tag:blogger.com,1999:blog-36227136.post1760896957945675678..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: About that Spanish bad bank...OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-36227136.post-82301404831908489282012-10-31T11:48:29.507+00:002012-10-31T11:48:29.507+00:00In reponse to the previous post, I do not expect a...In reponse to the previous post, I do not expect anyone thinks 32.4% is enough. This is a game of smoke and mirrors to avoid the inevitable choices for the Eurozone.<br /><br />Either they start closing the project or the liabilities of the system have to be mutualised - i.e., the Germans have to pay.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-20370223096335719242012-10-30T12:55:39.257+00:002012-10-30T12:55:39.257+00:00In June 2012 (so before Rajoy and his government s...In June 2012 (so before Rajoy and his government started to destroy the remaining business activity by huge tax increases, see latest retail data, for instance) German business daily Handelsblatt did an interview with a Spanish housing expert. Key points:<br />1 potential buyer for 17 sellers, there are currently (June 2012) 1.9 million houses for sale, 2.6 million houses are empty and 1.3 million are still in construction. <br /><br />So how on earth can anyone in their right mind think that a discount of 32.4 percent on the current book value of finished homes will be even remotely enough? And this gets only worse when one considers that the book value is presumably much much higher than the actual market value in this almost bidless market.Anonymousnoreply@blogger.com