern in Spain (Pittsburgh Post-Gazette, Nov 29, 2003):
PALOMARES, Spain — Almost 40 years have passed since the U.S. Air Force accidentally dropped four hydrogen bombs on Spain. But the fallout continues with a newly published scientific study that traced the spread of radiation from the accident site — and continuing rumors about a mysterious fifth bomb that supposedly is still leaking on the Mediterranean Sea floor.
– Spain and U.S. Sign Agreement on Palomares H-Bomb Cleanup (Wall Street Journal, Oct 19, 2015):
Four hydrogen bombs fell on southern Spain in 1966 after a midair collision Continue reading »
The Israeli prime minister and six other government officials could face arrest should they enter Spain, after a judge from the country issued warrants for their arrest.
Benjamin Netanyahu would be detained by police over a a case against him regarding the famed ‘Freedom Flotilla’ attack that took place in 2010.
Spanish judge Jose de la Mata ordered both the police and guardía to notify him should Netanyahu or one of six other Israeli officials cross Spain’s border. Continue reading »
Spain’s left-wing potential block is set to win an absolute majority in the Spanish Parliament, with 99 percent of votes counted. The Socialist Party is projected to win 90 seats, while the anti-austerity party, Podemos, is to get 42 (69). The ruling People’s Party is at 123 seats. Continue reading »
While campaigning ahead of elections, Spanish prime minister Mariano Rajoy was rocked with a right cross when a “selfie-seeking teen” approached and went full Balboa on the side of his face, breaking his glasses, before Rajoy’s security detail wrestled the assailant to the floor. As El-Pais reports, the 17-year-old told police “I’m very happy I did it,” while Rajoy later tweeted that he “was fine.”
A 17-year-old has been arrested in Pontevedra after giving a strong punch in the face to the Prime Minister, Mariano Rajoy, who has been left bruised and broken his glasses. The assailant, identified as Andrew VF, had quietly approached the presidential candidate for the PP government, supposedly to take a photo, selfie , with the PM, who was making one of the electoral walks with that is lavishing during this election campaign. Suddenly, the young man gave him a blow in the face to the president, who has caught totally unprepared.
A witness to the incident explained that the assailant was placed, along with others, by the President minutes before delivering the blow. “It was a while standing next to him. He was placed in front of Rajoy to take a picture. Suddenly has snorted, and with the left hand, has given a very strong punch in the face,” said the witness, he was accompanying the delegation during the ride.
The assailant has been identified as Andres de V., a resident of Pontevedra, who when arrested by the police said: “I am very happy to have done it,” police said. Continue reading »
Should Israeli Prime Minister Benjamin Netanyahu ever set foot inside Spain, he – and six other current and former Israeli government officials – would be subject to arrest, thanks to a Spanish judge who effectively issued an arrest warrant for the group late last week.
As to be expected, the Israeli Foreign Ministry was less than thrilled, as spokesperson Emmanuel Nachshon responded, according to The Jerusalem Post, “We consider [the judge’s order] to be a provocation. We are working with the Spanish authorities to get it canceled. We hope it will be over soon.” Continue reading »
“The conditions in the economies of the rest of the world have undoubtedly proved weaker compared with a few months ago, in particular in the emerging economies. Global growth forecasts have been revised downwards. This slowdown is probably not temporary.”
Undoubtedly, the most amusing this about the prospect of more easing from the ECB (as telegraphed by Mario Draghi last week) and the BoJ (where Haruhiko Kuroda just jeopardized his status as monetary madman par excellence by failing to expand stimulus) is that both Europe and Japan both recently slid back into deflation despite trillions in central bank asset purchases.
In other words, the market expects both Draghi and Kuroda to double- and triple- down on policies that clearly aren’t working when it comes to altering inflation expectations and/or boosting aggregate demand. Indeed, both Goldman and BofAML said as much last week. For those who missed it, here’s Goldman’s take Continue reading »
For those unaware, a fifth of Spain’s GDP is voting on whether to secede from the country on Sunday. Here is everything you need to know about the Catalan black swan.
