Following on from my comments on the importance of being regarded as a ‘friend’ in Spain, there’s been a little bit of (public and private) dialogue on the essential superficiality of some of these relationships. Indeed, someone has rightly pointed out that stranger-ship much also be superficial, if it can be converted into friendship by the exchange of just a few words. Or even by the bumping of shoulders. But, yes, it’s true – many Spanish relationships are very superficial. More like acquaintanceships, really. Some of us have no problem with this but others find they need the sort of deep relationships they’re used to in other cultures. Where living away from your family – or having piss-poor relatives – means you have to have good friends as a safety net and a support mechanism.
Anyway, the estimable Ben Curtis – of Notes from Spain and lots else – has learned the hard way to eschew the sort of critical comment I am wont to make and has taken things to the other end of the spectrum this week. He’s started a series on what makes the Spanish the great people they are. His first blog was on the impressive honour system which rules in bars here and his second offering in on how meals are shared here and how the bills are divvied up at the end of them. Click here for this one and scroll down for the first one.
It will, I’m sure, surprise no one that El Tráfico has announced they’ll be ramping up the number of random breathalyser tests this summer. But who can object to this, so long as it involves none of the chicanery that takes place around speed traps?
News about Spanish banks continues to confuse me. Santander and BBVA still rank among the world’s most profitable banks but the industry as a whole (“The most robust in the world” – Pres. Zapatero) is reported to be about to close 10,000 branches and shed 35,000 employees. Of course, most of these could be in the troubled savings bank sector, about which Charles Butler comments here. One of the interesting aspects of these (less than transparent) banks is that the regional governments have a veto over any of ‘theirs’ being taken over by one from another region. And it seems that the central government – which needs all the friends it can get – is going to chicken out of removing this political barrier to commercial progress.
As of 1 July, we’re supposed to be free to change our electricity supplier. As we have only a limited time to exercise our choice, it would have been nice to know what the competitive prices are. But this has proved beyond the capacity of the government and the industry and I forecast that 1. there will be little other than inertia, and 2. prices will rise. Beyond the 2% announced yesterday, I mean.
Finally . . . For those who don’t know, BBC3 is their TV channel aimed at the ‘young’ audience. But I suspect the channel is secretly premised on a maximum IQ of 90. Sky News, on the other hand, now seems to be aimed at viewers who would find BBC3 too taxing. Which is why I’m very glad I can also get news-for-adults from France 24, Al Jazeerah and even, at times, the EU’s EuroNews. And I never thought I’d ever say that.
Dawn
Showing posts with label Banks. Show all posts
Showing posts with label Banks. Show all posts
Tuesday, June 30, 2009
Sunday, June 21, 2009
For those with an interest in what’s happening with the Spanish banks, here’s an expert view. Well, expert compared with mine, anyway. The writer cites the opinion of a Spanish banking analyst that "We're going to see a complete change in the banking landscape in Spain." Presumably this means more than them going into and out of the estate agency/realtor business.
Over in the UK, there seems to be a wilful determination to ignore the truth underlying the scandal of the extraordinary expense claims of British MPs. Which is that, not wanting to raise their very visible salaries, they years ago introduced a system under which they could claim almost anything as a tax-free expense, up to an annual maximum. And most of them did. Displaying impressive creativity as they, or their partners, scrambled around for things to spend on. As one commentator puts it today – “Since the 1970s, governments have conspired with backbenchers to use the additional costs allowance as a means of boosting parliamentary emoluments but without incurring the public anger that they feared would follow an inflation-busting increase in their official pay.” But I’ve yet to hear any MP admit to this. They all seem to prefer to looking petty, venal, stupid, hypocritical and crooked. But least some of them are resigning. I guess both the government and the opposition prefer the public thinks merely individual MPs have taken them for a ride over the last 5 years, rather than the entire Labour and Conservative administrations of the last 3 decades. Or Parliament conspiring against the people.
Which reminds me . . . Exactly the same thing goes on in Brussels, of course. But with even less transparency. However, resignations are very unlikely there as it’s now a criminal offence to publish details of MEP expense claims. Not that anyone cares.
Here in Pontevedra the start of summer has brought the appearance of a new category in our ever-widening panoply of beggars – a Rumanian dwarf. At least, I think the lady was Rumanian, as she was using the standard phrases and wearing the standard clothes. Does anyone know the Rumanian for “Are you Rumanian?”. Which would, of course, be quite useless if she isn’t.
The writer of this article displays near term pessimism but longer term optimism for Iran, a viewpoint I share. As he says, “The coming crackdown will be bitter, not just because of the challenge in the streets, but also because the elite are at odds with each other over it, as well as over who should run the system and how. It is a crisis of legitimacy as well as of authority.” Elsewhere, another commentator has this to say about the country’s dichotomy:- “Today there are two Irans. One is prepared to support the Supreme Leader’s bid to transform the republic into an emirate in the service of the Islamic cause. Then there is a second Iran – one that wishes to cease to be a cause and yearns to be an ordinary nation. This Iran has not yet found its ultimate leaders. For now, it is prepared to bet on Mousavi. The fight over Iran’s future is only beginning.” Personally, I’m convinced the Iranian people will see off the autocratic Mullahs in the same way they saw off the despotic Shah. But much blood will be spilled along the way. A proud but sad country. And deserving of more understanding from the West.
Over in the UK, there seems to be a wilful determination to ignore the truth underlying the scandal of the extraordinary expense claims of British MPs. Which is that, not wanting to raise their very visible salaries, they years ago introduced a system under which they could claim almost anything as a tax-free expense, up to an annual maximum. And most of them did. Displaying impressive creativity as they, or their partners, scrambled around for things to spend on. As one commentator puts it today – “Since the 1970s, governments have conspired with backbenchers to use the additional costs allowance as a means of boosting parliamentary emoluments but without incurring the public anger that they feared would follow an inflation-busting increase in their official pay.” But I’ve yet to hear any MP admit to this. They all seem to prefer to looking petty, venal, stupid, hypocritical and crooked. But least some of them are resigning. I guess both the government and the opposition prefer the public thinks merely individual MPs have taken them for a ride over the last 5 years, rather than the entire Labour and Conservative administrations of the last 3 decades. Or Parliament conspiring against the people.
Which reminds me . . . Exactly the same thing goes on in Brussels, of course. But with even less transparency. However, resignations are very unlikely there as it’s now a criminal offence to publish details of MEP expense claims. Not that anyone cares.
Here in Pontevedra the start of summer has brought the appearance of a new category in our ever-widening panoply of beggars – a Rumanian dwarf. At least, I think the lady was Rumanian, as she was using the standard phrases and wearing the standard clothes. Does anyone know the Rumanian for “Are you Rumanian?”. Which would, of course, be quite useless if she isn’t.
The writer of this article displays near term pessimism but longer term optimism for Iran, a viewpoint I share. As he says, “The coming crackdown will be bitter, not just because of the challenge in the streets, but also because the elite are at odds with each other over it, as well as over who should run the system and how. It is a crisis of legitimacy as well as of authority.” Elsewhere, another commentator has this to say about the country’s dichotomy:- “Today there are two Irans. One is prepared to support the Supreme Leader’s bid to transform the republic into an emirate in the service of the Islamic cause. Then there is a second Iran – one that wishes to cease to be a cause and yearns to be an ordinary nation. This Iran has not yet found its ultimate leaders. For now, it is prepared to bet on Mousavi. The fight over Iran’s future is only beginning.” Personally, I’m convinced the Iranian people will see off the autocratic Mullahs in the same way they saw off the despotic Shah. But much blood will be spilled along the way. A proud but sad country. And deserving of more understanding from the West.
Wednesday, April 01, 2009
There’s bad and good news on the British economy, it seems. The OECD now says the reduction this year, at 3.7%, will be greater than previously forecast. On the other hand, the USA (4%), Italy (4.3%), Germany (5.3%) and Japan (6.6%) will fare even worse. One wonders what all this will mean for the pound. Meanwhile, click here for informed commentary.
The Spanish papers were full yesterday of details of the shenanigans at the savings bank (caja) which the Bank of Spain has taken control of. Withdrawals of 18m euros a day in March; a Chairman who hid developments from his Board; Bad debts doubling from 5 to 10% in a couple of months; Declarations of profits despite huge losses; Technical insolvency; Investments in a local airport which will never see the light of day . . . You name it. I guess it’s this sort of news which makes some of us wonder just how stable Spanish financial institutions really are. Especially those controlled by regional politicians - a group of folk not generally known for their probity. As of this week, the bank’s management has been sacked but I doubt there’ll be any prosecutions for, say, the criminal offence of trading while insolvent. Not to mention false accounting, etc., etc.
Meanwhile, the Finance Minister has warned us to expect more BoE ‘interventions’, which isn’t a huge surprise, of course. Is it a sign of desperation on the part of one of them that I today received a text message offering me additional benefits on an account I don’t even hold with them?
Someone has issued a list of the hundred ‘most attractive’ companies in Spain. This is headed by Inditex (Zara, etc.), followed by Telefónica, El Corte Inglés and Banco Santander. One wonders who is doing the assessing. Presumably investors rather than customers. Though it’s quite possible Inditex has the unique distinction of pulling off the difficult trick of pleasing both constituencies simultaneously. Quite an accolade in Spain.
The Spanish papers were full yesterday of details of the shenanigans at the savings bank (caja) which the Bank of Spain has taken control of. Withdrawals of 18m euros a day in March; a Chairman who hid developments from his Board; Bad debts doubling from 5 to 10% in a couple of months; Declarations of profits despite huge losses; Technical insolvency; Investments in a local airport which will never see the light of day . . . You name it. I guess it’s this sort of news which makes some of us wonder just how stable Spanish financial institutions really are. Especially those controlled by regional politicians - a group of folk not generally known for their probity. As of this week, the bank’s management has been sacked but I doubt there’ll be any prosecutions for, say, the criminal offence of trading while insolvent. Not to mention false accounting, etc., etc.
