Friday, May 25, 2012

Spain.


Not many are bullish on Spain at the moment.

The country's largest mortgage lender, Bankia (that means "Bank"), has informed the Spanish government, which took over Bankia, that it needs 19 billion euros more in bailout funds to stay solvent, and to protect the Spanish people who have deposited money in Bankia. The government had estimated that the total needed to protect Bankia--and the Spanish people--was 9 billion.

If the Spanish government cannot come up with the 19 billion, and who amongst us has 19 billion Euros, probably that kid Zuckerberg, then Bankia, and Spain, will turn to the European Union, and yeah, good luck there.