Spain’s political leaders are in cheerful mood at the moment. According to the country’s Economy Minister Luis de Guindos, the Spanish economy will return to growth in the second half of 2013. “The perception of the Spanish economy has improved and will continue to do so over the coming weeks and months,” he told his audience at the World Economic Forum in Davos. Earth-shattering it will not be, but grow it will, he insisted. Perhaps, he suggested, the economy will be stationary in the third quarter, with very slight growth in the fourth. And quite possibly he is right. The core of the problem is whether any faltering growth emerging in the last three months of the year will be sustained … [Read more...] about Has Spain’s economic contraction become self-perpetuating?
Archives for January 2013
La Liga: Rayo Vallecano defy the odds to keep riding high
They are not the first, second, or arguably, even the third team in Madrid, but they are already in position for a Europa League place and currently sit one point away from the Champions League spots. It is an even more impressive feat given that this is a club in administration, a team that was almost relegated to segunda on the final day of last season and that lost both its manager in the summer and a total of 13 players including their star, Michu, who is currently lighting up the Premier League. Rayo Vallecano are defying all expectations. While Atlético Madrid and Real Madrid sit in second and third respectively, the other team from the capital are just a point behind Málaga in … [Read more...] about La Liga: Rayo Vallecano defy the odds to keep riding high
Berardo brings Buddha to Lisbon
According to a recent article in The Art Newspaper, Portuguese entrepreneur and financier José Berardo has commissioned additions inspired by the Bamiyan Valley Buddhas for his Buddha Eden Garden, north of Lisbon. Six thousand tons of stone sculptures carved by sculptors based in Shijiazhuang, China, have been commissioned for the park (that being the approximate weight of the Bamiyan Buddhas) and the creation of the garden itself was prompted by the destruction of the Buddhas in central Afghanistan in 2001. The garden contains a number of large-scale Asian sculptures scattered over 35 hectares at the Quinta dos Loridos, Bombarral, including terracotta warriors based on those that guarded … [Read more...] about Berardo brings Buddha to Lisbon
Scrupulously ridiculous
On Wednesday, the Catalan parliament voted on a Declaration of Sovereignty that is meant as a cornerstone for a referendum on independence envisaged for 2014. It was backed by CiU and ERC, which supports the minority government, plus the eco-communist ICV. The unionist Ciutadans and the Partido Popular (PP) voted against, as did the majority of the Catalan Socialist Party (PSC), although five of its deputies abstained in protest against the party line. This declaration is best defined by what it is not. It did not create a united front against Madrid. It did not garner the support of the two-thirds of the Catalan parliament necessary to change the Catalan Estatut, missing a benchmark … [Read more...] about Scrupulously ridiculous
The next Spain
There’s an overwhelming consensus all across Spain that “we can’t go on like this”. Yet there’s an equally determined belief within the Rajoy government that we can, and in fact will, go on like this until it somehow gets better. Which means that someone – either the government with its faith that everything will come out well, or the entire population of the country, who believe that it won’t – has got it wrong. In this article I will take it as an assumption that the existing state of Spain will not be able to survive long enough to hold general elections again in 2015, and that therefore Rajoy’s Partido Popular government will be the last of the 1978-model Kingdom of Spain. How will … [Read more...] about The next Spain
La Liga: Real Sociedad inflict Barça’s first loss of season
A strange thing happened at the weekend - something not witnessed at all during the 2012/13 season so far. Having drawn with Málaga in the Copa del Rey in midweek, FC Barcelona finally lost a liga game after 19 jornadas unbeaten. Tito Vilanova’s men were looking pretty much unstoppable having torn apart almost every team they have come up against, but Real Sociedad were to inflict the Catalans’ first liga defeat, coming from two goals down to claim a last-minute 3-2 victory over the league leaders. It had seemed to be business as usual for Barça, who took the lead early on with a Lionel Messi goal. The Argentine scored for a record 10th game in a row when he struck after just seven … [Read more...] about La Liga: Real Sociedad inflict Barça’s first loss of season
Here comes the sun
Time for Spain to defy expectations as it battles corruption
It was, of course, a shock to hear about the €22 million that the former treasurer of the governing Partido Popular (PP), Luis Bárcenas, had hidden in a Swiss bank account; and equally shocking have been the allegations that for years the party paid its politicians under-the-table bonuses of up to €10,000 per month. But the depressing thing is, it’s not altogether surprising. This scandal broke in a month when 13 people linked to the PP are awaiting trial for their part in the Gürtel kickbacks case, and with the party’s Madrid premier Ignacio González facing questions over his luxury apartment in Marbella. Just days ago, Juan José Guëmes resigned his post in the company Unilabs España, … [Read more...] about Time for Spain to defy expectations as it battles corruption
La Liga: Depor find fortune on pitch despite financial woes
In a week when Deportivo La Coruña filed for bankruptcy protection, you would think a club which is €99 million in debt would not have much to smile about. But the Galicians, who currently sit in 19th place in the league table, seem to be slowly turning around their fortunes on the pitch with the help of their new manager. Drafted in during the winter break to replace José Luis Oltra, who was at least not given his marching orders until after he had enjoyed Christmas day, Domingos Paciência got off to the best possible start in his first match in charge when his new team beat high-flying visitors Málaga 1-0 thanks to a goal by Luis Pizzi for their first win in two months. The … [Read more...] about La Liga: Depor find fortune on pitch despite financial woes
Rodrigo Rato: exiting through the revolving door
Given Rodrigo Rato’s previous form and his current predicament, the news that Telefónica has appointed him to the advisory boards of its European and Latin American businesses raises new concerns about transparency and corporate governance in Spain. Rato - who has also served as head of the International Monetary Fund and as Spain's economy minister - will help "reinforce the global vision of Telefónica", the country's largest telecommunications company said after announcing the appointment on January 4. Readers will remember that it was Rato who oversaw the privatisation of Telefónica back in 1997. Rato’s hiring by Telefónica comes less than a month after he was summoned before a … [Read more...] about Rodrigo Rato: exiting through the revolving door