Meanwhile, the Finance Minister has warned us to expect more BoE ‘interventions’, which isn’t a huge surprise, of course. Is it a sign of desperation on the part of one of them that I today received a text message offering me additional benefits on an account I don’t even hold with them?
Someone has issued a list of the hundred ‘most attractive’ companies in Spain. This is headed by Inditex (Zara, etc.), followed by Telefónica, El Corte Inglés and Banco Santander. One wonders who is doing the assessing. Presumably investors rather than customers. Though it’s quite possible Inditex has the unique distinction of pulling off the difficult trick of pleasing both constituencies simultaneously. Quite an accolade in Spain.
Monday, March 30, 2009
As I’ve reported a few times, there’s a widespread view here that, generally speaking, the Spanish banks are sounder than any others And that, specifically, Banco Santander is as good a bank as you could get. All this strength and stability, it's said, stems from the learning of lessons in the last banking crisis of the early 90s. Nonetheless, there are one or two sceptics/skeptics around and it’s now fair to ask whether we’re seeing the first brown shoots of winter in the Spanish banking industry. For today saw the first banking rescue here, with one of the regional savings banks - or cajas - being taken over by the Bank of Spain, after a ‘fusion’ with another caja aborted. Personally, I suspect it’s true the Spanish banks avoided some of the sins of their international brethren but, at the same time, there probably was room for error and misplaced creativity during the carpetbagger years of the phoney domestic property boom. And so there may well be more chickens out there yet to come home to roost.
On a wider front - Here’s one view of the measures being taken by international governments to keep the world from imploding. It’s generally positive but a negative note is struck by the author on the subject of troubled EU members . . .“The summit's main response to the challenge of government insolvencies will be to boost the resources of the IMF by $250 billion. But it is far from clear whether this will be sufficient to bail out the many vulnerable countries on the periphery of Europe. It is even more doubtful that the IMF will turn out to be the right institution for resolving financial imbalances and political tensions within the eurozone and the EU.” Which will be rather worrying for those commentators who feel that the EU really must get its act together soon to stop the eurozone breaking up. Or perhaps not, if the non-availability of the IMF as the 7th cavalry forces the creation of a debt union and/or the initiation of quantitative easing by the ECB. If this last sentence gives you the impression I have a reasonable handle on things, I should admit that I’m really just winging it. As some of you may have long appreciated.
But ignorance is no bar to bullshit. So on we go . . . The EU has announced changes in national accounting rules to be introduced in 2011 or 2012. Under these, a country’s GDP will include activities such as prostitution, contraband and drug trafficking. This will be fascinating to watch as any one of these could conceivably take Spain zooming past Italy, France and the pound-stricken UK. All of them surely will. So perhaps President Zapatero knew what he was talking about when he forecast two years ago that Spain’s GDP would be higher than Germany’s by 2012. Not as daft as he often looks and sounds.
Finally - Another random aspect of life in the UK that appeals to me:-
- The absence of dogs barking throughout the night and the concomitant lack of a need to retire to bed stuffed full of ear plugs.
On a wider front - Here’s one view of the measures being taken by international governments to keep the world from imploding. It’s generally positive but a negative note is struck by the author on the subject of troubled EU members . . .“The summit's main response to the challenge of government insolvencies will be to boost the resources of the IMF by $250 billion. But it is far from clear whether this will be sufficient to bail out the many vulnerable countries on the periphery of Europe. It is even more doubtful that the IMF will turn out to be the right institution for resolving financial imbalances and political tensions within the eurozone and the EU.” Which will be rather worrying for those commentators who feel that the EU really must get its act together soon to stop the eurozone breaking up. Or perhaps not, if the non-availability of the IMF as the 7th cavalry forces the creation of a debt union and/or the initiation of quantitative easing by the ECB. If this last sentence gives you the impression I have a reasonable handle on things, I should admit that I’m really just winging it. As some of you may have long appreciated.
But ignorance is no bar to bullshit. So on we go . . . The EU has announced changes in national accounting rules to be introduced in 2011 or 2012. Under these, a country’s GDP will include activities such as prostitution, contraband and drug trafficking. This will be fascinating to watch as any one of these could conceivably take Spain zooming past Italy, France and the pound-stricken UK. All of them surely will. So perhaps President Zapatero knew what he was talking about when he forecast two years ago that Spain’s GDP would be higher than Germany’s by 2012. Not as daft as he often looks and sounds.
Finally - Another random aspect of life in the UK that appeals to me:-
- The absence of dogs barking throughout the night and the concomitant lack of a need to retire to bed stuffed full of ear plugs.
Wednesday, March 11, 2009
This is the second post of the day. The earlier one was about last night’s match between Real Madrid and Liverpool. To which I’d just like to add that it was amusing to hear the comment in the bar that at least it was a consolation there are more Spanish than English players in the Liverpool team. Which may well be true.
Back in the rough-and-tumble of Spanish politics and justice, the crusading judge, Baltasar Garzón, has admitted he didn’t declare one of his salaries when he worked in the USA a few years back. But he didn’t do this in bad faith, he insists. El País says that, whether he’s guilty of anything or not, it doesn’t vitiate the strength of the corruption case he’s spearheaded against the PP party and their cronies. But, then, they would say this, wouldn’t they?
According to Brussels, the withdrawal of credit has been more severe here in Spain than anywhere else in the Eurozone. Additionally, the cost of credit here is now 43% higher than the EU average. This strikes me as typical of the attitude towards customers here but it’s only fair to point out that the President of the bankers’ association has denied it all.
The omens are not looking good for the new world order that Gordon Brown is hoping for after the April and May G20 summits. Which won’t surprise anyone but him, I suspect. Though it will disappoint many.
Talking of Europe . . . Just in case you’re missing the ineffable Ambrose, here he is with his customary tactful reticence. “Thanks to the Bank [of England]”, he says, in the UK it's "a crisis”. Whereas, in the eurozone, it's "a total catastrophe”. Even more so for Spain, he claims, as we face "crucifixion.”. Oh, dear.
Less portentously, Google Blog Alerts for Galicia is still giving mine a miss. So it was all the more galling to find that one of their citations this week comprised nothing but text taken from the web page I wrote on Galicia several years ago. Insult to injury.
Which reminds me . . . If regular readers were just to click on one of the Google ads on the right from time to time – or even daily – then I’d probably earn enough over a year to pay one of the recent speeding and parking fines I’ve been hit with by the ever-more zealous revenue collectors disguised as Civil Guards. But I wouldn’t be surprised if Google have machines clever enough to pick this up and automatically blackball me. So, please don’t do it.
Back in the rough-and-tumble of Spanish politics and justice, the crusading judge, Baltasar Garzón, has admitted he didn’t declare one of his salaries when he worked in the USA a few years back. But he didn’t do this in bad faith, he insists. El País says that, whether he’s guilty of anything or not, it doesn’t vitiate the strength of the corruption case he’s spearheaded against the PP party and their cronies. But, then, they would say this, wouldn’t they?
According to Brussels, the withdrawal of credit has been more severe here in Spain than anywhere else in the Eurozone. Additionally, the cost of credit here is now 43% higher than the EU average. This strikes me as typical of the attitude towards customers here but it’s only fair to point out that the President of the bankers’ association has denied it all.
The omens are not looking good for the new world order that Gordon Brown is hoping for after the April and May G20 summits. Which won’t surprise anyone but him, I suspect. Though it will disappoint many.
Talking of Europe . . . Just in case you’re missing the ineffable Ambrose, here he is with his customary tactful reticence. “Thanks to the Bank [of England]”, he says, in the UK it's "a crisis”. Whereas, in the eurozone, it's "a total catastrophe”. Even more so for Spain, he claims, as we face "crucifixion.”. Oh, dear.
Less portentously, Google Blog Alerts for Galicia is still giving mine a miss. So it was all the more galling to find that one of their citations this week comprised nothing but text taken from the web page I wrote on Galicia several years ago. Insult to injury.
Which reminds me . . . If regular readers were just to click on one of the Google ads on the right from time to time – or even daily – then I’d probably earn enough over a year to pay one of the recent speeding and parking fines I’ve been hit with by the ever-more zealous revenue collectors disguised as Civil Guards. But I wouldn’t be surprised if Google have machines clever enough to pick this up and automatically blackball me. So, please don’t do it.
Thursday, March 05, 2009
My perception is it takes between one and five years to build a property in Spain. Which is one reason why, although the property sector currently has little life in it, new houses and flats keep coming on the market in large numbers. And will do so for a while yet. Someone has now said it’ll be the end of 2011 – or three years - before the stock of properties is finally sold off. Which means that, if you want to sell houses and flats in early 2012, you should be starting to build them around now. As this is probably not happening, I guess we can confidently predict a shortage sometime in 2012 and, so, escalating prices.
I’ve said a number of times that, although I’m personally against the imposition of any language, this is an issue for the local populace, speaking through the ballot box. Well, on the surface at least, it looks as if the Galicians have voted against the nationalist BNG party’s measures aimed at promoting Gallego at the expense of Spanish. My own take on this is that the Galicians were happier when they were free to use either Gallego or Spanish, and to move back and forth as courtesy dictated. And as I witness every day. It will be interesting to see now whether the new Xunta does anything to reverse or just palliate the measures introduced in the last four years. I guess it’s unlikely laws will be taken off the statue book. However, inspections aimed at ensuring kids are being taught in Gallego might just reduce, for example. As with the anti-smoking laws, legislation in one thing but implementation quite another.
Central to my thoughts on this is the perception that there’s traditionally been more harmony – or less disharmony – around language here in Galicia than in both the Basque Country or Cataluña. My theory for this is that the two languages here are so similar it’s pretty easy to master both of them and to move between them as the occasion demands. Indeed, as I recall, one of my Gallego readers once put this forward – “It only takes 3 months for a Spanish speaker to master Gallego” – to justify it being compulsory. Anyway, it’s only a theory and I won’t mind at all if any of my Galician readers shoots it to pieces.
Up in Cataluña, meanwhile, things seem to be going in the opposite direction. Presumably in accordance with the wishes of the majority. Trevor The Baldie has crisp words on this. And other Cataloony nonsenses. His word, I think. Not mine.
