MADRID | Any train traveller knows by heart the stern warning on the danger that lies in leaning out. Italians seem to pay due attention to this caution, living permanently in a risky environment. Downplaying their own problems has led them to slip to second line positions leaving Spaniards as forerunners of the raging euro battle. Spain has behaved in a most divergent way. Confronted with a looming banking crisis,…
how to get a ex back By Kike Vázquez | www.cotizalia.com | The crisis in Spain is not the consequence of unemployment or of the State deficit. It isn’t even due to the banking sector. These are just symptoms of the real cause. What is the underlying problem, then? In my opinion, it is one single variable: competitiveness. The fact of joining the euro meant a higher effort than expected…
how do you get a ex girlfriends trust back if it been months After New Democracy's win in the recent general elections in Greece with 29.8 percent of voting support, a coalition with Pasok seems the most reliable option. Together, both parties would gather 162 parliament seats and a sufficient majority (overall majority is obtained with 151 seats) to raise a stable government favourable to accept further austerity measures from…
MADRID | “It is time to resort to the International Monetary Fund or the European rescue fund,” wrote in the January edition of Revista Consejeros Aristóbulo de Juan, former Bank of Spain's director general of inspection. Even Banco Santander's chairman Emilio Botín, who's always shown his antipathy to salvage competitors with his money or the taxpayers', acknowledged that the Spanish banking sector needed some €40 billion in European aid to…
MADRID | In a bid to offset its exit from the Greek market, Alpine, FCC's subsidiary in Central and Eastern Europe, said it will concentrate a commercial offensive in its domestic markets. Alpine would have unpaid bills in Greece of up to €20 million, according to the Spanish press reports. At a news conference in Gdansk, the company's new CEO Johannes Dotter announced that the company had already landed contracts worth close…
MADRID | The Inditex Group reported Wednesday net sales in the first quarter of 2012 February to April of €3.4 billion, 15% higher year-on-year (14% in local currencies). Net income amounted to €432 million, 30% more than in the first quarter of 2011. The Spanish company said it had opened 91 new stores during the quarter, bringing the total store base to 5,618. The new stores were opened in 26 markets. In a…
Analysts at JP Morgan released Wednesday an 11-point note with the main questions triggered by the ongoing partial rescue plan to support capital needs of the Spanish banking sector. We are passing them on to you, but we think 8 is particularly interesting as it means Spanish taxpayers are pushed to the front line, and 11 is ironic, as we suspect the Spanish conservative government was unaware it was lending a…
MADRID | You can fool someone for a long run. You may fool many people for a while. But you cannot pretend to fool everybody forever. Claims on Saturday that the deal only amounted to European lending for Spanish banks did not stand up to the week-end erosion. It was clear from the start that the money was to be channelled through a public body and fully covered by a…
LONDON/MADRID | Ratings agency Standard & Poor's had already added an injection of €80 billion to €120 billion of public money into the banking sector when it downgraded Spain last April 26 to BBB+ with negative outlook. The agency stated this week that even using the total amount of €100 billion, the country's debt per GDP ratio would be 76.6 percent in 2014. S&P said there would be no further…
MADRID | elconfidencial.com | The rescue operation of the Spanish banks is rather a foreign banks' bailout, the online daily El Confidencial reported Tuesday. Check the International Monetary Fund's recent study on Spanish banks and a graph shows up with an eloquent figure. The exposure of foreign banks to Spain is moving towards a colossal number: €1.2 trillion. What is surprising is not just the sheer volume of it but also its…