Spain in the 16th and 17th Century were renown both for their conquests of the Americas and also as serial defaulters. The decline of Spain spawned the rise of the Dutch. Presently, the sovereign debt crisis in Europe will cement the depression in the region that began in 2008.

"Charles V had left Philip with a debt of about 36 million ducats and an annual deficit of 1 million ducats. This debt was caused by Phillip II defaulting on loans in 1557, 1560, 1575, and 1596. This happened because the lenders had no power of the king and could not force him to repay his loans. These defaults were just the beginning of Spain's economic troubles as Spain's kings would default 6 more times in the next 65 years.[6] Aside from reducing state revenues for overseas expeditions, the domestic policies of Philip II further burdened Spain, and would, in the following century, contribute to its decline, as maintained by some historians.[7]"

Source: http://en.wikipedia.org/wiki/Philip_II_of_Spain


PARIS — Europe is ready to help Spain if it needs to rescue its banks, Pierre Moscovici, the French finance minister, said Wednesday, but a top Spanish official said there were currently no plans to seek a bailout.

“If Spain desires, we in the euro zone can mobilize rapidly,” Mr. Moscovici said at a press conference in Paris.

Read more:

http://www.nytimes.com/2...ro-zone-watch.html?_r=1

Stock Markets Heading for a Blood Bath Next Week - http://www.marketoracle.co.uk/Article34972.html

For those in asia, short selling since April has been quite something. Xmas has indeed come early. Shorting the Singapore dollar, indian rupee and yen has also been another cool money maker...

Interesting info - https://www.youtube.com/watch?v=2OE2LYbBHws

Nigel Farage, interesting... https://www.youtube.com/watch?v=OxgwI-0Sozg

Greeks seek better terms after Spanish rescue - http://www.reuters.com/a...n-idUSL5E8HB7WM20120611



Interesting it is getting and I expect the Spartans to fight it out

Whoa! Crunch time in euroland?! Euro zone discussed capital controls if Greek exits euro - sources - http://in.reuters.com/ar...20611?type=economicNews

German 10yr bund... When the yield falls below 1%, it'll be fireworks time in euroland as it'll mean negative yields will become a reality! Already swiss bonds are seeing negative yields. Flight to safety or flight to the abyss. Hard to say.





https://www.youtube.com/...iucg&feature=related

IMHO PIIGS should be left to fail or let out of the Euro. This will basically give them space to easily deal with their debt issues. Austerity does not work with sovereign countries when forced down their throats as history always proves this right. The only loser in all this at the end will be Deustcheland, the British were bright enough and kept their currency.

5yr comparative graph of Google, Apple and Nasdaq. I like the way Google has lagged behind both the index and Apple and is still priced below the 2008 peak before GFC struck. That divergence will be corrected in the long run considering the market still undervalues Google cloud, Android OS and the cash reserves it holds.

hapa hiko fireworks ahead. who will save the euro? i think if greece bails out, the whole eurozone will be thrown into turmoil.