It’s an article of faith here in Spain that the country’s banks – having learned their lessons in an early 90s debacle – have not operated as stupidly as those in other parts of the world. Given their investments in the artificially booming construction sector, this view has naturally been questioned. And now the Standard and Poor’s credit agency has rather dented their image by downgrading several of them because of concerns about their balance sheets – specifically their exposure to bad debts. But not Banco Santander.
On a wider front . . . In his address to the US Congress, Mr Brown has called for global measures to deal with the world’s economic problems. This is at a time when a mere 27 EU partners can’t reach a consensus. Or even the 15[?] members of the eurozone. So, something of an optimist, our Gordon.
I see Ted Kennedy is to be given an honorary knighthood. He’s been around a long time but the only words that spring to my mind when his name crops up are:- 1. Chappaquiddick, 2. Mary Jo Kopechne, and 3. “Freedom fighters” as a preferred term for IRA terrorists. I once wrote to him saying I was setting up the Texas Freedom Fighters Front and would like similar sympathy and support in Congress. Oh, and some cash for our bombs. But he never replied. Seems a perfect candidate for the highest British honour in today’s debased times. After all, some of the Blair’s appointees to the House of Lords are openly on sale.
Finally, I also see the Bank of England is to start, in effect, printing money. And the European Central Bank is expected to do likewise. As someone has written - “The ECB has argued, quite reasonably, that printing money will potentially generate high inflation in the coming years. But the more pressing prospect of impending European economic collapse, and indeed the threatened disintegration of the euro itself, are compelling enough arguments for it to change its mind. Preventing high inflation is a worthy aim, but useless if, after all your efforts, there's no functioning economy left.” So, hold on tight for the ride, folks. We are in new territory. But the positive news is - “It is a policy America's Federal Reserve embarked on some months ago and there are tantalising signs that the operation could be starting to work.” Time to buy those cheap shares
I’ve said a number of times that, although I’m personally against the imposition of any language, this is an issue for the local populace, speaking through the ballot box. Well, on the surface at least, it looks as if the Galicians have voted against the nationalist BNG party’s measures aimed at promoting Gallego at the expense of Spanish. My own take on this is that the Galicians were happier when they were free to use either Gallego or Spanish, and to move back and forth as courtesy dictated. And as I witness every day. It will be interesting to see now whether the new Xunta does anything to reverse or just palliate the measures introduced in the last four years. I guess it’s unlikely laws will be taken off the statue book. However, inspections aimed at ensuring kids are being taught in Gallego might just reduce, for example. As with the anti-smoking laws, legislation in one thing but implementation quite another.
Central to my thoughts on this is the perception that there’s traditionally been more harmony – or less disharmony – around language here in Galicia than in both the Basque Country or Cataluña. My theory for this is that the two languages here are so similar it’s pretty easy to master both of them and to move between them as the occasion demands. Indeed, as I recall, one of my Gallego readers once put this forward – “It only takes 3 months for a Spanish speaker to master Gallego” – to justify it being compulsory. Anyway, it’s only a theory and I won’t mind at all if any of my Galician readers shoots it to pieces.
Up in Cataluña, meanwhile, things seem to be going in the opposite direction. Presumably in accordance with the wishes of the majority. Trevor The Baldie has crisp words on this. And other Cataloony nonsenses. His word, I think. Not mine.
It’s an article of faith here in Spain that the country’s banks – having learned their lessons in an early 90s debacle – have not operated as stupidly as those in other parts of the world. Given their investments in the artificially booming construction sector, this view has naturally been questioned. And now the Standard and Poor’s credit agency has rather dented their image by downgrading several of them because of concerns about their balance sheets – specifically their exposure to bad debts. But not Banco Santander.
On a wider front . . . In his address to the US Congress, Mr Brown has called for global measures to deal with the world’s economic problems. This is at a time when a mere 27 EU partners can’t reach a consensus. Or even the 15[?] members of the eurozone. So, something of an optimist, our Gordon.
I see Ted Kennedy is to be given an honorary knighthood. He’s been around a long time but the only words that spring to my mind when his name crops up are:- 1. Chappaquiddick, 2. Mary Jo Kopechne, and 3. “Freedom fighters” as a preferred term for IRA terrorists. I once wrote to him saying I was setting up the Texas Freedom Fighters Front and would like similar sympathy and support in Congress. Oh, and some cash for our bombs. But he never replied. Seems a perfect candidate for the highest British honour in today’s debased times. After all, some of the Blair’s appointees to the House of Lords are openly on sale.
Finally, I also see the Bank of England is to start, in effect, printing money. And the European Central Bank is expected to do likewise. As someone has written - “The ECB has argued, quite reasonably, that printing money will potentially generate high inflation in the coming years. But the more pressing prospect of impending European economic collapse, and indeed the threatened disintegration of the euro itself, are compelling enough arguments for it to change its mind. Preventing high inflation is a worthy aim, but useless if, after all your efforts, there's no functioning economy left.” So, hold on tight for the ride, folks. We are in new territory. But the positive news is - “It is a policy America's Federal Reserve embarked on some months ago and there are tantalising signs that the operation could be starting to work.” Time to buy those cheap shares
Tuesday, February 17, 2009
I should add to yesterday’s comment about Spanish TV noise levels that, if I switch from BBC Radio 3 to Classic FM, things get louder. At least during the ads.
Well, Banco Santander may well be as sound as it’s regularly claimed here but it’s tough luck if you invested in its property fund and now want to redeem your shares. The bank says it isn’t able to pay you right now but definitely might be able to do so in a couple of years time. There’s more on this development - and on the whole Spanish banking industry - here. Plus the writer’s view on whether European finance ministers will get their act together and save the EU. In a nutshell, he’s not as optimistic as he was – “As for the eurozone, I always argued in the past that a break-up is in effect impossible. I am no longer so sure.”
It’s been said that Spain is a ‘low trust’ society. So I guess not many of us here were terribly surprised to read that the EU officials who’ve looked into the recent share-out by the Galician Nationalist Party [the BNG] of wind turbine concessions say they believe the Department of Industry knew there were irregularities in the process. But, hey, there’s an election coming up and the BNG has had a taste of power over the last four years.
On this, it’s clear that the troubled opposition party, the PP, is still making no inroads into the territory of the governing Socialist-Nationalist coalition here, despite the country’s growing economic mess. In fact, the latest polls show the BNG getting an extra seat in the regional parliament, while the PP loses two.
Which reminds me . . . I read yesterday that the BNG candidate for Pontevedra City lives just down the road from me, in what’s considered Pontevedra’s pijo [snob] barrio. This rather surprised me, given that the BNG is left of its PSOE socialist partner. But it does perhaps explain why we have the spanking new kids’ park in our neighbourhood, a short drive or bike ride from the two permanent gypsy encampments half a kilometre or so away. I’m only guessing here but I bet the BNG candidate doesn’t live in one of the houses opposite or next to the facility.
These Galicians can be so backward at times. 65% of Voz de Galicia readers who bothered to vote agreed that the age of consent for sexual intercourse should be raised. Don’t they realise it’s the apogee of a developed civilisation to have 12 year olds breeding the taxpayers – or possibly the welfare beneficiaries – of the future? On the other hand, while the Galicians may be unsophisticated, they’re not stupid. 56% of them don’t believe that the financial budgets of the three campaigning parties are realistic. Which doesn’t, though, say a lot for the other 44%.
Finally, here’s an excellent reason to visit Galicia. The one in Spain, I mean. Not the one in Poland. Write to me on colindavies@terra.es, if you want a nice place to stay in . . .
Finally, finally – I was going to ask whether anyone knew which organisation is behind the 1482 number which is plaguing me with unsolicited calls to my mobile? But a Google search has confirmed my suspicion it’s Movistar, a division of that wonderful company, Telefónica. Isn’t anyone there aware that I’d rather put a red-hot poker in my eye than give them any business?
Well, Banco Santander may well be as sound as it’s regularly claimed here but it’s tough luck if you invested in its property fund and now want to redeem your shares. The bank says it isn’t able to pay you right now but definitely might be able to do so in a couple of years time. There’s more on this development - and on the whole Spanish banking industry - here. Plus the writer’s view on whether European finance ministers will get their act together and save the EU. In a nutshell, he’s not as optimistic as he was – “As for the eurozone, I always argued in the past that a break-up is in effect impossible. I am no longer so sure.”
It’s been said that Spain is a ‘low trust’ society. So I guess not many of us here were terribly surprised to read that the EU officials who’ve looked into the recent share-out by the Galician Nationalist Party [the BNG] of wind turbine concessions say they believe the Department of Industry knew there were irregularities in the process. But, hey, there’s an election coming up and the BNG has had a taste of power over the last four years.
On this, it’s clear that the troubled opposition party, the PP, is still making no inroads into the territory of the governing Socialist-Nationalist coalition here, despite the country’s growing economic mess. In fact, the latest polls show the BNG getting an extra seat in the regional parliament, while the PP loses two.
Which reminds me . . . I read yesterday that the BNG candidate for Pontevedra City lives just down the road from me, in what’s considered Pontevedra’s pijo [snob] barrio. This rather surprised me, given that the BNG is left of its PSOE socialist partner. But it does perhaps explain why we have the spanking new kids’ park in our neighbourhood, a short drive or bike ride from the two permanent gypsy encampments half a kilometre or so away. I’m only guessing here but I bet the BNG candidate doesn’t live in one of the houses opposite or next to the facility.
These Galicians can be so backward at times. 65% of Voz de Galicia readers who bothered to vote agreed that the age of consent for sexual intercourse should be raised. Don’t they realise it’s the apogee of a developed civilisation to have 12 year olds breeding the taxpayers – or possibly the welfare beneficiaries – of the future? On the other hand, while the Galicians may be unsophisticated, they’re not stupid. 56% of them don’t believe that the financial budgets of the three campaigning parties are realistic. Which doesn’t, though, say a lot for the other 44%.
Finally, here’s an excellent reason to visit Galicia. The one in Spain, I mean. Not the one in Poland. Write to me on colindavies@terra.es, if you want a nice place to stay in . . .
