People have been leaving Spain – the prime minister to attend the European Summit, large numbers of Spanish and foreign citizens to seek their fortunes elsewhere, and at least one police patrol-boat (reportedly) to explore the waters off Gibraltar. Prime Minister Mariano Rajoy set off for this week’s European Council meeting in Brussels with an unusually strong mandate to “fight for Spain” (the striking expression sprinkled liberally into media statements by government spokespeople) having secured cross-party support for a ten-point negotiating platform. The platform is not substantially different from what Madrid and other capitals on the EU’s troubled periphery have been demanding … [Read more...] about Tales for Tapas: Leaving Spain
About Anna Maria O'Donovan
Tales for Tapas: The right lines
Perhaps the most notable aspect of Monday’s opening of the high-speed train link between Madrid and Valencia was not the protest against Prince Felipe (reflecting the ebbing popularity of the Royal Family) or against Alicante Mayor Sonia Castedo (currently experiencing corruption-related issues) or against Prime Minister Mariano Rajoy (for whom no new reason is apparently needed in order to prompt a demonstration). The notable thing was that the protests – and, coincidentally, the celebrations – were so modest. Prince Felipe pointed out that Spain’s high-speed rail network (which every report on the event conscientiously pointed out is the world’s second largest after China’s) is “an … [Read more...] about Tales for Tapas: The right lines
Tales for Tapas: Japanese lessons
Good news from Tokyo this week, where French President François Hollande used the occasion of a state visit to Japan to announce that the Eurozone crisis is over. So, that’s alright then. Mr Hollande developed his up-beat thesis by asserting that the recent unpleasantness will result in long-term benefits, as it has led to banking union, as well as better economic governance and better intra-government coordination. At which point less ebullient observers might be forgiven for sounding a cautionary note – that it may lead to these desirable things but hasn’t conclusively done so, at least not yet. The worst (if you take a very optimistic view) could be over, but basic disagreements … [Read more...] about Tales for Tapas: Japanese lessons
Tales for Tapas: Because we can
It must be nice to have sold a hundred million records. It no doubt puts a spring in the step and adds zest to the bank account. In the case of one popular American rock group, it makes it possible to throw commerce to the winds and perform for free. Ticket prices for Bon Jovi’s Madrid concert at the end of June were reduced by more than half when band members waived their own fee out of solidarity with Spanish fans enduring the rigours of austerity. (Among other things, this enables those with a curious cast of mind to calculate through rudimentary arithmetic the hourly rate that middle-aged rock stars customarily command for getting stadiums full of people to sing along rapturously to a … [Read more...] about Tales for Tapas: Because we can
Tales for Tapas: Profitability and protection
Elvira Rodriguez, president of Spain’s Securities Commission, noted in a speech to company directors in Madrid on Tuesday that the economic crisis “has revealed weaknesses in the system of corporate governance.” Possibly a candidate for understatement of the year. Ms Rodriguez commented, among other things, on the lack of transparency which preceded the difficulties at Bankia and at Pescanova, the fishing conglomerate. She said that Pescanova was a company that had enjoyed a positive reputation and whose management were known for their wholehearted commitment, which bamboozled the supervisory authorities. These sterling qualities also offered a somewhat distorted impression to … [Read more...] about Tales for Tapas: Profitability and protection
Tales for Tapas: On the move
Germany’s employment minister, Ursula von der Leyen, was in Madrid this week to meet her Spanish counterpart, Fatima Báñez. The two ministers unveiled a scheme that could see as many as 5,000 young Spanish workers annually filling apprenticeships in Germany. Not a magic bullet for the problem of mass unemployment, but a positive gesture no doubt from Europe’s prosperous north. Meanwhile, Public Works Minister Ana Pastor was in Brazil, where she suggested the Brazilian economy might benefit from the expertise of Spanish engineers unable to find work at home. Spain is Brazil’s largest investor after the US, and Spanish exports to the country were worth €2.82 billion in 2012, a figure … [Read more...] about Tales for Tapas: On the move
Tales for Tapas: Irrational exuberance
Spanish government borrowing costs continued to moderate this week, the latest consumer price index figures showed a downward trend without being full-on deflationary, and the country posted a trade surplus of around €600 million, prompting a practically giddy reaction from Economy Minister Luis de Guindos. Mr De Guindos cited the trade figures as evidence of “the economy’s transformation”. There are three ways to look at this. The first is that the economy minister is a sentimental sort of fellow whose exuberance errs a tad on the side of irrationality. The second is that there has been a transformation but – ask any of the six million unemployed – not a positive one. And the … [Read more...] about Tales for Tapas: Irrational exuberance
Tales for Tapas: Compelling drama
Apart from that Sinatra-esque farewell announcement in 2001, Sir Alex Ferguson’s just-confirmed departure from Manchester United has been a model of timeliness accompanied by a minimum of fuss – in rather stark contrast to the goings-on at Real Madrid, where the José Mourinho soap opera, now ostensibly focused on the benching of the goalkeeper and captain, in reality hinges on the fine print of the manager’s employment contract. Despite his age (quite advanced in football years) Iker Casillas remains at the peak of his prodigious powers. His dissatisfaction about being dropped from the first team, the coach suggested this week, is fuelled by the covert desire for a more “manageable” … [Read more...] about Tales for Tapas: Compelling drama
Tales for Tapas: Food for thought
It’s a tonic not just for the hospitality sector but for the country as a whole that El Celler de Can Roca in Girona has been named the world’s best restaurant. Nice too that Can Roca, which specialises in culinary experimentation (desserts that smell of recognisable perfumes, for example) is run by three brothers. When Joan Roca, head chef and oldest of the three, was asked at the award ceremony in London on Monday to identify the restaurant’s winning ingredients he cited hard work and the help of two extraordinary siblings. The latest generation in a family of restaurateurs, the Roca brothers inherited skills and enthusiasm rather than boundless start-up capital from their parents … [Read more...] about Tales for Tapas: Food for thought
Tales for Tapas: Reform and recovery
IMF Managing Director Christine Lagarde warned last week that Spain shouldn’t pour its energies exclusively into cutting expenditure but should also focus on economic restructuring. This must have been galling for Prime Minister Mariano Rajoy, who has, even his harshest critics would grudgingly acknowledge, maintained a commitment not only to reducing the deficit but to introducing accompanying reforms designed to generate growth and boost employment. The figures show that the deficit isn’t going down and employment isn’t going up, so while Mr Rajoy’s commitment may not be in question, his delivery certainly is. He, of course, argues that these things take time – something with … [Read more...] about Tales for Tapas: Reform and recovery