Carl Mydans Boys playing May 1936
"Decatur Homesteads, Indiana"
A month and a half ago, I posed the following question in Spain, Land of Magical Financial Realism:
These days when I read about Spain I'm wondering more and more how and why it is that the country has any access at all left to international finance markets.
The essence of the article was that Spanish banks were/are buying Spanish sovereign bonds with money (well, money...) borrowed from the ECB, while the Spanish government in turn was/is propping up its banks with money with European Union funds. I quoted Yalman Onaran, who wrote this for Bloomberg at the time:
Spain Banks Buying Bonds Shift Risk to Taxpayer