[Gocamino] Sobre La Crisis Mundial

[Sil]

Maybe a sign of things to come - last year Iberia merged with BA forming
the International Airlines Group. The new airline group is Europe's
third-largest and the sixth-largest in the world.  Since then, Iberia and
BA shared the routes between South Africa and other Iberia destinations
(Spain and South America).  From 1st May, Iberia will no longer fly to or
from South Africa.  The airline made the decision owing to the sharp rise
in fuel prices and the continuing world economic crisis.  These routes will
be taken up by BA.

On 11 March 2012 01:24, Howard Mendes <hme347 at aol.com> wrote:

> Either path, extreme austerity or a major default, is fraught with huge
> adverse consequences for Spain.  I find this very unsettling.  Howard
> Mendes. NYC
>
>
>
> -----Original Message-----
> From: Hathor821 <Hathor821 at aol.com>
> To: GASpangler <GASpangler at hotmail.com>; gocamino <gocamino at oakapple.net>;
> saintjames <saintjames at yahoogroups.com>
> Sent: Sat, Mar 10, 2012 3:10 pm
> Subject: Re: [Gocamino] Sobre La Crisis Mundial
>
>
> Thanks Grant for sharing this with us!
>
> Scary...this is what happens when politicians think with their  kidneys.
>
> ;)
> Patricia de Miami
>
>
> In a message dated 3/10/2012 12:35:55 P.M. Central Standard Time,
> gaspangler at hotmail.com writes:
>
>
> Sobre La Crisis Mundial..
>
> Spain and Italy must be  watching what's happening in Greece and asking
> themselves whether they  want to go through this whole process of
> negotiating for bailouts via  austerity measures.
>
> Both countries have already had a small sampling of  the austerity measure
> medicine. Spain recently implemented a meager 19€  billion in austerity
> measures while Italy passed 30€ billion in austerity  measures in 2011...
> hardly a drop out of their respective 1.06€ trillion  and 1.5€ trillion
> economies.
>
> Yet, even these tiny moves resulted in  protests and riots. One can only
> imagine what Spanish and Italian  politicians are thinking as they witness
> the widespread civil unrest,  country-wide strikes, and economic depression
> that have occurred in Greece  as a result of that country's full commitment
> to the EU's austerity  measure demands.
>
> Spain's official Debt to GDP is only 64%, but its  private sector debt is
> at an astounding 227% of GDP. And the Spanish  banking system is leveraged
> at 19 to 1 (worse than  Greece).
>
> Moreover,the country is already experiencing  an economic Crisis with an
> unemployment rate of 20+% and an economy that  has been contracting since
> mid-2011 (in fact Spain's GDP just actually went  negative in the first
> quarter of 2012)...
>
> So... we must  consider that it is highly likely the option of simply
> defaulting
> is being  discussed at the highest levels of the Spanish and Italian
> government.
> Should either country decide that austerity measures don't work and it's
> simply
> easier to opt for a default, then we are heading into a Crisis that  will
> make
> 2008 look like a joke.
>
> Well, Spain just woke up and  smelled the coffee:
>
> Premier Mariano Rajoy has refused point blank to  comply with the austerity
> demands of the European Commission and the  European Council (hijacked by
> Merkozy).
>
> Taking what he called a  "sovereign decision", he
> simply announced that he intends to ignore the EU  deficit target of
> 4.4pc of GDP for this year, setting his own target of  5.8pc instead
> (down from 8.5pc in 2011).
>
> With condign  symbolism, Mr Rajoy dropped his bombshell in Brussels after
> the EU  summit, without first notifying the commission or fellow EU
> leaders.
> Indeed, he seemed to relish the fact that he was tearing up the rule book
> and disavowing the whole EU machinery of budgetary control.
>
> So...  if you still think the Greek PSI matters in any way, you're not
> thinking
> past the next 24 hours. Spain has just told the EU to "shove it." Having
> seen
> Greece enter a depression and get pushed around by Germany and France  for
> two
> years, Spain's just told the EU that it's not going that  route.
>
> So... if Greece, whose economy is roughly the size of  Massachusetts,
> nearly
> took down the European banking system... what do you  think will happen
> when Spain decides to it doesn't want to play ball and  would rather just
> default.
>
> Fuente:  www.gainspainscapital.com
>
> Buen  Camino,
>
> Grant
>
> http://www.ElCaminoSantiago.com
> Resources  for the Pilgrimage Road to Santiago
>
>
>
>
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-- 
Sil
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