Finally, finally – I was going to ask whether anyone knew which organisation is behind the 1482 number which is plaguing me with unsolicited calls to my mobile? But a Google search has confirmed my suspicion it’s Movistar, a division of that wonderful company, Telefónica. Isn’t anyone there aware that I’d rather put a red-hot poker in my eye than give them any business?
Monday, February 02, 2009
I guess it’s time to own up that it seems I was wrong to suggest Banco Santander was possibly not as soundly based as claimed. On the other hand, there’s this report citing its UK subsidiary, the Abbey National, as the worst of the country’s Bottom Ten in terms of customer service. By quite some way.
On a loftier plane . . . I’ve reached the point in Henry Kamen’s book on Spanish exiles – "The Disinherited" - where he addresses the 1930s. We writes of the ‘intellectuals’ who were a prominent feature of the early part of that decade that several of them set up a journal in 1939 from their exile in Paris. This was called España Peregrina and its aim was to rescue ‘authentic’ Spanish culture from the Franco Nationalists. Rejecting both these and the Communists, the journal spoke up for ‘the universal awareness that is characteristic of the Spanish people’. Or, as one writer put it, “A more profound type of humanity”. To these people, says Karmen, Spain had a special value, its spiritual leadership, which no other country had. Indeed, Spanish culture was the highest form of western culture, and the Spanish language was its highest expression. . . . No hope could be entertained of the materialistic culture of the United States and England, only Spain’s spirituality was the way forward. . . The only authentically human form of civilisation. I can’t say I’ve observed much of this way of thinking since I came to Spain but I do wonder whether the regional nationalists of the Basque Country, Cataluña and Galicia see this Spanish nationalism as the enemy against which they define themselves. Especially when it comes to language.
Coming back down to earth . . I’m now aware, from a British TV ad, that Ryan has been suffering for some time now with problems related to his ‘digestive transits’. The trouble is, his system has not been sure which end of the spectrum to have problems with. So he has veered from one extreme to the other, much to my cost. So, imagine with what joy I observed the return of solid matter to my front lawn this morning. Which is not a sentence I ever thought I’d write.
On a loftier plane . . . I’ve reached the point in Henry Kamen’s book on Spanish exiles – "The Disinherited" - where he addresses the 1930s. We writes of the ‘intellectuals’ who were a prominent feature of the early part of that decade that several of them set up a journal in 1939 from their exile in Paris. This was called España Peregrina and its aim was to rescue ‘authentic’ Spanish culture from the Franco Nationalists. Rejecting both these and the Communists, the journal spoke up for ‘the universal awareness that is characteristic of the Spanish people’. Or, as one writer put it, “A more profound type of humanity”. To these people, says Karmen, Spain had a special value, its spiritual leadership, which no other country had. Indeed, Spanish culture was the highest form of western culture, and the Spanish language was its highest expression. . . . No hope could be entertained of the materialistic culture of the United States and England, only Spain’s spirituality was the way forward. . . The only authentically human form of civilisation. I can’t say I’ve observed much of this way of thinking since I came to Spain but I do wonder whether the regional nationalists of the Basque Country, Cataluña and Galicia see this Spanish nationalism as the enemy against which they define themselves. Especially when it comes to language.
Coming back down to earth . . I’m now aware, from a British TV ad, that Ryan has been suffering for some time now with problems related to his ‘digestive transits’. The trouble is, his system has not been sure which end of the spectrum to have problems with. So he has veered from one extreme to the other, much to my cost. So, imagine with what joy I observed the return of solid matter to my front lawn this morning. Which is not a sentence I ever thought I’d write.
Tuesday, January 20, 2009
Some months ago Scotland’s First Minister made exactly the same boast as the Spanish President, viz. that his country’s banks were “among the most stable financial institutions in the world.” Well, at least events haven’t overtaken both of these assertions and President Zapatero still has the right to repeat the claim. Though this might amount to another of his favoured hostages to fortune as we await the 2008 results of Spanish banks that some say are being delayed because they aren’t what they were cracked up to be. Even so, I doubt that events will have overtaken words in the Spanish case quite so spectacularly as they did in the Caledonian case. There goes Scottish independence in 2010. Not that it had much chance anyway.
I’m confused as to how the French government can be offering subsidies to the country’s car makers, provided they keep jobs in France. Perhaps the EU has relaxed its laws on this. Or maybe France is once again leading the way in disregarding basic EU principles that have suddenly become incompatible with her self-interest. Or maybe I was just plain wrong to think state handouts were now forbidden as being prejudicial to fair competition.
Near term, it looks as if the UK might lack the cash to make any hand-outs, even if there were industries left to get them and even if the government wanted to legally or illegally help these. The head of a think tank called Work Foundation has suggested Britain is on the verge of bankruptcy and close to needing a loan from the IMF. Meanwhile, it seems to be the consensus that the 37 billion pounds recently given to British banks succeeded in stopping the complete collapse of the banking system but failed to solve the credit crisis. So another humungous sum is apparently required. OK, but this still leaves the question – If cash isn’t flowing around the financial corpus [corpse?], where is the 37 billion that was doled out a few weeks ago? Sitting in the vaults? Being paid out in bonuses? It would be nice to know. Especially if you're a British taxpayer. And the unwitting owner of shares in several of said banks.
As for Spain, click here if you want a balanced local view on how things are going here. The author endorses my comment of yesterday that the government appears to be quite clueless. Perhaps the cabinet sat down a few months ago and said “Well, we successfully lied our way through the general election last March, so why don’t we try the same thing ahead of the Basque and Galician general elections this coming March. Or let’s just whistle.” Sadly, though, events such as the S&P downgrading of Spain’s credit rating means that masterly inactivity is not really a viable option now. Especially as the natives are showing signs of getting increasingly restless. And that was before the EU announced that the government’s latest economic forecasts were so much wet paper!
Here in Galicia, yesterday’s papers had what I guess we could call the Monday Litany. 21 years old. BMW. 140 horsepower. Curve. Reasons unknown. Excessive speed. No seat belts. Another six young people dead. Obviously, the most depressing day of the year was harder to take for some than for others.
Talking of driving, I’m encouraged to see it’s not only in my barrio that this sort of thing takes place.
I thought I'd leave you with a smile . . .
I’m confused as to how the French government can be offering subsidies to the country’s car makers, provided they keep jobs in France. Perhaps the EU has relaxed its laws on this. Or maybe France is once again leading the way in disregarding basic EU principles that have suddenly become incompatible with her self-interest. Or maybe I was just plain wrong to think state handouts were now forbidden as being prejudicial to fair competition.
Near term, it looks as if the UK might lack the cash to make any hand-outs, even if there were industries left to get them and even if the government wanted to legally or illegally help these. The head of a think tank called Work Foundation has suggested Britain is on the verge of bankruptcy and close to needing a loan from the IMF. Meanwhile, it seems to be the consensus that the 37 billion pounds recently given to British banks succeeded in stopping the complete collapse of the banking system but failed to solve the credit crisis. So another humungous sum is apparently required. OK, but this still leaves the question – If cash isn’t flowing around the financial corpus [corpse?], where is the 37 billion that was doled out a few weeks ago? Sitting in the vaults? Being paid out in bonuses? It would be nice to know. Especially if you're a British taxpayer. And the unwitting owner of shares in several of said banks.
As for Spain, click here if you want a balanced local view on how things are going here. The author endorses my comment of yesterday that the government appears to be quite clueless. Perhaps the cabinet sat down a few months ago and said “Well, we successfully lied our way through the general election last March, so why don’t we try the same thing ahead of the Basque and Galician general elections this coming March. Or let’s just whistle.” Sadly, though, events such as the S&P downgrading of Spain’s credit rating means that masterly inactivity is not really a viable option now. Especially as the natives are showing signs of getting increasingly restless. And that was before the EU announced that the government’s latest economic forecasts were so much wet paper!
Here in Galicia, yesterday’s papers had what I guess we could call the Monday Litany. 21 years old. BMW. 140 horsepower. Curve. Reasons unknown. Excessive speed. No seat belts. Another six young people dead. Obviously, the most depressing day of the year was harder to take for some than for others.
Talking of driving, I’m encouraged to see it’s not only in my barrio that this sort of thing takes place.
I thought I'd leave you with a smile . . .
Tuesday, December 30, 2008
Watching the tail end of a British TV program last night on the 100 Most Annoying People of 2008, I was delighted to find I’d never even heard of the winner, one Agyness Deyn. She’s an empty-headed model, apparently.
Talking of which . . . I’ve taken to accessing an on-line news and opinion digest called The First Post. Over the last 3 or 4 days, this has brought me nothing but at least a hundred citations of a report that the secret of fashion designer Valentino's perma-tan may have been revealed. Click here if this intrigues you.
As predicted, President Zapatero has announced that the poorer bits of Spain disadvantaged by his new system for financing the regions will benefit from a separate fund. As a result, says the government, all the regions will get more money than ever before and everyone in Spain will get the same level of services wherever they live. If you believe this, you’ll believe anything. Or at least that Spain will have full employment by the end of 2008. Anyway, President Z’s divide-and-rule strategy obviously owes so much to perfidious Albion that I’m surprised it hasn’t yet been labelled El Plan Britanico.
There’s no doubt Pontevedra is a finer city now than when I arrived 8 years ago. Assuming you’re a pedestrian. However, the price in daily disruption has been high and I had hoped this was coming to an end. So it was disappointing to see this headline in the Diaro de Pontevedra – “Get ready for a year of widespread works”. So, more road and pavement obras to avoid. Or at least negotiate. However, the good news is that much of the recession-easing cash will be spent on two more bridges over the river separating Pontevedra from my barrio of Poio. Ultimately, this will ease traffic bottlenecks but you don’t have to be a pessimist to envisage more chaos in the near term. Hey ho. I just hope they finally finish and open the monstrous glass and granite building which is destined to be the new home of the city’s fine museum.
