Topping off a couple of months of frenetic activity intended to guarantee the future of the Spanish cajas de ahorros were three events at the end of July. Their chronological order is important: 1) July 21 - the approval by Congress of the LORCA, the new legislation governing the cajas which includes mechanisms allowing these savings banks to sell equity shares in themselves. 2) July 23 - the announcement on the part of Banca Cívica (the fruit of a partial merger of Caja Navarra, CajaCanarias and Caja de Burgos) that they would be availing themselves of this opportunity by signing a letter of intent with the very large and high profile American investment fund, JC Flowers & Co. The … [Read more...] about Spain’s cajas bank on reform
Archives for July 2010
A nation united by World Cup glory?
When the Spanish football team touched down at Barajas airport with the World Cup trophy on July 12, there was a curious sight amid the jubilant reception. As the players descended the steps onto the runway, Carles Puyol and Xavi Hernández, two of the team’s key members, did so carrying their belongings wrapped in a Catalan flag. While Iker Casillas held the trophy aloft as he led his team past cheering airport staff and the press and onto a waiting bus, Puyol and Xavi looked ever so slightly timid as they together lugged their gear –and the senyera flag– across the tarmac. It could not detract from what was a highly moving scene for any Spanish fan, but it was a reminder that while the … [Read more...] about A nation united by World Cup glory?
Freed Cuban dissidents adjust to life in Spain
When the Cuban dissident Ricardo González was released from jail and put on a flight to Spain, what struck him first about his newfound freedom was the airline food. “The thing that impressed me on the flight to Madrid was the fact the food was hot,” González, 60, said. “I hadn’t eaten hot food for seven years and four months.” This is just one of the many changes González and a group of other freed Cuban prisoners have experienced since the government’s announcement July 7 that over the next few months it will release the 52 dissidents still behind bars following a 2003 clampdown that put 75 people in jail. The decision is the result of diplomatic efforts by the Spanish government … [Read more...] about Freed Cuban dissidents adjust to life in Spain
Spain’s drug problem
If the yardstick measuring a country’s drug problem is the widespread availability at low prices of banned chemical substances, then it would seem Spain has a drug problem. The EU’s European Drug Observatory says that around 120 tons of cocaine is intercepted each year by police in Europe, and that three quarters of those seizures take place in Spain and Portugal. Attempting to estimate how much the police miss is next to impossible. An often-cited figure that law enforcement agencies catch just 10 percent of the illegal trade is not based on empirical evidence - although extrapolations are frequently used to guess the extent of domestic drug supply by multiplying the volume of seizures … [Read more...] about Spain’s drug problem
Catalan statute furore makes nearly everyone a loser
While sport lovers have admired the Spanish football team’s advance towards the World Cup final in South Africa, political and social observers have just as much reason to be impressed. This football team has managed to unite representatives of every corner of the country more effectively than any politician has ever done. Andalusians, Asturians, Madrileños, Basques, and -most notably- Catalans, all contribute to a squad that plays like a seamless whole. All of which makes it all the more ironic, therefore, that while the Catalan-led Roja has worked together to such devastating effect, back in Spain, political relations between Catalonia and Madrid have hit a low. On June 28, while the … [Read more...] about Catalan statute furore makes nearly everyone a loser
Striker worry threatens to keep world from Spain’s feet
The French composer Hector Berlioz once wrote: “the luck of having talent is not enough; one must also have a talent for luck.” In reaching the World Cup semi-finals, Spain showed that it had discovered the latter in abundance in South Africa, in the temporary absence of the harmonious assurance of the former. A generation of players that makes up the most talented squad at the tournament enjoyed the sort of luck that makes champions in defeating a resolute Paraguay 1-0 in Johannesburg’s Ellis Park stadium. As a well-balanced first half drew to a close, Nelson Valdez brought down a cross with a deft touch and fired past Iker Casillas, only to see the strike ruled out for an offside … [Read more...] about Striker worry threatens to keep world from Spain’s feet
Saramago: Iberia’s Godless conscience
“With a rapid movement, what was in sight has disappeared behind the man’s clenched fists, as if he were still trying to retain inside his mind the final image captured, a round red light at the traffic lights. I am blind, I am blind, he repeated in despair as they helped him to get out of the car, and the tears welling up made those eyes which he claimed were dead, shine even more.” (From Blindness). Given that his life was so often filled with polemic, perhaps it was fitting that José Saramago’s death should be surrounded by controversy. The late Portuguese novelist would have smiled from the afterlife –if he had believed in it– at the idea of the Vatican and his country’s president … [Read more...] about Saramago: Iberia’s Godless conscience