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Spain appears to be the 'next' Greece - (www.telegraph.co.uk) Spanish revolt brews as national economic rearmament begins in Europe. Spain's new prime minister has looked into the abyss and recoiled. Though he swept into office as an apostle of orthodoxy, Mariano Rajoy has since delved into Madrid’s ghastly accounts and concluded that it would be "suicidal" to try to slash the budget deficit from 8pc of GDP to 4.4pc of GDP this year, as demanded by Europe's fiscal Calvinists. Such a policy would require a further €40bn or €50bn of cuts and accelerate the downward spiral already underway, beyond the 1.7pc contraction expected this year by the International Monetary Fund.
Lloyds considers borrowing money from ECB's emergency fund - (www.telegraph.co.uk) Lloyds Banking Group has become the first British bank to confirm it is looking at borrowing money from an emergency facility put in place by the European Central Bank to prevent a fresh banking crisis. Antonio Horta-Osorio, chief executive of the taxpayer-backed lender, said Lloyds was considering borrowing billions of euros from the ECB to finance its remaining eurozone assets. The ECB loaned €489bn (£414bn) in three-year money to eurozone banks in December and City analysts expect a similar amount to be borrowed at the end of this month when lenders are offered a second opportunity to access the central bank's borrowing window. "It makes sense for our euro assets," said Mr Horta-Osorio, adding that the bank would make a decision on Monday on whether it would take a loan from the ECB when the second tranche of long-term financing operations (LTRO) are offered. Lloyds is the only UK bank to have given a clear indication it could borrow from LTRO programme. RBS on Thursday declined to comment, while Barclays earlier this month said it had studied the scheme, but decided against using it.
World Bank chief Robert Zoellick: Greece's 130bn bailout merely buys it time - (www.telegraph.co.uk) Robert Zoellick, the outgoing President of the World Bank, has warned that Greece's latest €130bn (£108bn) bailout would merely buy it time, adding that a European recession would hamper crucial reforms needed to lift the area out of the crisis. "I think that the European Union has dealt with Greece as one element but the core elements are really going to be the success of some of the bigger countries, such as Italy and Spain," Mr Zoellick told Reuters. "It's too early to know, partly it depends on the actions the Greeks have to take," he added. Mr Zoellick, who will step down in June, also said that Portugal, which received a €78bn rescue package last year, would not need another bailout. "Each country's situation is different and you really have three interconnected problems.
The New York Times Is Now Paying Former CEO Janet Robinson $25,000+ An Hour – (www.businessinsider.com) It doesn't suck to get ankled as CEO of the New York Times. Former CEO Janet Robinson's exit package is now believed to be in the neighborhood of $21 million, much of which, to be fair, she earned over her two decades at the company. But $4.5 million of this package, which is being paid in cash this year, is for ongoing "consulting services." And now Sonya Hubbard at footnoted.org has dug through the company's filings and figured out exactly what that means.
Real Estate Agent Forges Buyer's Name in Bankruptcy Case - Twisty! - (www.mortgagefraudblog.com) Gary Kevin Coats pled guilty before United States Magistrate Judge David W. Daniel to bankruptcy fraud, in violation of Title 18, United States Code, Section 157(3), for forging a buyer's name and initials on a offer to purchase a condominium. The bankruptcy court was unaware that Coats had made a side deal to received additional funds upon the sale. According to the criminal information filed on December 20, 2011,Coats filed a voluntary petition for a Chapter 7 bankruptcy on February 10, 2009. A Chapter 7 Trustee was appointed and Coats, then a licensed real estate agent and operator of Featured Properties, LLC, was notified by an Order and Notice to Debtor that all property belonged to the Chapter 7 estate. This property included aRaleigh, North Carolina, condominium to which Coats had declared he intended to surrender.
U.S. Governors Have Few Answers as Cities Face Bankruptcy Risk - (www.bloomberg.com)
Greece, even with bailout help, faces massive debt - (www.washingtonpost.com)
Was 2008 Just a Bad Dream? - (www.businessweek.com)
Euro Firewall at Center of Economic Conference in Mexico - (www.nytimes.com)
Soaring oil prices will dwarf the Greek drama - (www.telegraph.co.uk)
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