If you’re thinking of bucking the trend and buying a property in Spain, you might want to give the developers and estate agents [realtors] a miss and head for the nearest bank or caja/caixa. As this commentary points out, they're likely to have a lot of stuff to shift. Perhaps at knockdown prices. Though I should warn you it’s a commonly held view here that bank auctions are dominated by a ruthless mafia who don’t take kindly to being overbidden on distressed properties. But this could be just an urban myth.
For one reason and another, we’re giving up the modem/dongle that allows us to get the internet on our laptops wherever there’s mobile phone coverage. Needless to say, it wasn’t enough to go back to the shop where we signed the contract. Nor just to ring the premium rate number they gave us and go through the customary time-consuming process of extrication. No, we also had to send a premium rate fax with a letter and a photocopy of both sides of an ID card. Just in case – I suppose – some twisted crook was trying to end the contract to our disadvantage. As I was walking through town later, I got to pondering just how long Santander’s business would last if they decided to introduce such Spanish practices in the UK, when I suddenly came upon this car . . . .
I may be mis-reading this but, on the surface, it looks like Santander’s acquisition of a couple of ailing UK banks has led them to try a few British practices here. But, if in fact they’ve been providing commission-free banking for some time, then I apologise for my rank opportunism. Frankly, though, it looks to me like a message from God. Who presumably reads this blog and has some sympathy with my view of Spanish banks.
By the way, the phone company from which we rented the dongle is Vodafone. Which is British, of course. It obviously cuts both ways.
Talking of which . . . I’ve taken to accessing an on-line news and opinion digest called The First Post. Over the last 3 or 4 days, this has brought me nothing but at least a hundred citations of a report that the secret of fashion designer Valentino's perma-tan may have been revealed. Click here if this intrigues you.
As predicted, President Zapatero has announced that the poorer bits of Spain disadvantaged by his new system for financing the regions will benefit from a separate fund. As a result, says the government, all the regions will get more money than ever before and everyone in Spain will get the same level of services wherever they live. If you believe this, you’ll believe anything. Or at least that Spain will have full employment by the end of 2008. Anyway, President Z’s divide-and-rule strategy obviously owes so much to perfidious Albion that I’m surprised it hasn’t yet been labelled El Plan Britanico.
There’s no doubt Pontevedra is a finer city now than when I arrived 8 years ago. Assuming you’re a pedestrian. However, the price in daily disruption has been high and I had hoped this was coming to an end. So it was disappointing to see this headline in the Diaro de Pontevedra – “Get ready for a year of widespread works”. So, more road and pavement obras to avoid. Or at least negotiate. However, the good news is that much of the recession-easing cash will be spent on two more bridges over the river separating Pontevedra from my barrio of Poio. Ultimately, this will ease traffic bottlenecks but you don’t have to be a pessimist to envisage more chaos in the near term. Hey ho. I just hope they finally finish and open the monstrous glass and granite building which is destined to be the new home of the city’s fine museum.
If you’re thinking of bucking the trend and buying a property in Spain, you might want to give the developers and estate agents [realtors] a miss and head for the nearest bank or caja/caixa. As this commentary points out, they're likely to have a lot of stuff to shift. Perhaps at knockdown prices. Though I should warn you it’s a commonly held view here that bank auctions are dominated by a ruthless mafia who don’t take kindly to being overbidden on distressed properties. But this could be just an urban myth.
For one reason and another, we’re giving up the modem/dongle that allows us to get the internet on our laptops wherever there’s mobile phone coverage. Needless to say, it wasn’t enough to go back to the shop where we signed the contract. Nor just to ring the premium rate number they gave us and go through the customary time-consuming process of extrication. No, we also had to send a premium rate fax with a letter and a photocopy of both sides of an ID card. Just in case – I suppose – some twisted crook was trying to end the contract to our disadvantage. As I was walking through town later, I got to pondering just how long Santander’s business would last if they decided to introduce such Spanish practices in the UK, when I suddenly came upon this car . . . .
I may be mis-reading this but, on the surface, it looks like Santander’s acquisition of a couple of ailing UK banks has led them to try a few British practices here. But, if in fact they’ve been providing commission-free banking for some time, then I apologise for my rank opportunism. Frankly, though, it looks to me like a message from God. Who presumably reads this blog and has some sympathy with my view of Spanish banks.
By the way, the phone company from which we rented the dongle is Vodafone. Which is British, of course. It obviously cuts both ways.
Wednesday, December 24, 2008
The regional finance row rumbles on, with the national newspapers giving different takes on the high-level, one-to-one meetings taking place, according to their political bias. However, the emerging consensus is that President Zapatero is going to go with a population-based formula for everyone. This will please Cataluña [socialist and nationalist], Madrid [conservative] and Andalucia [socialist but non-nationalist] but leaves Galicia, Asturias, Estremadura and the two Castillas decidedly less thrilled. As these are regions where the population tends to be older and poorer, one’s forced to ask where the much-vaunted ‘national solidarity’ is in all this. Perhaps the concept is only important now in the context of what ‘poor’ Spain deserves from the central coffers of the EU. And maybe the very right-of-centre ABC is right to say that the nationalists are now governing Spain. If even more exaggerated than my own observations.
Astonishingly, the late British slapstick comedian, Benny Hill, is still widely remembered – and possibly loved - in both Spain and France. There was a cartoon in one of the papers yesterday showing President Z saying or thinking something, with ‘the Benny Hill music’ playing in the background. It put me in mind of Norman Wisdom’s huge popularity in Iran in the mid 70s. Though the Islamic revolution at the end of the decade may well have done for that. I met NW at Manchester airport a few years back but forgot to ask him. He is/was a notorious penny-pincher and – despite his considerable fortune – was boarding the same cheap flight to Spain as me and my family. And looked even grumpier.
Talking of money – There was a photo in yesterday’s paper of one lucky winner of the big Christmas lottery, showing his bank book entry of 300,000 euros. However, consumer organisations were quick to do my job in pointing to the entries recording the high level of commissions routinely charged by his bank. Spaniards keep boasting of how wise, strong and stable their banks are and I keep saying how expensive and inadequate their services are, unless you think it’s a good idea to have a branch of your bank every few hundred metres along your town’s main streets. We’re both right, of course. And, if this is what Spanish consumers are happy with, then so be it. But it’s not compulsory for the rest of us to be overly impressed. At least not as customers, rather than shareholders.
Spanish courts are beginning to find what belonging to the EU really means. Firstly, there was high dudgeon a week or two back, when the European court found in favour of Gibraltar over some questionable financial practice. And now there’s anger that a Belfast court is interfering in the Spanish judicial process by daring to question whether a famous ETA member committed any crime here justifying his extradition to Spain. I look forward to seeing the reaction when some popular Spanish individual is arrested in, say, Bulgaria on an EU arrest warrant obtained by a publicity-seeking local judge.
The fact that the Spanish don’t feel the need to tip at American levels of 15-25% seems to me to be a good thing. The norm is probably around 10% in areas where tourism is a major factor but, elsewhere, the principle of ‘the small change from your pocket up to a max of 5%’ seems to still hold sway. That said, twice this week I’ve seen in my regular bar tips of 5 cents on bills in excess of 6 euros. Or less than 1%. I mean, why bother? No wonder I get generous helpings of wine and tapas in return for 10%. Sometimes being generous rather than my customary mean can pay for itself. If only in smiles.
Which reminds me – Merry Christmas to everyone. I might take a day off tomorrow.
Astonishingly, the late British slapstick comedian, Benny Hill, is still widely remembered – and possibly loved - in both Spain and France. There was a cartoon in one of the papers yesterday showing President Z saying or thinking something, with ‘the Benny Hill music’ playing in the background. It put me in mind of Norman Wisdom’s huge popularity in Iran in the mid 70s. Though the Islamic revolution at the end of the decade may well have done for that. I met NW at Manchester airport a few years back but forgot to ask him. He is/was a notorious penny-pincher and – despite his considerable fortune – was boarding the same cheap flight to Spain as me and my family. And looked even grumpier.
Talking of money – There was a photo in yesterday’s paper of one lucky winner of the big Christmas lottery, showing his bank book entry of 300,000 euros. However, consumer organisations were quick to do my job in pointing to the entries recording the high level of commissions routinely charged by his bank. Spaniards keep boasting of how wise, strong and stable their banks are and I keep saying how expensive and inadequate their services are, unless you think it’s a good idea to have a branch of your bank every few hundred metres along your town’s main streets. We’re both right, of course. And, if this is what Spanish consumers are happy with, then so be it. But it’s not compulsory for the rest of us to be overly impressed. At least not as customers, rather than shareholders.
Spanish courts are beginning to find what belonging to the EU really means. Firstly, there was high dudgeon a week or two back, when the European court found in favour of Gibraltar over some questionable financial practice. And now there’s anger that a Belfast court is interfering in the Spanish judicial process by daring to question whether a famous ETA member committed any crime here justifying his extradition to Spain. I look forward to seeing the reaction when some popular Spanish individual is arrested in, say, Bulgaria on an EU arrest warrant obtained by a publicity-seeking local judge.
The fact that the Spanish don’t feel the need to tip at American levels of 15-25% seems to me to be a good thing. The norm is probably around 10% in areas where tourism is a major factor but, elsewhere, the principle of ‘the small change from your pocket up to a max of 5%’ seems to still hold sway. That said, twice this week I’ve seen in my regular bar tips of 5 cents on bills in excess of 6 euros. Or less than 1%. I mean, why bother? No wonder I get generous helpings of wine and tapas in return for 10%. Sometimes being generous rather than my customary mean can pay for itself. If only in smiles.
Which reminds me – Merry Christmas to everyone. I might take a day off tomorrow.
Saturday, December 20, 2008
I’ve written that it’s easy to measure the impact of the recession by the number of shops in the city now boarded up. But it’s not all doom and gloom. As I walked into the centre yesterday, I passed three places being fitted out. These were branches of La Caixa, Caixa Galicia and Caja Iberia. So, all banks. In a city which is already overflowing with them and is in the grip of a credit crisis. Must be further evidence of the truth of President Zapatero’s claim that Spanish banks are the strongest in the world. Or at least the most profitable.
