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THE FINANCIAL TIMES DISAGREES WITH MARIANO RAJOY

Mariano Rajoy

HOW IS MARIANO RAJOY TO SAVE BANKIA? WHERE IS THE MONEY?

Today there is an interesting article in hte Financial Times. In this article it is said that the worse than Mariano Rajoy can do is to say that no bank will fail.

I do not like the Financial Times much but some of the things said on the article seem to me sound.

I do not know much about banks but I imagine that one thing that could be done would be to just pay up to 100000 euros to the people who had money in Bankia and close the bank. In this way most people could be quiet as they will keep some money and the people who would not get back all the money would not die of hunger because they would receive at least 100000 euros. It seems to me quite reasonable.

Why not to do the things in a simple way so that people can understand what is going on? This of giving debt to Bankia and then Bankia showing this debt to the ECB so that it gets money seems like to return to those times of economic enginnering that brought the subprimes and that rubbish? Why not try to simplify the things?

The important thing are the people not the banks so let the banks fall and just give the money you can to the people that had an account.

We have always said that in Spanish banks we have the savings guaranteed up to 100000 euros. So why should the government save the banks? Just give back the money is guaranteed.

The FT says that we could end like Ireland if Rajoy insists in saving the banks. I hope that Europe gives us at least advice!

In any case, I support Mariano Rajoy if he believes that we do not need help from Europe. But I hope he does something so that we do not need that help!

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