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Moving Forward
Research for Online Investors

5/17/12

Spain sold three and four year government bonds this morning. Interest rates were higher than previous auctions, with the four-years yielding 5.106%. Interest rates on 10-year bonds in the secondary market moved above 6%

Spain’s goal is to cut the government deficit to 5.3% of GDP this year. There were sporadic reports of a mini-run on Spain’s banks in the last week. El Mundo reported customers had withdrawn $1.3 billion dollars from Bankia SA. The government took over Bankia SA last month. Spain insures deposits in banks up to $130,000 dollars.

Spain’s regional governments have turned in their budgets to Madrid. They will be made public tomorrow. The 17 autonomous regions were instructed to cut $19.5 billion dollars after they overspent last year. The central government must approve their budget proposals or return them for reductions by the end of the month. The government can also invoke a new law and take control of spending.

Spain is struggling to get their budgets under control and stop the slide in their economy. Unemployment is close to 25%. John Bearman, chief investment officer at Thomas Miller Investment told Reuters “It’s not Greece leaving the euro that is the major issue, it’s the domino effect.”

Alexis Tsipras is the leader of the SYRIZA party, also known as the Coalition of the Radical Left. He is 37 years old and a former student leader of the Communist Party. He addresses other party members as “comrades.” He has resisted efforts to form a government by the other parties because polls show he will gain seats in another election. SYRIZA may even come in first in the next round on June 17.

He has sold Greeks the idea the country can stay in the eurozone but will not have to continue cutting budgets, selling assets and raising taxes. We all know that voters like the sound of politician’s promises. European leaders have expressed their concern with the events in Greece. Reuters reports that European Commission President Jose Manuel Barroso said ‘Greeks must choose wisely in their vote to avoid pushing the country out of the eurozone.’

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