Dawn

Dawn

Wednesday, July 11, 2007

This week El Mundo boasted it had overtaken El Pais as the favoured reading of Spain’s company directors. This prompts the question – In how many other countries could a left-of-centre paper [El Pais] ever achieve this status in the business community?

Talking of the economy, are these the first signs of panic? Or just evidence of my wishful thinking in the face of having to pay for the Cava in 18 months’ time? The ex head of the Taxation ministry has said we shouldn’t criminalise the construction industry since it functions as – in that hackneyed phrase - the engine of the economy. And the Bank of Spain has advised the country’s banks to fortify themselves against the possibility of debt default among construction companies, if the post-boom landing is not as gentle as predicted. On this, some have said all depends on whether the property market surplus is exacerbated by new building starts this year. But, as it takes at least 2 years to build anything here, what surely matters is the starts in 2005 and 2006, when confidence was still sky high. To me, it seems inevitable the supply-demand mismatch will grow and prices will soften or even fall, leading to a crisis of confidence among builders, a finance squeeze and then the defaults which the BoE is so concerned about. But, as I say, I’m a tad biased. Vamos a ver.

Last week, Fernando Alonso was moaning it was hard to compete against a clone. This week, he’s crowing that his victory over Hamilton was all the sweeter for being achieved on his home turf in front of his fellow Brits. I guess it plays well here. Meanwhile, Spain’s numerous conspiracy thinkers have arrived at the conclusion McLaren only took on Alonso so that their protégé Hamilton could replicate his genius for race tactics. Which I suppose has the advantage of plausibility. Though not much.

At a less ethereal level, Galicia is reported to be short of 3,000 waiters/waitresses for this summer. I know this work is tough here and not well paid but, when unemployment is high, what on earth does this tell us? That unemployment benefit is too easy to get? Or perhaps that life at home as a more-or-less perpetual student is just too attractive?

At an even more mundane level – Sitting on my terrace last evening, I watched slack-jawed as a local gypsy drove his van on to the building site opposite my house and filled it with everything he could lay his hands on. His lack of concern at my presence only 30 metres away was almost tangible. So, shall I acquaint the police with the number of his van? Or shall I just take the local view that, when it comes to knowing where each other lives, he has the edge over me? Hmm. A tough call.

Finally, I leave you with this definition of YouTube I read this morning - A worldwide moron multiplex.

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