Madrid’s financial citadel must undoubtedly be feeling the heat if one judges by the particular turn its language has taken in the latest notes to investors. Because most observers from afar of the Greek labyrinth have placed Spain under the watch of the capital markets’ Minotaur as his next meal (after a most expected Hellenic roast and a rapidly and helplessly splash of a barrel of Italian wine,) Iberian analysts have begun to let sure signs of impatience show on the surface of their comments.
Will the intended receivers get the message, though? Perhaps they will; the style is not colourful enough to lead to confusion. Trust our translation.
From Nordkapp Gestión, a generalisation:
“The fact that Greece’s situation today is exceedingly worse than it was a year and a half ago despite of the whole of Europe’s future having been compromised in its rescue, has deeply damaged the credibility of the European Union’s administrators.
“The circumstances Greece see itself in is the consequence of it’s current leaders’ failure, the Greek as much as the European“
At Nordkapp, they believe that a United States of Europe is the answer to solve the euro’s distress and that in the absence of this pan-European structure, loans should never have been offered to Greece without collateral assets in exchange.
Link Securities joins the argument:
“European politicians keep projecting their lack of unity and co-ordination, their incapability to reach an agreement, all of which drags Western stock markets down.
“We are left under the firm impression that politicians simply do not understand how close the euro zone is of falling into the abyss.“
Even Sabadell Análisis, always prone to a soft tone, denounces the Greek drama
“is out of control, it’s infectious and has the effect of staining all risk assets from all sectors because of the FMI’s and Greece’s political disagreement.”
Mirabaud Finanzas Sociedad de Valores sums it up in one word:
“EU finance ministers could not during the weekend even suggest an exit strategy from the debt crisis, it just fuels pessimism.”
This is no time for fiesta, amigos.