BARCELONA – Spain – What would Picasso have thought about the euro? Maybe what is going to transpire soon in the country of bullfighting tapas eating Spaniards will be reminiscent of Picasso’s greatest piece Guernica.
“If you are a British expat, get your money out yesterday, if you are Spanish, get your money out sooner than yesterday, if you have a property in Spain, try and sell it, although I’m afraid you may be mierda out of luck with that idea, how can you sell something that is pretty much worthless now and will be even more worthless soon when the debt maelstrom hits?” an insider from the Spanish Finance Ministry told a Spanish business journal.
What happened in Cyprus is destined to happen in Spain soon therefore it seems the wheel of misfortune turns its weary cycle over the troublesome euro waters daily, churning away leaving frothing sewage water in its cumbersome wake.
As the Eurogroup President, Jeroen Dijsselbloem said, that “if necessary the uninsured deposit holders” will be gored by the bull’s horns and thus there is the rub, there is no chivalry left in Espana as Don Quixote has been kicked firmly in the cojones by his trusty squire’s donkey; Picasso would surely have crafted a diabolical sculpture of a deformed woman to represent the broken euro and Salvador Dali would have simply shat in a purple bucket standing on top of a lobster, as for Gaudi, his representation of the euro would be a pile of ceramic rubble.
“Spain is the big one for the euro. When Spain’s banks need to be recapitalised again, you can simply kiss your bank deposit goodbye. Especially with Spain’s unemployment currently at 26.7% things are definitely not getting better for people. There may very well be real bloodshed when the country’s economy collapses completely under its soon to be massive 110% gross debt of GDP,” an economist said from the UK.
The Spanish central bank was last year seized 39 167 homes. In 32,490 of them involved the permanent home services. The rest are holiday homes and homes for rent. It is estimated that since the beginning of the crisis in 2008, some 400,000 homes in Spain were seized. Taken Suicide and protests in Spain have been large demonstrations against the controversial evictions. According to media reports, several people who were put out of the house, committed suicide.
The specter of the immigrant ship lies in wait once again according to Martin Hughes.
Mr. Hughes a leading financial expert has warned that Ireland’s enfeebled economy will soon be dependent on payments sent homes by emigrants.
He is predicting that by 2020, the collapse of the economy will force emigration to levels that will see the country’s population drop to figures last seen in 2004 that in turn will pull down consumption levels and real estate prices.
“Quite different but not, we must add, altogether new. Having not depended on remittances for many decades, Ireland, like Portugal, will come to rely on these once more.”
If this grim scenario is true, it would seem like we are wasting our time repaying the bankers debts. Perhaps the better option is to repudiate the debts and suffer on our own terms. This option might be a brutal but swifter option in getting the country back on a firm financial basis.
Whatever the case it looks like a return to the sad,bad old days of the 50’s where Ireland depended on immigrant money to keep the country ticking over
On the subject of food and tourism, the minister emphasised that while Kilkenny has a strong reputation as a food and tourism destination, “we cannot stand still” and this is the time to take that reputation a step further. Developing Kilkenny in this sector requires well planned and iconic projects in the city, centred on the river Nore and the city’s many medieval locations.
Retail regeneration is also something that could give a boost to the city, as “we now have a once-in-a-lifetime opportunity with the availability of the brewery site and the old mart site,” according to the minister. These sites, he said “would be ideal locations for new international brands to bring back customers that Kilkenny have lost to other regional centres.”