“This is gettin monotonous. Me and the kid here is playin catch while you guys is just fannin the air” – It Happens Every Spring
Pretty good way to start off this diary on the goings on in the Eurozone. In case you haven’t seen the movie, it’s about a college chemistry professor who accidentally come up with a formula that causes baseballs to hop over wood and uses it to help the home teem. Rather like the politicians trying to get the dept problem to avoid the banks. Which now focuses on Spain as well. Here is the current situation from The Guardian.
1.50pm: De Guindos is still going:
He believes the cost to Spain’s bank restructuring fund of helping out banks that cannot come up with the new provisions will be less than €15bn euros. Loans wil be for up to five years, but can be converted into shares (i.e. part nationalisation) if the banks fail to pay them back.
1.39pm: And more from Giles:
De Guindos has said that two separate valuations of the global real estate loan portfolio of Spanish banks will be produced by independent valuers.
Journalists at the press conference want to know if this is a vote of no confidence in the Bank of Spain and its valuations. Ministers do not want to answer the question and are insisting that all they want is maximum transparency.
Live blog: newsflash