Violent protests in Madrid and growing talk of secession in Catalonia are piling pressure on Spanish Prime Minister Mariano Rajoy as he moves closer to asking Europe for rescue money. In public, Rajoy has been resisting calls from bankers at home and the leaders of France and Italy to move quickly to request assistance, but behind the scenes he is putting together the pieces to meet the stringent conditions for aid.
With protesters stepping up anti-austerity demonstrations, Rajoy presents painful economic reforms and a tough 2013 budget on Thursday, aiming to persuade euro zone partners and investors that Spain is doing its deficit-cutting homework despite a recession and 25 percent unemployment.
Figures released on Tuesday suggested Spain will miss its public deficit target of 6.3 percent of gross domestic product this year, and on Wednesday the central bank said the economy continued to contract sharply in the third quarter. By pre-empting reforms demanded by Brussels — such as creating an independent fiscal auditor — Rajoy hopes to sell them to voters as home-grown rather than imposed from outside.
Diplomats reported intense last-minute pressure on Madrid on Wednesday from key euro zone policymakers to take tougher measures, notably on freezing pensions. On Friday, Moody’s will publish its latest review of Spain’s credit rating, possibly downgrading the country’s debt to junk status. On the same day, an independent audit of Spain’s banks will reveal how much money Madrid will need from a 100 billion euro ($130 billion) aid package that Europe has already approved for the banks.
No Bank Deposits Will Be Spared from Confiscation 2013 05 18
As alert Zero Hedge readers are aware, this week the EURO Politburo is busy debating the dodgy subject of deposit "bail-ins."
The following article very succinctly explains this odious mode of fractal fractional reserve end-game chicanery.
The author encourages all of you to share it with others.
NO BANK DEPOSITS WILL BE SPARED FROM CONFISCATION
By Matthias Chang Esq, futurefastforward.com (with author’s permission)
I challenge ...
Big Bang: Biggest meteorite explosion rocks the Moon 2013 05 17
NASA scientists have recorded the biggest ever meteorite impact on the Moon, with an explosion equal to 5 tons of TNT. The event is part of ‘lunar meteor showers’ observed by astronauts of the Moon exploration program.
The 40-kg meteorite measuring 0.3 to 0.4 meters wide traveling 56,000 mph slammed through the Moon’s surface on March 17, 2013.
The explosion from the ...
Military Says No Presidential Authorization Needed To Quell “Civil Disturbances” 2013 05 17 A recent Department of Defense instruction alters the US code applying to the military’s involvement in domestic law enforcement by allowing US troops to quell “civil disturbances” domestically without any Presidential authorization, greasing the skids for a de facto military coup in America along with the wholesale abolition of Posse Comitatus.
The instruction (embedded at the end of this article), which ...
Ancient Maya Pyramid Destroyed in Belize 2013 05 17 An archaeological group says it plans to take legal action.
Despite its small size, the Caribbean country of Belize is known for a few outstanding characteristics: a spectacular barrier reef, a teeming rain forest, and extensive Maya ruins.
It now has one fewer of those ruins.
A construction company in Belize has been scooping stone out of the major pyramid at the site ...
Ginger: A Warming Herb 2013 05 17
Ginger is an Asian herb that is particularly well known to us in the West. Over time, and with trial and error, its stimulating properties and piquant flavor have been integrated into both our herbal “materia medica” and cuisine.
Brewed as an herbal tea, ginger root is particularly helpful for those people who have underactive stomachs and difficulty producing adequate amounts ...