THE IBEX STICKS IT FOR THE BLISSFUL SPANISH CENTRALISM

The Government has put all his zeal so that Bankia comes out to Bag, in spite of the complicated situation of the markets that caused that the Spanish cousin of risk was located in the highest levels from the entrance of the euro. This black panorama advised to retard the placement of Bankia.     

I didn't seize their size. The financial group headed by Caja Madrid and Bancaja (reads you Madrid and Valencia) it can put in check to the whole bank sector and even to the country if it fails in their project. Bankia is a considered entity of systemic risk because the Bank of Spain supports him, for that that any decision that bothers or alert to the markets it can carry disastrous consequences for the own entity and for the imperial Spain.   

The problem is as serious as that nobody of the profitability of the operation doesn't trust orchestrated by the central government from Madrid to save its face, because of all it is known that the financing atrocities given by the entities from Madrid and Valencia to its respective city councils for, you work picks and hoes are worse than the Great Captain's bills.    

A step in false as the announcement of a possible delay in their exit to bag, it could be seen worse even by the analysts that a failure in their exit, before it, I Govern, Bank of Spain and the own entity, they agreed it goes behind. It is impressive the decision, that is to say to the Government and the Bank of Spain he gives him the same as they bother us to all the Spaniards that we pay our taxes, the question it is to save the face, it cannot be that the biggest banks in savings of Spain, ( artificially for the union of two fiascos) it cannot leave to the market when she wants, it would lack so ahead we catch to the private banks of Spain, and for balls, what doesn't want it the market eats up it you that until here we could arrive. 

Among so much "La Caixa" entity of savings and social of Catalonia it has gone out to the stock market, with their new entity "CaixaBank" with a total success that until it has been high their ranking for the international agencies, and today by the way it has ascended in the market while this he collapsed. This is the difference between the well made things and those as soon as made. But clear in Madrid, the works and the things very made in Catalonia they don't count for anything. 

The matter of Bankia takes its history it is not already thing of this week they have already given him more turns that to a sock and look for where they look it is an I authenticate fiasco it is as Greece it should more than it wins, but that but he gives, he puts on to the former of the IMF and to the (rato) while he gets ready, there is I believe that I have made myself a mess of words, he meant that the Mr. Rato, in advance fixes it, but not what smells wrong smells bad. The worst thing is that now the Government and the Bank of Spain have the as always of demanding roof of expenses to those that don't deserve it, while they are wasted the resources in the Square of the Sun in Madrid and in the beach of the Cabañal in Valencia. 

Bankia already had a lifeboat. The polls that he has carried out in their 3.801 offices confirm that the placement of the tract dedicated to retailers, 60% of the total, it is practically insured. The same thing doesn't happen to the institutional tract that is to say with those that know about the matter that that initially will represent 50% after the doubts generated by some potential investors he has decreased to 40%.    

Before it, the minister of Economy, Elena Salgado, requested the help of the great banking so that it supported the operation. And it got it. Santander, BBVA and Popular, as they won't take these entities if the government requests it to him they already charged it to him but it advances, but this is not of law, because he understands each other that these entities are deprived, and what happens is really that it affects them the matter the clearest test it is the fall of their actions and his rating, what took gets less credit for the companies, and the matters, consequence less growth and therefore more unemployment for Spain. 

Salgado above had the audacity and the wrong pleasure of requesting the support of “La Caixa”, but the catalane group that president Mr. Fainé it has not communicated its final decision. On Friday, in fact, when CaixaBank began its rate, Fainé it assured half joking to the press that could invest in Bankia when the next one comes out to the Bag July 20.   

The price with which seems that finally Bankia will come out to Bag he has become a good incentive for these institutional investors. Practically all the analysts assure that Bankia is a good investment, whenever its exit price is in the lowest range that is to say that the discount overcomes 50% of its countable value after the amplification. One is not able to for less than to say who made the countable valuation of the amplification.