We were small and … at least this way there is a saying in the Spanish popular collection of proverbs. And the fact is that if it was not small with the bogeys of the recession and with the financial crisis, now Argentina comes and gives us another push towards the abyss. The result was a fall of 8,16 % in the Spanish Stock Exchange, the second biggest fall of the history of the Spanish Stock Exchange, and with values like Gamesa (-22,30 %), Repsol (-15,75 %), Santander (-9,9 %), BBVA (-9,09 %) and Phone companhy (-8,8 %), with strong fallen down as a result of his strong exhibition to the South American country.
But what has happened in Argentina? since that the Argentine Government has decided to nationalize the pensions system deprived that it was current from the year 1994. This way, the piled up savings will be penetrated to the Fund of Social Guarantee, and for it, they justify themselves saying that the system was not effective and that too many losses were accumulating in these funds through the fault of the volatile nature of the markets. The result is that the Government might obtain this way a financing of the order of 30.000 millions and it is precisely the idea of that has taken this measurement to obtain rapid money with which to face the expirations of the debts the one that has shot all the alamras.
This has been a measurement similar to the one that took in the year 2001, just before the declaration of the suspension of payments that had so many aftereffects in the whole world: is then so lacking in financial resources Argentina, which has needed to carry out this measurement to be able to pay his debts?
The Merval, the Argentine index, fell down to lead yesterday, more than 10 %, and with this panorama, it was logical that the Spanish Stock Exchange, which more exhibition has to the Argentine finance, today was collapsing also. And for more, this night, the Merval has opened again with a fall of 17 %.
Meanwhile, the oil keeps on falling down, and the big beneficiary is turning out to be the dollar, which in his change with the euro is already quoted at 1,29.
At least we have left the only happiness of which the Euribor falls down for ninth consecutive day up to 5,079 %, the minimum from May.
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