TORONTO/BERLIN (Reuters) - Finance chiefs of the Group of Seven leading industrialized powers will hold emergency talks on the euro zone debt crisis on Tuesday in a sign of heightened global alarm about strains in the 17-nation European currency area.

http://news.yahoo.com/g7-hold-emergency-....

Wondering if anything in particular is promoting this for tomorrow .

They buried the lede halfway down the article:

Quote:

A G7 source, speaking on condition of anonymity because of the sensitivity of the issue, said there were concerns about the risk of a bank run in Spain, which is struggling to recapitalize nationalized lender Bankia and smaller banks stricken by the collapse of a property bubble.

"There is concern on whether there will be a bank run in Spain that could have repercussions beyond the euro zone," the source told Reuters.

It would be bad enough if they said they were worried about a Spanish bank run, and worse if they said they were worried about a Spanish bank run affecting the rest of the euro zone. But they said beyond the euro zone, which means...

MARY POPPINS, BITCHEZ!

Wasn't there a G7 meeting just a bit ago, one were they gave the green light to more deficit spending? What other tools do they have? /sarc

The bank runs have already started. I believe they are meeting to discuss how to contain it to Spain, which IMHO, will prove to be difficult at best.

Many Americans with roots to Spain, worried about Obama, had been moving money out of the US slowly over the last two years to banks in Spain. I hear there is a sense of panic among these folks.

The trend of going out of the US had been exploited by the Spanish government by offering many Americans of Spanish descent the option of dual citizenship so that they could bug out of here if there was trouble. The Spanish embassy and consulates were making a handsome business in processing applications. Seems ironic that the trouble is starting there in Europe rather than in the US.

Disclosure: I just pulled two months ago a 125K emergency stash out of a Spanish bank into another bank in Latin America.

It's funny that Latin American banana republics may turn out to be the safe havens!

I suppose the G7 could commit monies to Spain to allow more people more time to run the banks but given nobody will actually send the IMF anything I can't see this happening. Spanish depositors better start panicking firster and better than everyone else

Nuke, if the Spanish banks start going nuclear, I don't think the Latin American banks are going to fare very well considering how the two have a lot of ties.

from what I understand...colombia is rather safe at the moment.

ZH

•JAPANESE FINANCE MINISTER AZUMI SAYS G7 WILL NOT ISSUE A JOINT STATEMENT
But...

•AZUMI: G7 AGREED WILL WORK TOGETHER TO DEAL WITH PROBLEMS IN SPAIN, GREECE - RTRS

Without capital controls, I'm pretty sure IMF infusions wouldn't mean a thing. It would merely give depositors easier access to their dough so they can ship it elsewhere. But if capital controls are imposed, doesn't that essentially assure a bank run that destroys the Spanish banks? Damned if you do ...

Quote:

It's funny that Latin American banana republics may turn out to be the safe havens!

Uruguay or Panama might be a better proposition than Spain at this point, if you are looking for a Spanish-speaking bugout/banking destination.

So another leaked secret meeting where really really brilliant plans to save the world will be organised. So brilliant that you cannot mention them. But should see the monkey sign appear.

Are these bs statements getting a bit 2011ish or is it just me?

Where is Zara?

Quote:

from what I understand...colombia is rather safe at the moment.

I went to Colombia on a short investing trip and was very impressed. There is much improvement and stability, more than even Panama.

I put my money there for the time being.

Just avoid the gold mining areas. FARC is still a force to be reckoned with.

wiki wrote..

In 2010 the FARC killed at least 460 members of the security forces, while wounding more than 2,000.[70]

By early 2011 Colombian authorities and news media reported that the FARC and the clandestine sister groups have partly shifted strategy from guerrilla warfare to 'a war of militias', meaning that they are increasingly operating in civilian clothes while hiding amongst sympathizers in the civilian population.[71] In early January 2011 the Colombian army said that the FARC has some 18,000 members, with 9,000 of those forming part of the militias.[72] The army says it has 'identified' at least 1,400 such militia members in the FARC-strongholds of Valle del Cauca and Cauca in 2011.[73] In June 2011 Colombian chief of staff Edgar Cely claimed that the FARC wants to 'urbanize their actions',[74] which could partly explain the increased guerrilla activity in Medellín and particularly Cali.[75][76][77][78][79] Jeremy McDermott, co-director of Insight Crime, estimates that FARC may have some 30,000 'part-time fighters' in 2011, consisting of supporters making up the rebel militia network instead of armed uniformed combatants.[80]

In 2011 the Colombian Congress issued a statement claiming that the FARC has a 'strong presence' in roughly one third of Colombia, while their attacks against security forces 'have continued to rise' throughout 2010 and 2011.[81]