– Spain Defense Minister Warns Army May Intervene Unless “Catalonia Obeys The Rules” (ZeroHedge, Sep 9, 2015):
With Spain’s Catalan region on the verge of electing pro-independence parties and seeking autonomy from central rule, the government (clearly worried) has ramped up the rhetoric on what consequences lie ahead. In a rather stunning outburst for a supposed democracy, CNA reports, the Spanish Defence Minister, Pedro Morenés, assured that the army won’t act in Catalonia as long as “everybody fulfills their duty.” The Catalan minister for the presidency exclaimed Morenes statement was “out of this world,” and could only be made by “someone who is afraid of democracy.” The army will “enforce the Constitution,” Morenes concludes, unless “members strictly obey the rules.” As one pro-independence minister opined, “threatening and trying to intimidate means that you are only left with stupidity.”
– Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” (ZeroHedge, Aug 12, 2015):
During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite the fact that the country is mired in recession. For many in the periphery, the notion of an economic recovery is fiction, plain and simple.
– Spain Turns Down Oxitec GM Flies Release Again (Sustainable Pulse, Aug 7, 2015):
After protests by a broad coalition of NGOs against plans to release genetically engineered olive flies in Spain, the UK company Oxitec has now withdrawn its application. As reported by Spanish media, Oxitec was informed by regional authorities that the experiments will not be allowed.
After 2013, this is the second time that the company has failed to get approval for its application in Spain. Once released, the genetically engineered flies might spread throughout the Mediterranean region and all the locations where native populations of olive flies occur. A broad coalition of mostly representative organisations from Mediterranean countries are demanding that any release of these flies should be banned completely.
“We would like to congratulate the farmers and environmentalists in Spain on this important and successful outcome. Nevertheless, we have to assume that this will not remain the last attempt at releasing such organisms. The next generation of genetically engineered organisms is already in the laboratories”, Christoph Then says for Testbiotech. “Looking at scientific publications it is easy to believe there will soon be a surge in the release of organisms that cannot be controlled.” Continue reading »
“If you want a vision of the future, imagine a boot stamping on a human face – forever.”
– George Orwell
“It is the system of nationalist individualism that has to go….We are living in the end of the sovereign states….In the great struggle to evoke a Westernized World Socialism, contemporary governments may vanish….Countless people…will hate the new world order….and will die protesting against it.”
– H.G. Wells, in his book, “The New World Order”, 1940
From the article:
12. Digital protests: Writing something that could technically “disturb the peace” is a now a crime. Bloggers beware, for no one has yet defined whose peace you could be disturbing.
– The End Of Freedom Of Speech In Spain (Armstrong Economics,
Spain has shown that it is fully on board with the Brussels authoritarian direction of ending democracy. Those in power have simply convinced themselves that the people do not understand what is good for them so they must impose their will upon the people but raw force. How does this differ in any what from the justification of imposing communism? This is the death of all freedom and it is upon our doorstep.
Here are the new laws in Spain:
1. If you photograph security personnel and then share these images on social media: up to €30.000 fine (particularly if photo exposes violence used against a member of the public). This fine could increase depending on the number of Instagram or social media followers you have.
2. Tweet or retweet information or the “location of an organized protest” can now be interpreted as an act of terrorism as it incites others to “commit a crime” (now that “demonstrating” in many ways has become a crime). Sound “1984”-ish? Read about Orwell and his time in Spain.
