Changes over one week: GBPEUR: 1.254 to 1.267 (+1.037%) - Highest point since October 23, 2008 USDEUR: 0.807 to 0.82 (+1.161) - Highest point since June 18, 2010 Oh, Spain! As you can see above, the euro sits at multi-year lows against both the pound and US dollar this week, giving you a good opportunity if you intend to emigrate to the continent, or snap up some Eurozone goods. Yet the reasons for the euro’s decline could be better. Spanish Prime Minister Mariano Rajoy has announced another €65 billion in spending cuts for the Iberian nation, already widely discredited as the best way to keep Spain in recession. (For instance, Jeremy Warner of telegraph.co.uk notes, “The … [Read more...] about Euro plunges as Spain cuts deeper
Archives for July 2012
Singing miners march on Madrid
ECB interest rate cut sends euro to 2012 low
Welcome to my weekly account of movement in the foreign exchange rates. So just one week has passed, and you might be forgiven for thinking that there was no EU summit at all last Friday. Because today, the yield on Spanish bonds again sits at 7.00%. The pound meanwhile (at 1.2560) is at its highest point against the euro since October 2008. Pessimistic business as usual for Europe then, when just seven days ago the outlook looked much rosier. So what’s happened? This week, the reversal in Europe’s fortunes can be attributed squarely to the European Central Bank. Speaking yesterday, its President Mario Draghi said things that not just implied the future impotence of the ECB to aid the … [Read more...] about ECB interest rate cut sends euro to 2012 low
Miró and co. still in demand despite the crisis
On the heels of a successful Art Basel show in Switzerland in June, Europe’s largest auction houses have started their own summer selling seasons with some strong results. One of the highlights of Sotheby’s Impressionist & Modern Art Sale in London on June 19, 2012, was a worldwide record set for Joan Miró’s Peinture (Étoile Bleue), c.1927. The painting sold for £23.5 million, well over pre-sale estimates of £15-20 million and three times its price when it last sold at auction in 2007. Other works by Miró that fared well at the auction included a later gouache, Tête, that sold for over £260,000, exceeding its estimates of £150-200,000. There were also a handful of Salvador Dalí and … [Read more...] about Miró and co. still in demand despite the crisis
New co-payment scheme for Spanish medical prescriptions
This is the information we are aware of at the time of writing. On July 1 a co-payment system for prescriptions in Spain was introduced. Everyone now has to make a contribution towards the cost of medical prescriptions in Spain according to their income. This new co-payment system is being implemented in two stages: Stage 1 From July 1 anyone given a prescription in Spain should notice that it will include the percentage of the cost of the medication that they have to pay. This percentage will be taken from information about your income obtained from the annual resident tax declaration (IRPF). Anyone with an income greater than €18,000 a year will have to pay half the cost of the … [Read more...] about New co-payment scheme for Spanish medical prescriptions
Profile: Spain’s gentlemanly football genius, Vicente del Bosque
Gentlemen are thin on the pitch in soccer today, but if anybody deserves the soubriquet of el caballero, it’s Vicente del Bosque, the coach of Spain’s national side. Going into the European Cup with a World Cup under his belt, and with Spain the favourites to win the tournament for the second consecutive time, Del Bosque, 61, displayed his typical understatement when describing his team’s chances, saying: “The important thing is not to lose a sense of modesty, that they continue being good guys and if they continue like that, everything can get better.” And better they got: progressing steadfastly through the tournament to trounce Italy 4-0 in the final on July 1 in Kiev. Del Bosque’s … [Read more...] about Profile: Spain’s gentlemanly football genius, Vicente del Bosque
Spain’s golden generation rewrites history
Spanish captain Iker Casillas was at it again on Sunday night. Though he has long been crowned San Iker by his club fans, he may just have performed the three miracles needed to obtain sainthood. The culmination of the three-week tournament played in Poland and Ukraine ended with the goalkeeper lifting the Henri Delaunay trophy for the second time. In between European championships, La Roja were also crowned world champions in South Africa 2010. In the final, Spain gave a commanding performance in a 4-0 rout of Italy, a side they had failed to beat over 90 minutes for 98 years. Their route to the final began against the very same team, and the Azzurri were the only side to have scored … [Read more...] about Spain’s golden generation rewrites history