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Articles by The Corner

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
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Markets 20th March 2012

Still no growth in the horizon for Greece: the story so far

By Begoña Castiella, in Athens | How could one of the poorest, smallest countries in the euro zone endanger the common currency? How could 300 members of the Greek parliament from five political parties and with allegedly little economic knowledge paralyse during two years reforms and budget adjustments that were urgently necessary to reduce the nation’s public debt? And despite two bailouts and a bond restructuring that has cut down in more…

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Spanish economy 20th March 2012

Balearic Islands’ former president found guilty in anti-corruption trial

Jaume Matas, who was regional president of Balearic Islands, became Tuesday the first former autonomic premier and the second former national minister to face a prison sentence. The Provincial Court of Majorca condemned him to 6 years in prison for an offence of management fraud, a crime of falsifying an official document, a crime of commercial document forgery, a crime of malfeasance in competition with an offence of embezzlement and…

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Spanish economy 20th March 2012

Madrid plans to streamline public sector seem merely cosmetic

By Juan Pedro Marín Arrese, in Madrid | Spain’s government has pledged to close down 80 publicly owned enterprises, an impressive figure at face value. But most of the adjustment is grounded on the simple recipe of merging subsidiaries into mother companies. Thus the only tangible savings amount to allowances paid to suppressed Boards of Directors. A negligible €1 million cut off that will add very little in terms of budgetary…

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In Europe 19th March 2012

Prime minister Cameron has upset UK’s millionaires, says Skandia

LONDON | Discontent about the government’s economic policies fuels a desire to leave Britain among millionaires, whose confidence in the coalition cabinet’s economic policies is falling as their finances suffer. Just under half the UK’s millionaires, according to a research published Monday by investment specialist Skandia, would set home somewhere else. Graham Bentley, Skandia UK’s head of investment strategy, echoed the wealthiest’s mute threat, accusing primer minister David Cameron of aping…

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Markets 19th March 2012

“Spain’s financial system is now the most transparent in Europe”

By Fernando Rodríguez, in Madrid | Claudio Aguirre, board member at the Spanish bank Bankia confirmed in an interview with Consejeros magazine that the group intends to maintain its independence. Although the entity’s capital needs amount to about €9 billion, Aguirre says that being in a merger, Bankia could clean its balance sheet up against reserves, not only against income. What is your opinion about the third phase of the financial…

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Spanish economy 19th March 2012

Spain in dire need to square the circle of the deficit target

By Juan Pedro Marín Arrese, in Madrid | The Spanish government publicly claims success in limiting damage after having boldly taken the step to revise upwards the deficit target. But privately, it recognises that being forced by partners in the Eurogroup to trim it down came as a nasty surprise. Overconfidence had led Madrid to believe that the understanding attitude shown over Spanish budgetary problems would be enough to shore up…

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World economy 19th March 2012

Europe toughens powers to grab higher share in crime loot

The European Commission wants new rules for more effective and widespread confiscation of funds and other property acquired through crime. An enhanced legal framework will increase member states’ ability to confiscate assets that have been transferred to third parties, it will make it easier to seize criminal assets even when the suspect has fled and will ensure that authorities can temporarily freeze assets that risk disappearing if no action is…

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Interviews 17th March 2012

Weekend link fest

A curated selection of links we hope can enlighten us all; some come from our corner, some do from other corners of the net. And as always, our comment widgets are anxious to get your suggestions. Anglo-Saxon banker-bashing, this time from one of them! Why a general strike in Spain is not what once was Fed’s bank stress tests? Don’t trust them The day the UK felt vulnerAAAble A review of…

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World economy 16th March 2012

Rajoy’s government begins deleverage: 27 state companies to close down now

MADRID | A plan for the restructuring and rationalisation of public sector firms become official on Friday in Spain. The government describes it as the first step of many to achieve a public network of companies without duplicities. Some of the enterprises were founded with the aim of developing activities not yet covered by private initiative and that were of national interest, but their justification is nowadays unclear, official sources said. In…

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In Europe 16th March 2012

Peter Temin: “Merkel acts like Chancellor Bruening in 1931”

By Gustavo Matías | Professor Emeritus at MIT, Peter Temin understands why German Chancellor Angela Merkel bullies everyone into austerity. But he disagrees. Temin believes too many, too deep budget cuts can prevent countries from paying their debts as it has already been the case in Greece. So Germany could destroy the euro and put the global economy under risk? Something similar happened in 1931, also because of Germany’s influence, and led…