Debt Crisis Continues to Unravel, Spain at the Forefront

The debt crisis is still unraveling as the European Union struggles to keep its pieces together. We start today, June 4th in Germany where the DAX fell below 6,000 points today for the first time since January. Its effects are the result of Spain's accumulating debt load. Some argue now is the time for the Central bank to step in and keep Spain from spiraling out of control. Trader Robert Halver with Baader Bank. The European Central Bank announced it will be meeting Wednesday June 6th and the Bank of England on Thursday June 7th to hash out monetary policies for corrective action. But corrective action cannot come fast enough. We take you to Spain where unemployment rates have dipped ever so slightly but still the numbers illustrate the dire situation the people of Spain are facing. This time last year records indicate that the jobless rate is up by 12.5 percent making Spain's unemployment rate the highest in the Euro zone. Some 4.7 million people or 24 percent remain unemployed as shown by Spain's Labor Ministry. Despite these grim tales Prime Minister Mariano Rajoy is still insisting that Spain does not need assistance from the European Commission to clean-up its banking sector. Seen here during a meeting today with Singapore's Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, instead called for the establishment of a central authority to oversee and coordinate euro zone fiscal policy. As Spain's 10 year loan rates approach 7 percent Traders hold on tightly and anticipate some good news from this week's Central Bank meetings.

Eurozone member Cyprus conceded on Tuesday that there is a serious possibility it may need an EU bailout to save its banking system, which is heavily exposed to Greek debt. Cyprus has already secured a 2.5 billion euro ($3.2 billion) low-interest loan from Russia to cover its refinancing needs for this year.

I would like to see:

1. No Debt anywhere in the word.
2. No War anywhere in the world.
3. No Reptilian problems. (if they actually exist)
4. No Grey problems. (if they actually exist)

This would be a start.

orthodoxymoron wrote:I would like to see:

1. No Debt anywhere in the word.
2. No War anywhere in the world.
3. No Reptilian problems. (if they actually exist)
4. No Grey problems. (if they actually exist)

This would be a start.

lol

are we starting from ourselves first?