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
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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
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
Profile: Esperanza Aguirre, Spain’s very own iron lady
Never one to miss the chance of a headline, last week Esperanza Aguirre, the Popular Party’s head of the regional government of Madrid, aroused the ire of Catalans and Basques when she called for the Copa del Rey soccer final to be played behind closed doors, “somewhere else”, rather than in the Spanish capital. Why? The likelihood of whistling and booing by fans of the two sides, Barcelona and Athletic Bilbao, during the playing of the Spanish national anthem, as happened when the two sides faced each other three years ago in the final, in Valencia. In the event, Aguirre took a rain check on the match, leaving Prince Felipe to stand stoically through the national anthem amid the catcalls … [Read more...] about Profile: Esperanza Aguirre, Spain’s very own iron lady
How an historic sea booty slipped through Odyssey’s fingers
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
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