– Germany’s Most Noted Euroskeptic Is Now In Control (ZeroHedge, July 12, 2015):
This weekend’s events in Europe have clarified who is really running the show across the ‘union’. Hans-Werner Sinn, Chairman of the Ifo Institute for Economic Research, vehemnt euroskeptic, and head of the so-called ‘five wise men’ advising the German government and specifically Angela Merkel, confirmed his call from 2012 for a “temporary grexit from the euro.” The right wing economist previously explained “Greece and Portugal have to become 30-40% less expensive to be competitive again. This is being attempted through excessive austerity measures within the euro zone, but it won’t work. It will drive these countries to the brink of civil war before it succeeds. Temporary exits would very quickly stabilize these countries, create new jobs and free the population from the yoke of the euro.” Anyone positioning for more centrist union-supporting rhetoric, hope is no longer a strategy as the hardest conservatives are now in charge.
– Why Greece Matters A Lot: The Case Of Europe’s Falling Dominoes (ZeroHedge, July 6, 2015):
Over the weekend, we showed why contrary to unfounded speculation that Greece is entirely contained, there are still extensive linkages when it comes to the fallout a Grexit would reap if not directly on private commercial banks which over the years managed to offload their Greek exposure to the Europe’s taxpayers….
… but on the sovereign economies of the Eurozone as well as the ECB, at first via the EFSF, then also via the SMP, the MRO, Target 2 and so on.
Overnight, Barclays took this analysis and also showed the absolute national euro exposure to Greece broken down by bailout program and also as a % of respective host nation’s GDP. What it found is the following: Continue reading »
… at this very moment, politicians from Spain’s Podemos to Italy Five Star movement are drafting memos demanding that the IMF evaluate their own debt sustainability. Or rather unsustainability.
– Did The IMF Just Open Pandora’s Box? (ZeroHedge, July 3, 2015):
By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by private entities such as hedge funds which already happened in 2012), then the rest of the PIIGS will come pouring in: first Italy, then Spain, then Portugal, then Ireland. Continue reading »
H/t reader M.G.:
“An article on Spain, and it’s so-called recovery. The second paragraph ought to warn everyone………..it is an IMF report. According to this article, Spain is recovering (regardless 50% of working age people under 25 are unemployed….that is the percentage they admit, makes one wonder what the real numbers involve), so is Portugal, Ireland, Iceland, ETC.
Spain is hurting terribly because none of the working people are earning, just treading water at best. When Greece falls, all the lies and holes in the other Euro economies will be exposed for the world……..They list the nations that exited the so-called bailout programs, but none address the growing unemployment in the real economy.
In Spain, 98% of all real estate inquiries are made by those who don’t speak Spanish, foreign greedy guts who want overseas properties cheap………….
At some point, something has to be done about the greedy guts, they have ruined the western economy, and the next hit is about to crush more millions of people…………
This article is worth reading, from the UK Guardian.”
– As Greece stares into the abyss, has Spain escaped from crisis? (Guardian, June 20, 2015)
In Madrid’s Puerta del Sol square, a small group of Spaniards waved the flag of Novorossiya, the territory once ruled by the Russian empire that encompasses swathes of modern day Ukraine. With the Russian revolutionary symbol of the hammer and sickle fluttering behind them, they denounced the arrest of eight Spanish nationals for fighting with the pro-Russia militia force the International Brigades of Donbass — the first police operation on European soil against foreign civilians who have joined the separatists in the country’s conflict-ravaged east. Continue reading »
– Theater Of The Absurd: Spain To Provide 14% Of Funds For Third Greek Bailout (ZeroHedge, March 2, 2015):
The ink is not even dry on the much fought extension of the Greek bailout, so hated in Greece because it perpetuates the “austerity” memorandum conditions and already Spain, which as a reminder is suddenly not on very good speaking terms with the Syriza government, is stoking the anti-austerity fire in Athens even more when moments ago Spain’s Guindos revealed that not only is a third Greek bailout imminent, and will cost Europe’s (and America’s via the IMF) taxpayers between €30 and €50 billion, but that Spain, whose banks were completely insolvent as recently as 2 years ago and were only “saved” thanks to the ECB’s direct and indirect (repo) bond monetization pathways will provide between 13% and 14% of the funding!
