Spain’s Not Getting a Bailout… Neither is Italy… It’s the END GAME Folks

Saturday, July 7, 2012
By Paul Martin

by Phoenix Capital Research

Spain got a “bailout” or so the media claimed. Because I cannot find any entity in Europe with the funds to actually bailout Spain (the EUFN is tapped out, the ESM has major political issues, and Germany is risking a credit downgrade and insolvency based on its backdoor EU props).

As one would expect in this situation, things are rapidly going into hyper-drive in Spain. The weekend before last the country implemented capital controls including

A minimum fine of €10,000 for taxpayers who do not report their foreign accounts.
Secondary fines of €5,000 for each additional account
No cash transactions greater than €2,500
Cash transaction restrictions apply to individuals and businesses

Does this sound like the actions of an economy with a sound banking system?

The Rest…HERE

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