The country’s hard-won welfare state system is in reverse gear, with rights and social justice being handed back to charities, as was the case in pre-constitutional Spain.
The hoped-for effect of breaking the sovereign-bank-nexus is receding further and further away.
Even with low yields, soaring unemployment will be the defining force.
What better way to unite the EU than a potentially catastrophic collapse of the euro?
This episode illustrates that investors have come to expect some sort of bail-in with future deals.
Several European politicians have opined that a large financial sector was an unacceptable business model for a small country.
For the first time in this crisis, the bailout does not cover depositors in full. Losses are to be suffered by not only shareholders and bondholders, but even by depositors. We expect future bailouts to incorporate this feature.
They have hit their savers with a grievous blow, and this will do irreparable harm to trust and confidence.
A multitude of evils can hide behind the ideological veil of top-down European integration.
Is there any justification in saying that these two countries are closer today to exiting their ward-of-the-troika status than they were last July, before Mr Draghi’s pronouncement that he will do all it takes to save the Eurozone?
I suspect the reason for repatriating the gold has more to do with a shift in German politics than any sudden questions about the faith and credit of a central bank, or any desire to re-monetize gold in Germany.
The repatriation of even a part of Germany’s central bank gold holdings should be regarded with concern.
If either France faces an economic bailout or the UK votes to leave, the EU likely will begin to disintegrate.
At the end of the day, tens of billions of fresh loan tranches will have authored another nasty act in the cruel theatre of horrors that is the Greek bailout.
The repercussions of this short-sighted agreement are grave not only for Greece but for the Eurozone, and indeed the European Union, more broadly.
The concern today, especially for Washington, is to keep the European utopia alive for as long as possible.
Spaniards are now rejecting the cynical confiscatory policies that aim to bailout an insolvent system managed by morally-insolvent politicians.
Esperanza Aguirre’s announcement last Monday that she will step down as leader of Madrid’s regional government comes at a delicate time for Prime Minister Mariano Rajoy.
As the crisis deepens, there is still a window of opportunity for Spaniards to turn to gold as a means to protect their wealth against the risks of increased foreign exchange volatility, forced re-denomination, or even a total currency collapse.
Despite the overwhelming evidence that money printing doesn’t work, the Eurozone overlords will to do it anyway.