With clear reference to CNN's Situation Room with Wolf Blitzer, Spain calls for calm following an emergency cabinet meeting while declaring the meeting was "Not the Situation Room".
I pieced together the following synopsis with help from Google Translate:
Situation Room Synopsis
Following a regular cabinet meeting, Spain's prime minister Mariano Rajoy held an emergency meeting with deputy prime minister Soraya Saenz de Santamaria, Economy minister Luis de Guindos, and Treasury Minister Cristobal Montoro.
The Government says the meeting was not the "Situation Room".
Economy minister Luis de Guindos admits the situation of "tension" while stating "government is not in a cabinet crisis". De Guindos requested calm.
Recall that on June 1, de Guindos insisted Spanish banks were sound, not needing a rescue while begging the international community for a rescue.
Please see Edge of a Precipice; Doublethink Extraordinaire; Spain in Discussions With US Regarding Bank Aid; Gold Soars; Geithner to the Rescue? for an Orwellian discussion of conflicting statements from Spain.
Here is an unedited snip as translated by Google ...
The four members of the executive who held the unusual meeting refused to answer questions from journalists in the corridors of the House. "President, a message of calm about the situation in the markets?" Was the repeated question. There was no response.Quick Translation
Alarms jumped at the escalation of the Spanish bond, placing the country in a dramatic situation. After two hours and meeting room, which was also attended by director of the Economic Office of Moncloa, Alvaro Nadal, appeared Economy Minister Luis de Guindos, before the media in a speech where the word most often repeated -up on three occasions was the quiet.
"The bottom line is quiet. We have a route that the measures to be taken and we know that indeed there are circumstances that are affecting international volatility and market situation." The owner of the field argued that "the government is on top of issues and topics, is taking action and will continue to take action ... and it will do, not only by the state of today's risk premium, but according to the interests of Spain and the euro zone. "
- Spain held an emergency cabinet meeting of four top members in the "Situation Room".
- The Bottom line is decidedly not quiet.
- Government is not on top of the issues.
Word Cloud
I pasted the entire translated text into the Wordle Word Cloud Generator and came up with this.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List