Emilio Botín says he’s not convinced about the Spanish ‘bad bank’ solution
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Europe must suffer
RBS’ Mariano Aldama: “Spain’s new government can bring back markets’ trust”
Mariano Aldama of the Royal Bank of Scotland and responsible for capital market origination for financial institutions in Spain and Portugal, has given an interview to the business daily Cinco Días in which he admits that, despite the critical situation of Spain because of excessive financing costs, it is possible to restore market confidence. We offer an excerpt of the interview. How long can the banking system resist without financing itself? The rejection in the markets can not last much longer but first there are pieces of the puzzle that…
Spain could raise €200mn from the wealthy’s Swiss accounts
Digital news website El Confidencial on Tuesday published an article about the effect the so-called Rubik Plan would have on the Spanish budget. This is a bilateral agreement to lift banking secrecy in Switzerland, which would allow hidden account holders in the country to pay taxes anonymously in Spain. The conclusion of experts is clear: the amount collected thanks to this measure would barely exceed €200 million, a somewhat tiny…
Distressed assets investors head to Spain for restructuring plans
Rumours of a super-toxic bank have been building up in Spain ever since the conservative People’s Party won the country’s general election by landslide. According to last weekend’s Bloomberg reports, “Spanish Prime Minister-elect Mariano Rajoy has asked for at least two papers from academics on how to create a so-called bad bank, according to two people with knowledge of the matter. “Both proposals outline mechanisms for a state-backed agency to buy soured assets…
The PP will control €7 out of €10 of Spain’s public spending
By Julia Pastor, in Madrid | Mariano Rajoy’s People’s Party has won the most crushing absolute majority of its history, with 186 seats out of the total 350 of the Spanish Parliament (in 2000, former president José María Aznar achieved 183). On Monday, analysts of the financial City of Madrid expressed their opinions about this shift in the political scene. “The elections results were already expected by the markets, since…
Sarkozy and Barclays: what a happy coincidence over Spain
At The Corner, we have a noticeable penchant for mixing news from the bright side, so we couldn’t let pass this occasion in which one of the core-Europe main actors and some British-based bank analysts have had warm opinions on the state of the Spanish economy (emphasis is ours.) According to this piece of reporting from the best-seller Spanish newspaper El País, at the end of the European Council meeting, French president…