Spain stocks rebound on bank nationalization plan

Spain's embattled government emerged Friday from a tumultuous week, in which rumours flew of a bailout, with an IMF vote of confidence and a plan to convince sceptical markets of the health of its banks.A successful auction of long-term government bonds further eased investor fears that the country was heading for a Greek-style financial crisis."Spanish policymakers seem to perform better under pressure than Spain?s football team so far," said Marco Annunziata, the chief economist of UniCredit Group, referring to the nation's shock defeat to Switzerland in the World Cup.

MADRID (Reuters) - More than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone's fourth biggest economy to 27.2 percent, the highest since records began in the 1970s. The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors' confidence have left it deep in recession.

The Spanish hit parade keep right on rolling. Courtesy of Google Translate, please consider a trio of articles forwarded by my friend Bran who lives in Spain. Madrid Rejects Regional Budgets Representing 32.5% of GDP

EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%; ECB Rejects Madrid Ponzi Refinancing Scheme The markets are reeling in the wake of rejection of Spain's Ponzi Recapitalization Scheme by the ECB according to the Financial Times.

Madrid Threatens Intervention as Regional Debt Worries Mount The Financial Times reports Madrid threatens to intervene in regions Madrid has threatened to seize budgetary control of wayward Spanish regions as early as May if they flout deficit limits, officials said – as investors took fright at the fragility of some eurozone economies.