With the “Mercedes” treasure safe in Spain, the five-year legal battle over an estimated 594,000 silver and gold coins recovered from a 19th-century shipwreck finally came to a close earlier this month. Not only was it a costly public dispute for all parties engaged, but it involved a canny behind-the-scenes ruse blending greed, deceit, political intrigue and even mutiny within Odyssey Marine Exploration, which eventually saw all the half-million historic minted pieces plucked from its hands after losing one court battle after another. The Tampa-based underwater salvager fought hard to keep the trove, but to no avail. On May 14, the US Supreme Court rejected Odyssey’s final appeal in the … [Read more...] about How an historic sea booty slipped through Odyssey’s fingers
Spain News
Rajoy’s labyrinth
When looking back on the first five months of Spanish Prime Minister Mariano Rajoy’s government, it’s hard to recall many striking images of the man. That’s probably because he is so studiously media-shy, giving as few press conferences as he possibly can, and leaving most major policy announcements to his number two, Soraya Sáenz de Santamaría. But while Rajoy has been typically low-key during his opening spell in office, events have not and a couple of moments from those rollercoaster first months do stick in the mind, telling us apparently contradictory things about the man. One is his comment to his Finnish counterpart, Jyrki Katainen, back in January, that the labour reform he was … [Read more...] about Rajoy’s labyrinth
Throwing a light on Western Sahara’s tragedy
There is a moment in Alonso Longoria's Los hijos de las nubes (or Sons of the Clouds) that sums up the situation of Western Sahara in all its tragedy and absurdity. It is when, after a five-hour wait, first-time director Longoria and his collaborators (that include Oscar-winning actor Javier Bardem) finally get an audience with a representative of the Algerian government. Once the man is informed that the interview concerns his country's role in the conflict over Western Sahara, his evasiveness is almost comical: “How long will this take? No, no... sorry,” he says, “I've got a meeting on the other side of town and there's a lot of traffic.” Cut to a later shot of Bardem who simply … [Read more...] about Throwing a light on Western Sahara’s tragedy
Euro declines on Spanish bank run rumours
Here is my latest update on the euro exchange rate, covering the 18th to 25th 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. This past week: 1. The euro fell to 1.27 against the US dollar, its lowest point since July 2010. This is as markets (over?) reacted to speculation Greece will exit the euro inside weeks. In addition, the suspension of Bankia shares, as the troubled Spanish bank announces it needs €12bn more in aid, contributed to concerns about a bank run in Spain. How might this affect you? Obviously, if you reside in … [Read more...] about Euro declines on Spanish bank run rumours
Copa del Rey final promises epic end to Spanish football season
Those of a poetic persuasion will find much to please them in the backstory to this year’s Copa del Rey final. Pep Guardiola’s visit to Marcelo Bielsa’s home in Argentina in 2006 and the ensuing 11-hour conversation prior to the former becoming a coach is now the stuff of legend. That Guardiola should end his glittering reign with a cup final against his mentor is most fitting. And though much of the focus prior to the game will be on the coaches, the monsters of their creation promise a truly outstanding spectacle at the Vicente Calderón on Friday. Barcelona and Athletic Bilbao played each other in the same fixture three years ago, a game Barça won fairly comfortably 4-1 against the team … [Read more...] about Copa del Rey final promises epic end to Spanish football season
Bankia: A tale of confusion, conflict and unnecessary haggling
Measured from the close of May 7 - the day Bankia’s president Rodrigo Rato announced his resignation - through noon of Thursday the 18, when its shares hit a low of €1.17, Bankia shed no less than 48 percent of its value. Adding to this the 40 percent lost since the July 2011 initial public offering through early May (this perfectly in line with the average euro zone bank over the period, by the way) and the hoards of retail depositors cajoled into parting with their savings in order to subscribe to the IPO by their local bank managers, we’re looking at just shy of a 70-point loss in a bit over eight months. It wasn’t intended to turn out that way. When Banco Financiero y de Ahorros (BFA) … [Read more...] about Bankia: A tale of confusion, conflict and unnecessary haggling
Embassies and consulates in Spain
Here we take a look at the differences between embassies and consulates and their functions. What does an embassy do? The function of the embassy is to protect the interests of a country in the country the embassy is located. Its activities might include: • Negotiating with the host country’s government • Promoting a good relationship between the two countries • Formulating methods of encouraging economic, cultural and scientific growth • Preparing treaties (commercial and political) • Organising state visits There is only one embassy of a particular country to be found in a host country and it is usually located in the capital city. Spanish and foreign consulates There can be … [Read more...] about Embassies and consulates in Spain
Education strike highlights Spain’s teaching problem
Tuesday’s nationwide education strike included representatives from all levels of the sector, marking the first time such an action had been staged in Spain. The strike was propelled by the austerity measures affecting the sector. These include up to €3 billion cuts in spending, the addition of two hours to teachers' weekly classroom timetable and an increase in the pupil-classroom maximum ratio, currently at 25 in primary level and 30 in secondary. Early reports suggested a good level of support among teaching staff. However, while unions claimed an 80-percent turnout, as expected, government figures were decidedly lower. A more pressing question to ask about Tuesday's action, … [Read more...] about Education strike highlights Spain’s teaching problem
La Liga: Real Madrid and Barça ponder life without Guardiola
Another La Liga season has ended, but you can be sure that many of this season’s themes will carry on into the next. It was a truly exceptional year for Spanish football and in much the same way that the top two have been pushing each other to new heights in the last few years, the Real Madrid and Barcelona rivalry will ensure more records are broken in the coming season. It is a fact that Cristiano Ronaldo was quick to admit in a recent interview with CNN: "I think we push each other sometimes in the competition, this is why the competition is so high. This is why Madrid and Barcelona are the best teams in the world because everyone pushes each other, not just me and Messi, but other … [Read more...] about La Liga: Real Madrid and Barça ponder life without Guardiola
Spain’s “technically impossible” euro exit
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