- “THIRD GREEK RESCUE’ TO BE EU30B-EU50B: SPAIN’S DE GUINDOS
- SPAIN TO PROVIDE 13-14% OF EU30B-EU5O 3RD GREEK RESCUE: GUINDOS
What makes the announcement doubly ironic (the broke bailout out the insolvent, or is the bankrupt saving the liquidating?), is that after yesterday’s allegation by Tsipras that there was a “conspiracy” between Spain and Portugal to derail the new Greek government, earlier today German Finance Ministry spokesman Martin Jaeger tells reporters in Berlin that “Tsipras’ remarks that Spain and Portugal took negotiations over Greece’s bailout to the brink of failure in a bid to avoid domestic political consequences was “a very unusual foul play.” Continue reading »
– Greek Contagion? Spanish/Italian Bond Risk Surge Most In 4 Months (ZeroHedge, Feb 9, 2015):
With Spanish and Italian leaders desperately running around to any and every media outlet to proclaim themselves economically fit and deny deny deny what Greek FinMin Varoufakis said yesterday, it appears the market has a different perspective. Portuguese bond spreads are 16bps wider and Spanish and Italian bond spreads are 12bps wider – their worst day in almost 4 months – as it appears Grexit fears are starting to creep into the rest of the periphery.
– Greek Social Contagion: Tens Of Thousands Rally In Support Of Spain’s Anti-Austerity Podemos Party (ZeroHedge, Jan 31, 2015):
Less than a week ago we warned, “today Athens, tomorrow Madrid,” and sure enough, emboldened by the success of Syriza in Greece, the people of Spain have turned out in their tens of thousands in Madrid at a demonstration called by the insurgent Spanish leftist party Podemos. As The Independent reports, Podemos, which means “we can”, has surged into first place in opinion polls in the few months since it was set up in the summer of 2014. It is now ahead of the centre-right Popular Party and centre-left Spanish Socialist Workers’ Party in many opinion polls. Podemos’s policies include a universal basic income, increased democracy, crackdowns on tax avoidance, and increased public control over the economy. Most worrying for the status-quo huggers in Brussels, Podemos has also wants to reform the European Union, describing the current euro arrangement as a “trap.”
– Rallies staged in over 30 Spanish cities against tough new anti-protest law (PHOTOS) (RT, Dec 20, 2014):
More than 30 cities in Spain have expressed their anger over the so-called ‘gag’ legislation that criminalizes social protest and, demonstrators say, curbs the freedom of expression.
The slogan of the movement is “Gag Law, why do they want to shut us up?” and unites several groups of citizens spearheaded by the “We Are Not Criminals” civil platform. Continue reading »
– The New Exodus: 700,000 Young Spaniards Have Left Home Looking For Work Abroad (Sovereign Man, Dec 4, 2014):
When Francisco Pizarro returned to Spain from the New World in 1528, he told King Charles I of the vast material riches that were found in abundance on Peru’s shores.
He petitioned for permission to conquer the new lands in the name of the crown, and was granted governorship over a vast amount of territory as long as he succeeded in conquering it.
Hungry to get their hands on Incan gold, some 168 Spaniards joined him on the conquest.
In the first battle, the Incans lost 2,000 men while the Spanish lost only 5. Continue reading »
– Catalanstrophe – 81% Of 2.25 Million Voters Choose Independence; Government Responds: “Useless Sham” (ZeroHedge, Nov 9, 2014):
Prime Minister Mariano Rajoy has a problem. Despite his best legal and propoganda defenses (and harsh weather conditions) today’s symbolioc vote for Catalonia independence proceeded… and the initial results (with 88% of the vote counted) are in:
- *TURNOUT IN CATALAN BALLOT WAS ABT 2.25 MLN, GOVT SAYS
- *81% BACK INDEPENDENCE IN CATALAN BALLOT
The Spanish government is saying the “data is not valid” and is investigating the illegal ballot calling it a “useless sham.” Catalan President Mas says pro-independence parties will meet this week to put pressure on Madrid.
Catalan President Mas speaks… Continue reading »