Welcome to the Pure FX account of the latest changes in the euro exchange rate, covering the 14th to 21st September 2012. This is intended as a brief guide to movements in the euro this week, to put you in the best position when you exchange currencies. Exchange rate changes GBPEUR: 1.2415 to 1.2511 (+0.773%) GBPUSD: 1.6198 to 1.6252 (+0.333%) EURUSD: 1.3048 to 1.2987 (-0.468%) So the euro’s run of good luck comes to an end! The common currency lost out against the pound and US dollar for the first time since mid-July this week, as faltering economic conditions point to recession in the Eurozone, and Spain keeps the markets guessing about whether it intends to tap the European … [Read more...] about Euro good luck streak ends as Eurozone data points to recession
Archives for September 2012
The Pep Paradox
August 2016: The newly-proclaimed state of Catalonia has separated completely from Spain, whose flags no longer fly anywhere in the city of Barcelona except on the flagstaff of the Spanish Embassy. The sports press is full of news about the recent “friendly” international between the Catalan and Spanish national teams, the first in history, which despite a few ugly incidents outside the stadium passed off without a hitch. A goalless draw was seen by many as a fitting result to symbolise the relations between Spain and the nascent Catalan Republic. And of course the main story for sportswriters, as always, is FC Barcelona – Barça – as they prepare for a new season… playing against Real … [Read more...] about The Pep Paradox
Santiago Carrillo: the nearly man
Santiago Carrillo, who has died at the age of 97, belonged to another time, or perhaps more accurately, and depending on one’s age, to a number of other times: the Civil War; the decades of exile during the Franco regime; the first years after the death of the dictator; but above all to a time when people still took Communism seriously. Despite his failure to secure a lasting place for the Spanish Communist Party (PCE) in Spanish political life, he managed to reinvent himself as one of the guardians of that most revered institution, the transition to democracy. While still in his teens, as a member of the Socialist Youth, Carrillo took part in the uprising in Asturias in 1934, and was … [Read more...] about Santiago Carrillo: the nearly man
Avoiding the risk of Spanish property embargoes
Let’s take one particularly disturbing example of what can happen. Mrs Jones is a non-resident who used to own a property in Spain. In July, unknown to her, it went to property auction and was sold to a third party for a price of less than half its value. The reason? She had failed to pay her I.B.I (council tax) bill and combined with fines and interest she owed €1,700. What was perhaps even more worrying was that Mrs. Jones hadn’t a clue what was happening as she had not been in Spain to receive her mail and there was no one available to check her post box. The other means of informing her of her debt also passed her by. The Boletín official del estado is a list of debts and other … [Read more...] about Avoiding the risk of Spanish property embargoes
La Liga: Atletico survive scare and Real lose again
A guard of honour may not be a tradition normally associated with Atlético Madrid but playing their first league game since they demolished Chelsea 4-1 in the UEFA Super Cup just over a fortnight ago, that was exactly what they got. Winning silverware is not such a novelty in the other half of Madrid these days as back in May, when the talk was of what a great season Athletic Bilbao were having and Atléti surprised everyone by beating the Basques 3-0 in the Europa League final. In Monaco, they brushed aside the reigning European Champions Chelsea with ease and despite the fact that their prize money is being withheld by UEFA for failure to comply with financial fairplay rules (the … [Read more...] about La Liga: Atletico survive scare and Real lose again
José Luis Garci’s Sherlock Holmes is out to rescue Spain
It’s now 30 years since José Luis Garci won Spain its first Oscar for Begin the Beguine. In the interim, he has made another 14 films, the latest of which, now on general release, is Holmes & Watson. Madrid Days. That 1982 Oscar gave a much-need boost to the Spanish film industry — even though the film had been panned by the critics and was a commercial flop — and, along with hosting the World Cup and Felipe González’s election win the same year, ushered in a lengthy period of national self-confidence now in tatters after the implosion of the economy. For Garci himself, winning an Academy Award must have been especially gratifying: this is a man for whom Hollywood, and particularly … [Read more...] about José Luis Garci’s Sherlock Holmes is out to rescue Spain
Portuguese take to streets against austerity
It was a demonstration born on Facebook, on Saturday, September 8 - 24 hours after Portuguese Prime Minister Pedro Passos Coelho announced a new tax on all workers. Exactly a week later it was reality - never since the revolution of 1974 had so many taken the streets to express their anger at the government. More than 1.5 million people hit the streets, according to state news agency LUSA. The hub of the protest was Lisbon, where 350,000 people walked two miles from Praça Jose Fontana Square to Praça de Espanha Square. In Porto, the same: more than 100,000 came out to Praça da Liberdade for more than four hours, to show their anger at the conditions resulting from the country's bailout … [Read more...] about Portuguese take to streets against austerity
US dollar continues to slide on ECB and Fed stimulus
Welcome to the Pure FX account of the latest changes in the foreign exchange rates, covering the 7th to 14th September 2012. This is intended as a brief guide to movements in the exchange rates this week, to put you in the best position when you exchange currencies. Exchange Rate Changes: UK pound to euro: 1.2601 to 1.2415 (-1.476%) UK pound to US dollar: 1.5939 to 1.6198 (+1.625%) Euro to US dollar: 1.2644 to 1.3047 (+3.187%) The US dollar in particular lost an astonishing four cents against the euro this week, as investors remained upbeat about the European Central Bank’s bond buying scheme, while rejoicing on reports the Federal Reserve has announced more stimulus. So, the … [Read more...] about US dollar continues to slide on ECB and Fed stimulus
Disability and Spain’s low-key Paralympics
On September 9, London bid a fond farewell to this year's Paralympic Games. A fact which, if you live in Spain, may well have escaped your notice. As fireworks exploded over the Olympic Stadium in Stratford, the closing ceremony of this major international sporting event was not covered by any of Spain's major TV stations. In a departure from previous years the 2012 Games did, however, receive comprehensive coverage on Teledeportes (although Spain's national sports channel, aimed at broadcasting news across the country, changed frequency in June 2011, and I doubt ours is the only household which still does not receive it.) A quick search for Paralympic news in the national and local … [Read more...] about Disability and Spain’s low-key Paralympics
Madrid’s Olympic bid: third time lucky?
On February 14 this year, Italian Prime Minister Mario Monti pulled the plug on Rome’s bid for the 2020 Olympics. “The government doesn't feel that it would be a responsible gesture, taking into consideration Italy's current financial state”, he said. “If we find ourselves today in such a difficult financial position it is because similar decisions were made by previous governments without having considered the resulting impact in the following years.” But despite Spain’s dire economic problems, Madrid has pushed ahead with its own bid. According to La Razón, Madrid’s bid for the 2012 Olympics cost €60 million. The bid for the 2016 games cost €44 million. This time the process will … [Read more...] about Madrid’s Olympic bid: third time lucky?