Thread: Riotcam Resumes Broadcasting From Madrid Where Cops Use Rubber Bullets On Protesters

Syntagma Riotcam Resumes Broadcasting From Madrid Where Cops Use Rubber Bullets On Protesters


Submitted by Tyler Durden on 07/11/2012 10:21 -0400

• Nationalization

First thing this morning when discussing the upcoming festivities in Europe in the aftermath of Spain's decision to hike sales tax from 18% to 21%, while making sure it is the common people who get hurt in the upcoming bank nationalization in which sub notes and hybrid debt is impaired, largely held by retail investors as the FT showed yesterday, we said that "Spain promised to crush its middle class even more by impairing retail held sub debt and hybrids, while forcing them to pay more taxes, a move which will lead to some spectacular Syntagma Square riotcam moments." Three hours later and the riotcam is now live.



From CNN:

Spanish police used rubber bullets and batons to disperse protesters in central Madrid, witnesses in the city said Wednesday.

Hundreds of people moved quickly out of the area as the police moved in.

Protesters, including a group of miners who have marched on the capital, are demonstrating against Spain's government and the austerity measures it is imposing as it seeks to curb the country's debt crisis.

Madrid's ambulance service said 43 people were injured in clashes at or near the Industry Ministry.

The injured include 26 miners and 12 police, as well as a number of supporters of the miners. Eight are receiving hospital treatment but the injuries are not serious, the ambulance service said.

The clashes came as Prime Minister Mariano Rajoy announced an increase in the sales tax from 18% to 21% and a series of spending cuts, Spanish news agency Efe reported.

Announcing the measures to lawmakers, Rajoy said they would cut the budget by 65 billion euros ($80 billion) over two-and-a-half years, according to Efe.

Actually the only thing the "measures" will lead to, as whoever is the Greek finmin these days can attest to, is precisely the same economic toxic spiral breakdown, where nobody pays taxes, and where daily strikes cripple the economy.

And of course the imminent arrival of Chorizo the riot dog.

Syntagma Riotcam Resumes Broadcasting From Madrid Where Cops Use Rubber Bullets On Protesters | ZeroHedge

Livestream From An Angry Madrid


Submitted by Tyler Durden on 07/11/2012 16:54 -0400
And to think we were only joking less than 12 hours ago...

Watch live streaming video from spanishrevolutionsol at livestream.com

Livestream From An Angry Madrid | ZeroHedge

Madrid, Spain, twenty hours ago. Media blackout. Please share widely.

Spain Goes From Bad To Worse


Submitted by Tyler Durden on 07/18/2012 08:54 -0400

• Borrowing Costs
• International Monetary Fund
• Recession

Despite the world and their lemur believing that, with a self-referential EUR100 billion bailout (loan) for its banks and a ponzi guarantee scheme for its insolvent regions, all will be well and more debt fixes too much debt, Spanish 10Y yields are back near 7% and spreads over 575bps. The reason - simple - the backbone of their credit-fueled economic growth has crumbled and is now crumbling faster. As the FT reports today, Spain's housing and banking sectors continue to deteriorate, grim new government data showed Wednesday, providing the latest indication that the country's economy remains caught in a protracted recession. House prices declined at the fastest pace since the start of the crisis in the second quarter, the public ministry said, and bad loans increased for a 14th month in a row, the Bank of Spain reported. What is more worrisome is that in spite of a bank rescue plan (that is obviously tyet tto be implemented), bank deposits saw a record decline shrinking 5.75% from a year earlier. The vicious cycle of rising borrowing costs and continued economic recession prompted the International Monetary Fund earlier this week to predict that the downturn will last into next year. "This government can't decide between a good and a bad choice," Mr. Rajoy said. "This government has to choose between the bad and the even worse."Since the EU Summit, and basically month-to-date, Spanish 10Y spreads are 100bps wider back near record wides...




Spanish House Prices are declining at a record pace...



and Spanish bad loans are rising at an extremely high pace and for 14 months in a row...



Charts: Bloomberg
Spain Goes From Bad To Worse | ZeroHedge