Spanish Prime Minister Mariano Rajoy, his Economy Minister Luis de Guindos, and Finance Minister Cristóbal Montoro, have all been asked to respond to Nobel laureate Paul Krugman’s recent comments regarding what he called eurodämmerung: the end of the single currency. Unsurprisingly, they all repeated their commitment to the single currency, saying that Spain would not require a bailout, and that the spending cuts would continue. But like guilty men giving away what is really on their minds, all three went further, insisting that Spain would remain in the eurozone, and that a corralito was a “technical impossibility.” Corralito is a dreaded word in Spain, associated with the chaos that … [Read more...] about Spain’s “technically impossible” euro exit
Archives for May 2012
Euro to end as Greece exit nears?
Here is my latest update of the British pound to euro exchange rate, covering the 11th to 18th May 2012. This is intended as a brief guide to what’s affected the exchange rate this past week as well as what might happen next, to help you decide if now’s the best time to change currencies. Pound to euro: -0.72% decrease on the week (from 1.254 to 1.245) +2.33% increase on the month (from 1.217 to 1.245) This past week: 1. Right-wing UK newspapers including The Telegraph and Daily Express have been openly discussing this week the possibility that the euro might soon end, as economists put the odds of Greece leaving the euro at 50.0% and above. 2. The pound has lost a cent against … [Read more...] about Euro to end as Greece exit nears?
‘Seis puntos sobre Emma’: Blind motivation?
Seis puntos sobre Emma tells the story of Emma, a blind woman of around 30 who is attempting to get pregnant, with Machiavellian calculation. Interviews with director Roberto Pérez Toledo (himself a wheelchair-user) reveal that one of the main aims behind his film was to offer a portrait of a blind person as a flawed human being rather than a victim. Perhaps it is because I have grown up with visually impaired people, but whenever I see a film purporting to offer this kind of insight into the life of someone with a disability my first reaction is: tell me something new. After all, films featuring portrayals of disabled characters as strong and capable individuals already exist, albeit … [Read more...] about ‘Seis puntos sobre Emma’: Blind motivation?
Bilbao celebrates 15 years of Guggenheim-inspired transformation
When Frank O. Gehry won a limited competition to design Bilbao’s new art museum in the early 1990s, the idea was to turn an old brick factory along a bend in the Nervión River into a cultural focal point for a city that had seen its traditional industries, such as shipbuilding and mining, virtually disappear by the late 20th century. Gehry had designed the Fish (1992) sculpture for Barcelona’s Port Olímpic, utilizing computer-aided design (his first use of CAD for a major project) to model its sweeping curves. In Bilbao, he would employ similar methods, resulting in what appear to be random organic forms (reminiscent of billowing sails) with the combination of seemingly incongruous … [Read more...] about Bilbao celebrates 15 years of Guggenheim-inspired transformation
From abroad or in Spain? Obtaining a foreigner’s identification number
You need an NIE if you live in Spain. Your foreigner’s identification number (Número de Identificación de Extranjeros) is the key to everything from buying your home to collecting your mail. It can also be essential for the non-resident too. If you want to make a house purchase or you have been left Spanish property in a relative’s will you need an NIE to make the transaction. If you need to get an NIE as quickly as possible then you may prefer not to have to travel to Spain at all. Until 2011 it was possible to obtain a power of attorney in your home country which enabled someone in Spain to act on your behalf and obtain the NIE for you. However, in April 2011 a new regulation stipulated … [Read more...] about From abroad or in Spain? Obtaining a foreigner’s identification number
And there was peace in Portugal
An average Portuguese citizen might make about €800 per month, has bought a house and is paying back the loan to the bank, leaves home each day at 7am and returns at 7pm. He has one child, whom he leaves at school all day. Take those €800 and let’s do some math. The mortgage will cost an average of €300, leaving €500 for food, transport and basic services. By the end of the month his bank account will just have small change left – if not a huge credit card hole. This data is accurate as of May 2012 and can be checked at Pordata, the private national database, run by the former Socialist Party agriculture minister from the seventies and eternal presidential candidate, the respected … [Read more...] about And there was peace in Portugal
Pound to euro hits 1.25 as Spain nationalises Bankia
Here is my latest update of the British pound to euro exchange rate, covering the 4th to 11th May 2012. This is intended as a brief guide to what’s affected the exchange rate this past week as well as what might happen next, to help you decide if now’s the best time for you to change currencies. Pound to euro: +1.609% weekly increase 1.2504 (1.2306 a week ago) +2.094 monthly increase 1.2505 (1.2129 a month ago) This week: 1. The pound hit its highest rate against the euro since 2008, as well as breaking the hugely symbolic 1.25 point, as Spain’s nationalisation of Bankia as well as electoral chaos in Greece pull the euro down. 2. The Bank of England didn’t announce a fourth … [Read more...] about Pound to euro hits 1.25 as Spain nationalises Bankia
Time for Spain’s ‘indignados’ to prove their relevance
As the 15-M movement, or indignados, prepare to commemorate their first anniversary, it says plenty about the state of Spain and its economy that much of the news coverage has focused on the possibility of clashes between demonstrators and police this weekend. With gatherings and marches scheduled across the country, from Saturday until the symbolic May 15 date itself, the scene is set for a huge turnout and another expression of anger and outrage at Spain’s political class and their handling of the economy. Many fear that this will spill over into violence, either on the part of the protesters, or the police. Violent confrontation was not something associated with los 15-M when they … [Read more...] about Time for Spain’s ‘indignados’ to prove their relevance
What will I be when I grow up…in Spain?
I left New Zealand just over a year ago. Probably permanently. And as I suspect is the case for many expats, moving overseas became an opportunity for personal reinvention. Flying out of Auckland, I wasn’t coming to Spain to reinvent myself. I was moving here with my Spanish wife, Yoly. But the temptation to start afresh is compelling. And moving so far from home is the ultimate chance to break with the past. So, two months after arriving in Madrid I became the new me. I gave up directing TV commercials, a job I didn’t enjoy in New Zealand or Spain, and I became a full-time writer. A bad cliché (and an even worse financial decision), I know. But within a few months of my rebirth, the … [Read more...] about What will I be when I grow up…in Spain?
La Liga: Real Madrid’s away form is the stuff of champions
The last couple of weeks in the Spanish liga may have lost much of their tension after Real Madrid’s victory at Barcelona all but sealed the title race, but the season’s closing stages are still providing plenty of drama. When Madrid finally did secure the league title on Wednesday, the way they did so was utterly fitting. A 3-0 win at Athletic Bilbao’s feared San Mamés reflected the side’s superb away form this season, which has seen them drop only seven points outside the Bernabéu. And of course, Cristiano Ronaldo was on the score sheet, heading in from a corner in the 50th minute after Gonzalo Higuaín and Mesut Özil each scored in the first 20 minutes. Ronaldo has been unstoppable … [Read more...] about La Liga: Real Madrid’s away form is the stuff of champions