With the Spanish government accepting an EU bailout offer of up to €100 billion to recapitalize its ailing banking system, images of the country’s major financial institutions have been flashed repeatedly across global news reports. Perhaps the most displayed image has been that of the headquarters of Realia and troubled bank Bankia: a pair of towers that lean dramatically over the Paseo de la Castellana, a major Madrid thoroughfare. The Puerta de Europa towers were designed by the American firm of Johnson/Burgee Architects. Philip Johnson (1906-2005) had been an early proponent of the International Style, introducing Americans to European architects such as Mies van der Rohe and Le … [Read more...] about A turbulent history of Madrid’s towers of crisis
Archives for June 2012
“Our forgotten Spanish reality…”
It’s not often that I’d applaud the broad array of opinions published in El Mundo newspaper. During the government of José Luis Rodríguez Zapatero, its op-eds ranged, utterly predictably, from anti-Zapatero to rabidly anti-Zapatero. But with a Partido Popular government, things seem to be getting more interesting, especially given that while El Mundo has supported the cause of Spain’s conservatives, it has not been a consistent cheerleader for Mariano Rajoy himself. So it was fascinating to see just a couple of the opinions published by the paper in the wake of the announcement of Spain’s financial bailout. The general consensus in Spain is that Rajoy committed a major error by not … [Read more...] about “Our forgotten Spanish reality…”
Bailout? What bailout?
“It’s not a bailout…it’s a credit line with very favourable conditions.” (Luis de Guindos.) “It’s a victory for the euro…If we hadn’t done what we have done in the past five months, the result would have been a bailout of the kingdom of Spain.” (Mariano Rajoy.) You’d hardly imagine, from listening to Spain’s prime minister and his economy minister, that the country has joined the list of nations that are receiving rescue packages from the European Union. Offering up to €100 billion for a banking sector crippled by toxic assets is clearly a major step for the EU, although whether it’s the “victory” Mariano Rajoy talks about is still uncertain. One thing the EU’s fourth bailout has … [Read more...] about Bailout? What bailout?
Profile: Luis de Guindos, the man behind Spain’s bank bailout
The story goes that right up to the day Prime Minister Mariano Rajoy appointed him economy minister, Luis de Guindos was unaware that he was to be landed with the job of repeating for six months that Spain didn’t need a bailout before eventually taking part in the “victory”— as described by Prime Minister Mariano Rajoy — of accepting the European Union’s offer of up to €100 billion to keep Spain’s banks afloat for a little longer. Until last December, the 52-year-old De Guindos led a quiet life, mainly employed as the director of the PwC Centre for Finance at Madrid’s IE Business School, while enjoying the benefits of sitting on the boards of several companies, among them Endesa … [Read more...] about Profile: Luis de Guindos, the man behind Spain’s bank bailout
Rosales paints a masterpiece of family grief
Fresh from its premier in the Directors’ Fortnight sidebar at this year’s rain-soaked Cannes, Sueño y silencio was originally going to be a very different film. Or rather, a very traditional one. Catalan filmmaker Jaime Rosales planned to shoot in colour, with professional actors and a conventional script. But as he prepared the film, all that fell away, leaving us with grungy, grainy black and white, non-actors, no script and a series of fragmentary scenes that sketch out, with aching and rare authenticity, a family in terrible crisis. Oriol, an architect, and his wife Yolanda, a Spanish teacher, live in Paris with their two daughters. Their lives are comfortable and unremarkable. In … [Read more...] about Rosales paints a masterpiece of family grief
Despite slump, Scandinavians still show interest in Spanish real estate
Sweden is one country where people still seem to be buying property in Spain, primarily as holiday homes. After all, with continuous darkness in some parts of Sweden during the winter months you can understand why buying a €60,000 to €120,000 house in the sun is such a desirable prospect. "The Swedish and Norwegians are definitely buying," says Oscar, a Swedish conveyancing expert at Ábaco. So for those interested in selling a property, what are they looking for? "They usually want somewhere that’s not too isolated and a property that is in good order. They like things to be tidy and to work. They are quite particular about what they’re buying and you can expect some searching … [Read more...] about Despite slump, Scandinavians still show interest in Spanish real estate
Poland & Ukraine 2012 will advance the cause of extremism in Europe
The recently aired BBC documentary, ‘Euro 2012: Stadiums of Hate’ has sparked debate in Britain and elsewhere around the world regarding the safety of fans and players at the upcoming European Championships as well as the broader issue of whether Poland, and particularly Ukraine, should even be hosting Europe’s biggest sporting event at all. The documentary, part of the BBC’s Panorama series, captured chilling scenes of violence, anti-Semitism and racism at football stadiums in the host nations and served to highlight this distinctly seamy aspect of football culture in Eastern Europe. A criticism that has been made of the documentary in certain quarters is that it presents an excessively … [Read more...] about Poland & Ukraine 2012 will advance the cause of extremism in Europe
Portugal’s spy who came in from the cold
Jorge Silva Carvalho is a Portuguese former spy who was in charge of the country’s external intelligence services from 2008 until 2011. Well-connected and ambitious, Carvalho had dreamed of one day being appointed interior minister. But instead he was seduced, in 2011, by a better job: internal “agent” at a private company, Ongoing, a media outlet run by Nuno Vasconcelos with Angolan capital. But the former spy is now in the eye of the hurricane, after public prosecutors charged him with abusing his position, corruption and violating state secrets. According to those charges, Carvalho, after signing a lucrative contract with Ongoing, used his connections within the Portuguese secret … [Read more...] about Portugal’s spy who came in from the cold
Bankia and the blame game
The news that former Prime Minister José Luis Rodríguez Zapatero is writing a book about his two terms in office in which he will be “critical of himself, but not others,” according to people close to him, stuck out like a sore thumb given that in Spanish politics, apportioning blame currently seems to be as much a priority as finding solutions to the crisis. Whether Zapatero does manage to criticise only himself in his book is another matter, but if not, plenty of others are quite happy to point the finger at him. Last week, Economy Minister Luis de Guindos echoed the Partido Popular-led government’s regular complaint that it inherited an economy in tatters from the Socialists, this … [Read more...] about Bankia and the blame game
Spain wary of over-familiarity in Euro 2012 campaign
On a balmy night in summer 2008, ‘San Iker’ Casillas ascended new heights of sainthood when he stopped two penalties against Italy in the European Championships. It was to prove a significant turning point for the Spanish national soccer side, which had previously gone out of three major tournaments in the quarter-finals on penalties – the World Cups of 1986 and 2002 and Euro '96 – curiously on the very same date, June 22. They of course went on to win the competition and two years later lift the World Cup in South Africa. The game and the tournament also signalled a more complete change of fortunes for La Roja, the national side that had always had an embarrassment of riches when it … [Read more...] about Spain wary of over-familiarity in Euro 2012 campaign