The Spanish Supreme Court has pronounced it illegal for CCTV or hidden camera images of private individuals to appear in the media as this infringes their right to privacy. Would that the Spanish courts were equally concerned with a person’s right to peace and quiet. I was going to write this anyway today but the immediate stimulus has been my neighbour hammering on the wall at 7.45 of a Saturday morning. Which, by my ‘two-hour’ rule-of-thumb for coping with the unique Spanish timetable, equates to 5.45 in other countries. And I don’t mean just one big bang for, say, putting up a picture; I mean continuous hammering over 45 minutes. So far.
I’ve made a number of references to university rankings recently. Here’s some from a Dutch university, comparing places across Europe by various criteria. As the Voz de Galicia said yesterday, those for Spanish institutions are hardly in keeping for a country which boasts of being the 8th largest economy in the world. Specifically, the first appearance is at 26 [Barcelona] and the second at 45 [Madrid]. As the paper says, there’s a long way to go before Spanish universities rank with her business schools. Perhaps the Bologna process will help. If it is fully implemented.
This global warming is a bugger. I think I read it’s been one of the coldest starts to winter for ages. And now I see there’s been snow in both New Orleans and Las Vegas. What on earth can it all mean? Will polar bears start heading south for the winter?
Back in the here-and-now, the BBVA bank tells us the ‘overhang’ of unsold new properties in Spain has reached 1.4 million and that – rather unsurprisingly – there are 50% discounts in some parts of the country. What a shame the poor Brits can’t take advantage of this, thanks to their rubbish currency. Which is forecast to reach parity with the Zimbabwe dollar by the end of next year. Unless Gordon Brown wins a snap election next Spring. In which case, it could fall even further.
Finally . . . Need I add that I’ve just discovered Tony is back from sea. The first clue lay in the [adult] bawling and [child] crying that began the minute the [bastard] hammering stopped. Presumably we can lay the fault for the latter at his jet lag as he always flies home from Singapore. Anyway, on to the next, noise-laden 6 weeks. Starting with the 5 boisterous, all-night dinners between Christmas and the Epiphany on 6th January. Hey ho. Life can be such a joy in fun-loving Spain.
We're going away for a while. Well, wouldn't you?
The Spanish Supreme Court has pronounced it illegal for CCTV or hidden camera images of private individuals to appear in the media as this infringes their right to privacy. Would that the Spanish courts were equally concerned with a person’s right to peace and quiet. I was going to write this anyway today but the immediate stimulus has been my neighbour hammering on the wall at 7.45 of a Saturday morning. Which, by my ‘two-hour’ rule-of-thumb for coping with the unique Spanish timetable, equates to 5.45 in other countries. And I don’t mean just one big bang for, say, putting up a picture; I mean continuous hammering over 45 minutes. So far.
I’ve made a number of references to university rankings recently. Here’s some from a Dutch university, comparing places across Europe by various criteria. As the Voz de Galicia said yesterday, those for Spanish institutions are hardly in keeping for a country which boasts of being the 8th largest economy in the world. Specifically, the first appearance is at 26 [Barcelona] and the second at 45 [Madrid]. As the paper says, there’s a long way to go before Spanish universities rank with her business schools. Perhaps the Bologna process will help. If it is fully implemented.
This global warming is a bugger. I think I read it’s been one of the coldest starts to winter for ages. And now I see there’s been snow in both New Orleans and Las Vegas. What on earth can it all mean? Will polar bears start heading south for the winter?
Back in the here-and-now, the BBVA bank tells us the ‘overhang’ of unsold new properties in Spain has reached 1.4 million and that – rather unsurprisingly – there are 50% discounts in some parts of the country. What a shame the poor Brits can’t take advantage of this, thanks to their rubbish currency. Which is forecast to reach parity with the Zimbabwe dollar by the end of next year. Unless Gordon Brown wins a snap election next Spring. In which case, it could fall even further.
Finally . . . Need I add that I’ve just discovered Tony is back from sea. The first clue lay in the [adult] bawling and [child] crying that began the minute the [bastard] hammering stopped. Presumably we can lay the fault for the latter at his jet lag as he always flies home from Singapore. Anyway, on to the next, noise-laden 6 weeks. Starting with the 5 boisterous, all-night dinners between Christmas and the Epiphany on 6th January. Hey ho. Life can be such a joy in fun-loving Spain.
We're going away for a while. Well, wouldn't you?
Tuesday, November 11, 2008
Was it only yesterday I was admitting my [ignorance-based] concerns about the Spanish banking system were diminishing? I ask because of this headline in a British paper this morning -Banco Santander is to raise €7.2bn in fresh capital and foreswear further expansion in a shock move that raises fresh questions about the underlying health of the Spanish financial system. It will be an interesting week. Meanwhile, the president of the competing BBVA bank hasn't wasted any time in going on the attack. According to El País, Especialmente contundente fue la respuesta de la entidad presidida por Francisco González. Este banco comentó ayer, en una nota enviada a sus oficinas, que el Santander ha optado por una estrategia "mucho más agresiva" que la suya, al llevar a cabo adquisiciones en Reino Unido, Estados Unidos y Brasil, "sin que a la fecha actual se conozcan los impactos finales de algunas de estas compras. Todo ello supone importantes consumos de capital y aumento de los riesgos asumidos". It seems it has something to do with parcelling up and selling on mortgages based on phoney valuations way above the real value of the property. As was done for the desperately over-geared seller of the house we recently bought in the hills. Which parcels may now be more toxic than previously admitted. We will see. But I guess we won't be seeing Banco Santander picking up the two major Scottish banks, should the Lloyds TSB deal fall through.
BTW - There's an apparently informed comment on this subject [by mazbox] at the end of the Economist's review of the Spanish financial system. Click here, if you're interested.
Re-reading The Economist’s review today – not to mention all the numerous comments at the end of each section – I was struck yet again how much of a de facto federal state Spain now is and how it might be better for some of the regions to vote themselves out of it. Of course, it’s easy to say now that Spain missed a trick after the death of Franco by not converting itself back then into a truly federal state with some of the ‘intelligent design’ of, say, the USA and Germany. But the inescapable truth is that Spain is stuck with a messy political model that is probably going to be more of a hindrance than a help over the difficult few years ahead. Let’s hope President Zapatero is up to it.
The gentleman in question had a meeting with the country’s bankers yesterday, where they reportedly asked him to take advantage of his seat at next week’s New York conference to ensure that whatever measures agreed on are not primarily aimed at helping the German and French economies. Some challenge. But at least there’s a lot of nice mood music in Anglo-Saxon quarters about the smart response of the Bank of Spain to the country’s banking problems in the 90s and how these might be more widely relevant now. But more unexpected news from Banco Santander might just upset this applecart.
Moving to the UK . . . Insane Britain: No 347. Guidelines on how to mollycoddle your pets. More.
Galicia
I talked of seriousness yesterday and today I see that the Pontevedra police are going to clamp down on drivers who use the city’s loading and unloading bays as free parking spaces. Excellent. But will the campaign last more than the usual day or two? And will the city bring back traffic wardens?
At a session of a parliamentary committee, Galicia’s Chief Prosecutor has described the prosecution of municipal corruption as ‘a complete fiasco’. I wonder what he means. After all, while there may be one or two local people who are reported to be far wealthier than when they entered politics, I’m not aware of any big names being arrested.
At a more elevated level, the President of the Galician Nationalist Party[the BNG] has proposed the setting up of a new public body to act as a credit agency. I’m guessing this would fall into the BNG’s portfolio and that it would help to extend the control over the local business-financial nexus already exercised through the savings banks[the Caixas]. However, the Xunta President – and leader of the PSOE-BNG coalition – has hit the notion on the head, stressing that the financial crisis doesn't call for nationalist solutions. Meaning parochial, I guess. We must be coming up for elections.
Two Spanish soldiers – from a Pontevedra base – were killed in Afghanistan this week. They will naturally be given full funereal honours, with ministers and royalty in attendance. But the latest Galician youth to drive into a wall at of a Sunday morning won’t be accorded such treatment, of course. Which doesn’t seem entirely logical to me. Especially as effective policing of the local nightspots would come at a fraction of the military spend in Afghanistan. But maybe it’s not politically feasible. Or, more likely, I just don't understand politics.
BTW - There's an apparently informed comment on this subject [by mazbox] at the end of the Economist's review of the Spanish financial system. Click here, if you're interested.
Re-reading The Economist’s review today – not to mention all the numerous comments at the end of each section – I was struck yet again how much of a de facto federal state Spain now is and how it might be better for some of the regions to vote themselves out of it. Of course, it’s easy to say now that Spain missed a trick after the death of Franco by not converting itself back then into a truly federal state with some of the ‘intelligent design’ of, say, the USA and Germany. But the inescapable truth is that Spain is stuck with a messy political model that is probably going to be more of a hindrance than a help over the difficult few years ahead. Let’s hope President Zapatero is up to it.
The gentleman in question had a meeting with the country’s bankers yesterday, where they reportedly asked him to take advantage of his seat at next week’s New York conference to ensure that whatever measures agreed on are not primarily aimed at helping the German and French economies. Some challenge. But at least there’s a lot of nice mood music in Anglo-Saxon quarters about the smart response of the Bank of Spain to the country’s banking problems in the 90s and how these might be more widely relevant now. But more unexpected news from Banco Santander might just upset this applecart.
Moving to the UK . . . Insane Britain: No 347. Guidelines on how to mollycoddle your pets. More.
Galicia
I talked of seriousness yesterday and today I see that the Pontevedra police are going to clamp down on drivers who use the city’s loading and unloading bays as free parking spaces. Excellent. But will the campaign last more than the usual day or two? And will the city bring back traffic wardens?
At a session of a parliamentary committee, Galicia’s Chief Prosecutor has described the prosecution of municipal corruption as ‘a complete fiasco’. I wonder what he means. After all, while there may be one or two local people who are reported to be far wealthier than when they entered politics, I’m not aware of any big names being arrested.
