Jueves 14/06/12 CPI (inflacion)

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La crisis de Espana empeora

La crisis financiera que amenaza al lgobierno Espanol se agudizo el Jueves cuando el costo de su deuda subio a territorio record desde que se creo el euro, tocando niveles que previamente forzaron a otros paises a ser rescatados.

Este moviemiento vino despues de ya otro downgrade que dio evidencia nueva del stress economico y financiero, la caida de los precios de las casas se aceleraron a un 12.6% al anio en el primer trimestre y los bancos Espanoles incrementaron sus prestamos por parte del ECB.

Los yields a 10 anios tocaron 6.96% indicando que cada vez se le hace mas dificil a Espana encontrar compradores de su deuda.

Los precios de las casas han bajado 26% desde su precio mas alto en el 2007. El problema es que los precios de las casas estan demorando en bajar mas debido a que los bancos no estan tomando accion, alargando la crisis. En Irlanda por ejemplo el precio ha caido 50%

Spanish Crisis Deepens

By JONATHAN HOUSE
MADRID—The financial crisis threatening the Spanish government deepened Thursday as its borrowing costs hit a new euro-era high, touching levels that previously forced other euro-zone countries to seek sovereign debt bailouts.

The move followed yet another sovereign credit downgrade and coincided with fresh evidence Thursday of economic and financial stress as the decline of Spanish housing prices accelerated to a 12.6% annual rate in the first quarter and Spanish banks increased their reliance on European Central Bank funding.

Coming just a few days after Spain was forced to seek a European-Union bailout for its banks of up to €100 billion ($125.57 billion), the new raft of bad news sent Spanish borrowing costs soaring. The yield on Spain's 10-year government bond rose to as high as 6.96%, a new euro-era record and a sign that demand for Spanish debt is rapidly drying up. If Spain cannot find enough investors to buy its bonds, it will need to seek a bailout.

Late Wednesday, Moody's Investors Service became the latest ratings agency to downgrade the beleaguered Iberian nation's debt, increasing speculation that a bailout for the Spanish government might follow that of its banks. The three-notch downgrade left Spain's rating one level above junk, as Moody's highlighted the increase to the country's overall debt burden arising from the proposed bailout of Spanish banks.

"That's quite an aggressive move from the ratings agency, especially taking into account the negative rating watch which will be reviewed in the next three months," noted rates strategist Alessandro Giansanti at ING.

According to Thursday data from Spain's INE statistics agency, Spanish housing prices fell at a 12.6% annual rate in the first quarter, after falling by 11.2% in the fourth quarter and by 7.4% in the third, signaling that Spain's housing bust will continue to weigh on its economy.

That means that housing prices have fallen 26% since their peak in the third quarter of 2007, according to the INE, though some private valuation firms estimate steeper declines.

Spanish housing prices, however, have been slow to correct, largely because banks have been reluctant to unload repossessed properties. Many economists draw comparisons with Ireland, which is grappling with a housing bust of a similar magnitude and where prices have fallen 50%.

But the situation in Spain is changing as banks face deepening financial stress and new government regulations force them to unload properties. Robert Tornabell, professor of banking and finance at ESADE business school in Barcelona, said the first-quarter housing price data "is a sign of worse to come."

Separately, data Thursday from the Spanish central bank showed average net ECB borrowings for May for Spanish banks rose to €287.31 billion from €263.54 billion in April, highlighting the growing difficulties local institutions face to obtain financing on international markets.

—William Kemble-Diaz in Madrid and Nick Cawley in London contributed

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Cuando veo lo que esta pasando en Europa no puedo evitar recordar como los democratas culpaban a Bush de la crisis financiera, Espana odia a Bush, haya no creo que puedan culpar a Bush de su burbuja de casas y su crisis financiera, o si?

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+21

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Merkel dice que Alemania no puede reseolver la crisis sola, urgio a las economias mas grandes a actuar para restaurar el crecimiento.

Merkel hablo al parlamento en Berlin: las causas de la debilidad economica global no estan solamente en Europa.

Todos debemos estar preparados para resaurar el crecimiento.

Hasta la fecha Alemania ha tomado la responsabilidad de dar $504 billones de fondos para ayudar a solucionar la crisis.

La proxima semana se reune el G-20 en Mexico.

La fortaleza de Alemania no es ilimitada, dijo Merkel.

Merkel alerto a Europa de falsas soluciones y pidio ser mas estrictos fiscalmente. Merkel dijo que ell ECB debe supervisar mejor a la banca y se refirio al stress test de la banca Espanola.

