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
Europe
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
Getting to the bottom of Spain’s daunting unemployment rate
Of the many bits of bad economic news Spain has received this past year, including finding deficits were higher than expected and growth rates much lower, perhaps no other figure has proven as weighty and daunting as the country’s unemployment rate. Reports released at the end of January saw that number rise to 22.9 percent, adding another dismal headline to the Rajoy government’s first full month in office: nearly 5.3 million people out of work with declines in available positions across the board, from services to the country’s still collapsing construction sector. Capturing the dour outlook of the country’s current situation, The Atlantic’s Derek Thompson summarized the statistics … [Read more...] about Getting to the bottom of Spain’s daunting unemployment rate
Morocco sets path for reform but questions of impact linger
Echoing the actions of governments across the region, Morocco’s King Mohammed VI responded to a growing wave of public protests in Tunisia, Egypt and Libya earlier this year with a two-tiered pledge of political reform and increased financial aid to the local population. Although the country had largely escaped the kind of large-scale demonstrations that filled city centres in Cairo and Tunis, Morocco’s February 20 movement of reform-minded groups and members of the Justice and Development Party (PJD) garnered support as the country’s version of the Arab Spring. After nearly tripling food and fuel subsidies and increasing government worker salaries, the king introduced a new constitution … [Read more...] about Morocco sets path for reform but questions of impact linger
Villarreal’s wayward submarine seeks to get back on course
“It looked like Bayern won with something to spare” Juan Carlos Garrido admitted at the end of Villarreal’s 2-0 defeat at home to Bayern Munich a few weeks ago, adding: “but that’s not quite how it was, even so, they are a great team”, almost as a confused afterthought. Bayern’s players seemed surprised, even underwhelmed by the childish ease with which they dispatched a team that has become known around Europe over the last few years for their adventurous, skilful play. Any artistry that Garrido’s Villarreal may have been capable of certainly was not on display in the defensive styling of their football on the night. Set up with three largely static defensive midfielders, they were never … [Read more...] about Villarreal’s wayward submarine seeks to get back on course
The sun still shines in Europe’s money-laundering hub
Among the flaws the US State Department finds is that Spanish lawmakers have taken their time to incorporate new provisions in an anti-money laundering law that went into effect last year. Washington suggests that the government should focus more on confiscating properties and assets in criminal cases through civil forfeitures after defendants are convicted, and maintain and disseminate statistics on the number of drug and money laundering prosecutions. Despite the downturn in real estate, drug proceeds are still being used to purchase properties across the country. US authorities say that many air passengers smuggle bulks of cash to Latin America and, with the money they make in Spain … [Read more...] about The sun still shines in Europe’s money-laundering hub
Spain, Europe and the world: Zapatero’s moment
The six-month rotating presidency of the European Union passed on 1 January 2010 from Sweden to Spain. At the formal ceremony of transition in Madrid on 8 January, the Spanish prime minister José Luis Rodríguez Zapatero outlined a bold agenda: he reaffirmed that his country’s tenure would be one of action and initiative in which financial recovery and the boosting of the EU’s place in the world would be his foremost priorities. It sounds like the expression of confident leadership that a Europe buffeted by the economic crisis, the failure of the Copenhagen summit and its shrinking global role badly needs. But what are the prospects of Zapatero fulfilling his lofty aims? The centre-left … [Read more...] about Spain, Europe and the world: Zapatero’s moment