At a more elevated level, the President of the Galician Nationalist Party[the BNG] has proposed the setting up of a new public body to act as a credit agency. I’m guessing this would fall into the BNG’s portfolio and that it would help to extend the control over the local business-financial nexus already exercised through the savings banks[the Caixas]. However, the Xunta President – and leader of the PSOE-BNG coalition – has hit the notion on the head, stressing that the financial crisis doesn't call for nationalist solutions. Meaning parochial, I guess. We must be coming up for elections.
Two Spanish soldiers – from a Pontevedra base – were killed in Afghanistan this week. They will naturally be given full funereal honours, with ministers and royalty in attendance. But the latest Galician youth to drive into a wall at of a Sunday morning won’t be accorded such treatment, of course. Which doesn’t seem entirely logical to me. Especially as effective policing of the local nightspots would come at a fraction of the military spend in Afghanistan. But maybe it’s not politically feasible. Or, more likely, I just don't understand politics.
Saturday, November 01, 2008
According to Travelodge, a higher percentage of English kids [57] have been to Spain than to either Wales [44%] or Scotland [39%]. Understandably, I guess.
The first of the predicted fusions between some of Spain's 40 or more savings banks[cajas] has taken place, in the Basque Country. And another 4 or 5 elsewhere have formed some sort of working association that falls short of merger. More anon, no doubt.
As for big bank failures, the Economics minister is reported to have said that the government will cap the salaries of the directors of "those banks which are rescued". But I may be grabbing at straws here as it's possible this isn't exactly what he said. Or that he meant those banks which are given liquidity assistance. We will see.
At this time of year, Spanish families descend on cemeteries to honour their departed loved ones and to clean their resting places. If you've noticed a higher-than-average number of cars driving around with ladders sticking out of the window, these will be the relatives of those laid to rest in the highest niches in the strange little apartment blocks which dominate Spanish cemeteries.
Galicia
There was a rather bizarre notice in the Voz de Galicia today. It was inserted by the Ateneo Repúblicano de Galicia and it levies the complaint that, since it came under the management of the Galician Nationalist Party, La Coruña's Casa Museo Casares Quirozo has been used for events that have little to do with the original purpose of the museum. These are said to include conferences on textiles, contemporary art and forest fires. Plus something referred to as Tuppersex para mulleres. So at least it was in Gallego.
Possibly even more bizarrely, the hazards that we have to negotiate on our highways now include big brown bears. One of which was hit on the main route from the centre of Spain up to La Coruña this week.
Our regional elections take place next spring. I believe it will be illegal to indulge in electioneering until a month or so from the actual polling date. Which is a rule that will be honoured more in the breach than in observance. In fact, campaigns effectively began weeks ago and I suspect we'll see more and more headlines along the lines of this one yesterday - "It's a campaign based entirely on lies", says Sr, X. In Spain, politicians are probably no more dishonest than those anywhere else. The difference lies in the frequency with which they publicly label each other blatant liars. Hey ho. What fun.
The first of the predicted fusions between some of Spain's 40 or more savings banks[cajas] has taken place, in the Basque Country. And another 4 or 5 elsewhere have formed some sort of working association that falls short of merger. More anon, no doubt.
As for big bank failures, the Economics minister is reported to have said that the government will cap the salaries of the directors of "those banks which are rescued". But I may be grabbing at straws here as it's possible this isn't exactly what he said. Or that he meant those banks which are given liquidity assistance. We will see.
At this time of year, Spanish families descend on cemeteries to honour their departed loved ones and to clean their resting places. If you've noticed a higher-than-average number of cars driving around with ladders sticking out of the window, these will be the relatives of those laid to rest in the highest niches in the strange little apartment blocks which dominate Spanish cemeteries.
Galicia
There was a rather bizarre notice in the Voz de Galicia today. It was inserted by the Ateneo Repúblicano de Galicia and it levies the complaint that, since it came under the management of the Galician Nationalist Party, La Coruña's Casa Museo Casares Quirozo has been used for events that have little to do with the original purpose of the museum. These are said to include conferences on textiles, contemporary art and forest fires. Plus something referred to as Tuppersex para mulleres. So at least it was in Gallego.
Possibly even more bizarrely, the hazards that we have to negotiate on our highways now include big brown bears. One of which was hit on the main route from the centre of Spain up to La Coruña this week.
Our regional elections take place next spring. I believe it will be illegal to indulge in electioneering until a month or so from the actual polling date. Which is a rule that will be honoured more in the breach than in observance. In fact, campaigns effectively began weeks ago and I suspect we'll see more and more headlines along the lines of this one yesterday - "It's a campaign based entirely on lies", says Sr, X. In Spain, politicians are probably no more dishonest than those anywhere else. The difference lies in the frequency with which they publicly label each other blatant liars. Hey ho. What fun.
Wednesday, October 29, 2008
As we all know only too well, the world’s banks started moving into the far riskier business of securities after they were deregulated in the early 90s. It turns out there was at least one observer capable of looking back to a similar development in the late 1920’s and highlighting the likelihood of a similar result. This was Professor Richard Dale, who wrote a book entitled “International Banking Deregulation: The Great Banking Experiment”. If all goes well, you can read more about it here. As you’ll have guessed, it wasn’t well received at the time. And was then roundly ignored.
Here in Spain, the banking industry is calling for secrecy as to which of its members gets liquidity assistance from the government. This would be unique in Europe and Brussels is yet to pronounce on whether or not it would be illegal. But El Mundo, at least, regards lack of transparency as unconscionable. It certainly wouldn’t do much to stifle suspicions there’s something nasty in the Spanish woodshed.
Talking to my visitor about Spanish attitudes to risk, I said they were, on balance, saner than those of the UK. But I added that my impression was the Spanish equated a low risk with a nil risk, regardless of the consequence of it materialising. And I evidenced this by the very high percentage of cars on Pontevedra’s hills which don’t have their wheels turned into the kerb. Sad to relate, this was rather confirmed by the report in today’s papers of a woman being killed by a runaway empty car at the bottom of a hill in a nearby village. Perhaps this will lead to a change of attitude. And perhaps it won’t.
Following-up my bit on bullfighting the other day – The Spanish TV station which normally shows live corridas says it won’t be doing so next year. The excuse given is budgetary constraints, with the hint that childrens’ TV will be getting the benefit. And perhaps the blame. Though the Spanish, of course, love kids far more than they love bullfighting.
Galicia
The world, as I say, may be collapsing about us but a meeting of a committee of the Galician parliament broke up yesterday after the opposition party walked out when one of its members was expelled for refusing to use ‘Galiza’ in place of Galicia. During the proceedings, someone called someone else ‘mosquito brain’ but I can’t be bothered to find out who and whom.
It’s a truly ill wind that blows no good and, of course, the recession is making it easier to find certain kinds of worker here in Galicia. For the record, these include carpenters, cooks, panel-beaters, lifeguards, rubbish collectors, delivery-men and masons. There must be a joke in there somewhere but I can’t find it.
Finally . . . I continue to be dogged by an electronics/IT jinx. My new laptop has a graphics card fault and, so far, I've had to make three trips to the shop just to try to get the driver fixed/updated. Or something like that. This is essentially because of two well-meant but unfulfilled ‘promises’. It’s that old customer service complaint again. And that old Spanish custom of not regarding time as important. Or the customer’s anyway.
Here in Spain, the banking industry is calling for secrecy as to which of its members gets liquidity assistance from the government. This would be unique in Europe and Brussels is yet to pronounce on whether or not it would be illegal. But El Mundo, at least, regards lack of transparency as unconscionable. It certainly wouldn’t do much to stifle suspicions there’s something nasty in the Spanish woodshed.
Talking to my visitor about Spanish attitudes to risk, I said they were, on balance, saner than those of the UK. But I added that my impression was the Spanish equated a low risk with a nil risk, regardless of the consequence of it materialising. And I evidenced this by the very high percentage of cars on Pontevedra’s hills which don’t have their wheels turned into the kerb. Sad to relate, this was rather confirmed by the report in today’s papers of a woman being killed by a runaway empty car at the bottom of a hill in a nearby village. Perhaps this will lead to a change of attitude. And perhaps it won’t.
Following-up my bit on bullfighting the other day – The Spanish TV station which normally shows live corridas says it won’t be doing so next year. The excuse given is budgetary constraints, with the hint that childrens’ TV will be getting the benefit. And perhaps the blame. Though the Spanish, of course, love kids far more than they love bullfighting.
Galicia
The world, as I say, may be collapsing about us but a meeting of a committee of the Galician parliament broke up yesterday after the opposition party walked out when one of its members was expelled for refusing to use ‘Galiza’ in place of Galicia. During the proceedings, someone called someone else ‘mosquito brain’ but I can’t be bothered to find out who and whom.
It’s a truly ill wind that blows no good and, of course, the recession is making it easier to find certain kinds of worker here in Galicia. For the record, these include carpenters, cooks, panel-beaters, lifeguards, rubbish collectors, delivery-men and masons. There must be a joke in there somewhere but I can’t find it.
Finally . . . I continue to be dogged by an electronics/IT jinx. My new laptop has a graphics card fault and, so far, I've had to make three trips to the shop just to try to get the driver fixed/updated. Or something like that. This is essentially because of two well-meant but unfulfilled ‘promises’. It’s that old customer service complaint again. And that old Spanish custom of not regarding time as important. Or the customer’s anyway.
Tuesday, October 28, 2008
Damn this recession. Despite scanning 5 local papers today, I came up with nothing by way of stimulus for the challenge of writing a post. It's true there are rumours about a Spanish bank in difficulties - and even suggestions Banco Santander may, indeed, have over-reached itself - but I don't want to go there. Or not yet, at least.
So here's another couple of references to articles in Prospect magazine . . .
The first of these gives an alternative view of George Bush's presidency. At least in the foreign policy context. It contains the following provocative paragraph:- Will the increasing decentralisation of Europe into regions and even quasi-states such as Catalonia and Scotland weaken the old national states sufficiently to allow the emergence of a strong pan-European government? That would also weaken the US, which now acts as Europe's only functioning co-ordinator for all that is military and diplomatic. It is also wildly unlikely in this century.