Merkel Rallies Global Forces

By CHRISTOPHER LAWTON And FRANZISKA SCHEVEN
BERLIN—Germany alone cannot solve the euro-area sovereign debt crisis, German Chancellor Angela Merkel warned on Thursday, as she urged the world's largest economies to play their part in helping to restore growth.

German Chancellor Angela Merkel delivers a government statement on her policy plans for the upcoming Mexico G-20 summit at the Bundestag, the German lower house of parliament, in Berlin on Thursday.
Speaking ahead of a meeting of the Group of 20 industrial and developing nations, Ms. Merkel told the parliament in Berlin: "The causes of the weakening global economy are indeed not only in the euro area.

"Everyone must be prepared to overcome their specific weaknesses," she said.

Since the start of the debt crisis, Ms. Merkel and Germany have come under intense pressure to do everything possible to keep the monetary union from breaking apart. As the euro-zone's largest economy, Germany has accepted the greatest financial share of the bailout packages. According to an estimate from Credit Suisse, the country has taken responsibility for as much as €401 billion ($503.54 billion) of the agreed temporary and permanent bailout programs' entire resources.

Less than a week after Spain announced it would seek help for its struggling banks, Italy has also seen its borrowing costs surge, escalating fears that the euro-zone's third-largest economy may also need assistance.

World leaders will meet for the G-20 meeting in Mexico next week to discuss current affairs such as poverty, youth unemployment and the environment, although the main issue is likely to be the continuing debt crisis, Ms. Merkel said. While all eyes will be on the German Chancellor for an answer to the crisis, she warned leaders not to expect too much from her country.

"Germany's strength isn't infinite. Germany's strength isn't unlimited," she said. Ms. Merkel urged the G-20 nations to resist the temptation to refinance debt. There is still work to be done for all nations to boost growth globally, Ms. Merkel said, adding that the global crisis began with the fall of U.S. firm Lehman Brothers in 2008. She called on the U.S. to reduce its budget deficit and urged China and other newly-industrialized countries to allow their currencies to be more flexible. Free trade between G-20 nations is still limited, Ms. Merkel said, adding that the G-20 economies haven't taken their obligation to promote free-trade seriously enough.

Addressing Europe, Ms. Merkel warned against "false solutions" to the debt crisis and again pressed for the euro zone to implement tighter fiscal controls before member states embark upon joint liability for each other's debts.

She also called for the European Central Bank to play a more significant role in the supervision of Europe's banks, following the inaccurate results of stress tests in Spain. Ms. Merkel has previously accused the European Banking Authority's stress tests of being undermined by national authorities.

"I wouldn't mind the ECB having a more supervisory power to stop us from dragging out these problems," she said.

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+38

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VIX up 24.57

Yields up 1.60%

+23.69

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Oil up 82.64

Au down 1,614.15

Ag down 28.35

Futures cu down 3.32

+14.60

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Euro up 1.2569

+11.12

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+9.23

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+15.29

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SCCO -0.60%

BVN -0.38%

EPU -0.10%

BAP -0.39%

C +0.14%

ERX +0.80%

EDC -0.84%

EGO +2.54%

AAPL -0.38%

[admin]

+77

[jonibol]

Grecia subiendo 10%... ¿juaaaat?

[admin]

    Price Chg Yield %
2-Year Note   0/32 0.302
10-Year Note   -9/32 1.625
* at close
10:56 a.m. EDT 06/14/12Futures
  Last Change Settle
Crude Oil 82.74 0.12 82.62
Gold 1618.2 -1.2 1619.4
E-mini Dow 12530 101 12429
E-mini S&P 500 1317.75 9.00 1308.75
11:06 a.m. EDT 06/14/12Currencies
  Last (mid) Prior Day †
Japanese Yen (USD/JPY) 79.28 79.48
Euro (EUR/USD) 1.2592 1.2557
† Late Wednesday in New York.

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11:06 a.m. EDT 06/14/12Major Stock Indexes
  Last Change % Chg
DJIA 12597.98 101.60 0.81
Nasdaq 2834.07 15.46 0.55
S&P 500 1324.14 9.26 0.70
DJ Total Stock Market 13778.16 98.74 0.72
Russell 2000 759.09 6.71 0.89
Global Dow 1763.85 0.27 0.02
Japan: Nikkei Average* 8568.89 -18.95 -0.22
Stoxx Europe 600 241.27 -1.29 -0.53
UK: FTSE 100 5459.28 -24.53 -0.45
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