And here's an article on the importance of 'character' and the role of the family in creating it. Strange to read in a left-of-centre journal that "character may be the key to some of our most entrenched social problems." My impression was it had become criminal in modern Britain to utter views like this. But the wheel turns, I guess.
Galicia
So what can I write of topical relevance . . .?
Well, a local friend last weekend braved the scorn of her colleagues by taking a trip on Pontevedra's tourist train. Possibly she was the only passenger to know the recorded commentary was describing Plaza de la Leña when, in fact, they'd stopped in Plaza de la Verdura. And so on.
On a less prosaic level, I learned today - from a football report! - that the northern Portuguese cities of Braga and Guimaraes were once fierce rivals to be the capital of Galicia. Though I'm sure this will be corrected, if it's wrong. Or even merely debatable.
So here's another couple of references to articles in Prospect magazine . . .
The first of these gives an alternative view of George Bush's presidency. At least in the foreign policy context. It contains the following provocative paragraph:- Will the increasing decentralisation of Europe into regions and even quasi-states such as Catalonia and Scotland weaken the old national states sufficiently to allow the emergence of a strong pan-European government? That would also weaken the US, which now acts as Europe's only functioning co-ordinator for all that is military and diplomatic. It is also wildly unlikely in this century.
And here's an article on the importance of 'character' and the role of the family in creating it. Strange to read in a left-of-centre journal that "character may be the key to some of our most entrenched social problems." My impression was it had become criminal in modern Britain to utter views like this. But the wheel turns, I guess.
Galicia
So what can I write of topical relevance . . .?
Well, a local friend last weekend braved the scorn of her colleagues by taking a trip on Pontevedra's tourist train. Possibly she was the only passenger to know the recorded commentary was describing Plaza de la Leña when, in fact, they'd stopped in Plaza de la Verdura. And so on.
On a less prosaic level, I learned today - from a football report! - that the northern Portuguese cities of Braga and Guimaraes were once fierce rivals to be the capital of Galicia. Though I'm sure this will be corrected, if it's wrong. Or even merely debatable.
Sunday, October 26, 2008
I guessed yesterday that President Zapatero would say nothing about the French president's current folies de grandeur, lest he lose the latter's support for his campagn to force out of President Bush an invitation to November's global finance conference in New York. El País tells us today that, in truth, Zap is concentrating all his personal energy on Sarko, seeing him as his greatest hope. So continued silence - or even support - must surely be expected.
El País quotes a German newspaper's support for Spain's attendance on the interesting grounds it was Spain who entered the crisis with the most recent experience of bank failures - in the early 90s - and so with the most tested regulatory measures aimed at preventing another one. The rest of the world, therefore, had something to learn from Spain. Which must all have been music to President Zapatero's ears. Perhaps his chances are rising. And maybe I will be making that apology in due course.
El País also has an article on 40 savings banks [cajas/caixas] here, stressing their exposure to the stalled construction sector and repeating the established conventional wisdom that mergers are inescapable.
The leader of one of Spain's national political parties has resigned his post, demonstrating considerable disenchantment at its internal workings. His parting advice was that his colleagues should try to be less 'sectarian, dogmatic and tribal'. Interestingly, the party is called The United Left.
Galicia
My UK visitor has now been here 3 days and has, alongside many positives, experienced three unforgettable negatives about Galicia. The first, of course, was the inedible pig's ear of Friday and the second two were:- 1. Tony bawling his kids off to school between 7 and 8am, and 2. Tony and his family holding a party until 5am of a Sunday morning and paying not the slightest heed to any interest their neighbours might have in getting off to sleep.
I should add he's also had the experience of being told at Pontevedra's only post office that they didn't have any stamps. Thank God for the tobacco shops.
My guest and I partook of my usual Sunday lunch of squid and Albariño down in Market Square at midday. After we'd been reading the papers for an hour or so, this little chat took place:-
Guest: Do you think we should give up this table now?
Me: Eh?
Guest: Well, are there people waiting for tables?
Me: Probably but what's that got to do with us?
Who says I'm not adaptable?
El País quotes a German newspaper's support for Spain's attendance on the interesting grounds it was Spain who entered the crisis with the most recent experience of bank failures - in the early 90s - and so with the most tested regulatory measures aimed at preventing another one. The rest of the world, therefore, had something to learn from Spain. Which must all have been music to President Zapatero's ears. Perhaps his chances are rising. And maybe I will be making that apology in due course.
El País also has an article on 40 savings banks [cajas/caixas] here, stressing their exposure to the stalled construction sector and repeating the established conventional wisdom that mergers are inescapable.
The leader of one of Spain's national political parties has resigned his post, demonstrating considerable disenchantment at its internal workings. His parting advice was that his colleagues should try to be less 'sectarian, dogmatic and tribal'. Interestingly, the party is called The United Left.
Galicia
My UK visitor has now been here 3 days and has, alongside many positives, experienced three unforgettable negatives about Galicia. The first, of course, was the inedible pig's ear of Friday and the second two were:- 1. Tony bawling his kids off to school between 7 and 8am, and 2. Tony and his family holding a party until 5am of a Sunday morning and paying not the slightest heed to any interest their neighbours might have in getting off to sleep.
I should add he's also had the experience of being told at Pontevedra's only post office that they didn't have any stamps. Thank God for the tobacco shops.
My guest and I partook of my usual Sunday lunch of squid and Albariño down in Market Square at midday. After we'd been reading the papers for an hour or so, this little chat took place:-
Guest: Do you think we should give up this table now?
Me: Eh?
Guest: Well, are there people waiting for tables?
Me: Probably but what's that got to do with us?
Who says I'm not adaptable?
Sunday, October 19, 2008
It was interesting to read in El País today that the regional Spanish savings banks [Cajas/Caixas] are far more exposed to the struggling construction industry than their larger national bretheren. And that only a minority of them actually produce any public accounts. So no one really knows how they're doing and which of them are candidates for voluntary or enforced fusion. Whether across regional boundaries or not. As for Galicia, the relevant member of the Xunta has said we're best served by keeping Caixa Galicia and Caixanova separate. Though this may be more of a political than a commercial view. Ya veremos.
Here in Spain, there are certain 'micro' vehicles you can take on the roads without any licence. Not to mention driving lessons. I saw a showroom full of some of these this morning, going under the mark - I kid you not - of Sulkycar. There was even a pick-up truck and, though this photo bears the name Casalini, the one I saw had a Mitsubishi badge on the cab. Perhaps you do need a licence for these, even if the engine is only 538cc.
President Zapatero may be may not be making a state visit to Cuba, depending - it seems - on whether it can be established that things have improved there as regards individual rights. I tend to the view that, even if the place became a haven of liberties overnight, President Zap might just have more important things on his plate right now.
I see Lewis Hamilton didn't live up to the billing of Briatori and crack under self-imposed pressure and/or the concerted efforts of his opponents in today's Chinese Grand Prix. Given what Alsonso has said this week about doing what he can to ensure Hamilton doesn't win the championship, I wondered what the latter felt when the former [disingenuously?] congratulated him on his victory during the weigh-in. As for Alsonso himself, I share the view of this writer that he's brilliant but unsportsmanlike. An opinion I'm unlikely to change if Spanish readers write to say what an arrogant, cheating bastard Hamilton is. Even if they're right.
Galicia
Pontevedra's council failed this week to get any takers for some pieces of land re-zoned for development. As a profitable sale was assumed in the annual budget, this will only add to the woes of reduced tax revenues from property transactions. Our counsellors are surely - and suddenly - discovering how different it is to manage decline, as opposed to growth. Good luck to them.
Finally - An interesting statistic, from Propect's October issue. 23% of Germans believe the US government was behind 9/11. Compared with 5, 8 and 15 in Britain, France and Italy, respectively. And only 12% in Egypt. Sadly, there's no number for Spain. I'd guess it'd be higher than in Italy. Possibly even Germany.
Here in Spain, there are certain 'micro' vehicles you can take on the roads without any licence. Not to mention driving lessons. I saw a showroom full of some of these this morning, going under the mark - I kid you not - of Sulkycar. There was even a pick-up truck and, though this photo bears the name Casalini, the one I saw had a Mitsubishi badge on the cab. Perhaps you do need a licence for these, even if the engine is only 538cc.
President Zapatero may be may not be making a state visit to Cuba, depending - it seems - on whether it can be established that things have improved there as regards individual rights. I tend to the view that, even if the place became a haven of liberties overnight, President Zap might just have more important things on his plate right now.
I see Lewis Hamilton didn't live up to the billing of Briatori and crack under self-imposed pressure and/or the concerted efforts of his opponents in today's Chinese Grand Prix. Given what Alsonso has said this week about doing what he can to ensure Hamilton doesn't win the championship, I wondered what the latter felt when the former [disingenuously?] congratulated him on his victory during the weigh-in. As for Alsonso himself, I share the view of this writer that he's brilliant but unsportsmanlike. An opinion I'm unlikely to change if Spanish readers write to say what an arrogant, cheating bastard Hamilton is. Even if they're right.
Galicia
Pontevedra's council failed this week to get any takers for some pieces of land re-zoned for development. As a profitable sale was assumed in the annual budget, this will only add to the woes of reduced tax revenues from property transactions. Our counsellors are surely - and suddenly - discovering how different it is to manage decline, as opposed to growth. Good luck to them.
Finally - An interesting statistic, from Propect's October issue. 23% of Germans believe the US government was behind 9/11. Compared with 5, 8 and 15 in Britain, France and Italy, respectively. And only 12% in Egypt. Sadly, there's no number for Spain. I'd guess it'd be higher than in Italy. Possibly even Germany.
Friday, October 17, 2008
I heard an interview with the PP president of the Madrid region - Espe Aguirre - on the radio this morning. If nothing else, she's an able politician. Which is not necessarily a compliment, of course. But I was somewhat distracted by the mental image of a shadowy figure in the background chucking bricks, hurling darts and sticking needles in a voodoo doll. At first I thought it was Graeme from South of Watford but then I realised I don't know what he looks like. So it might well have been her party leader, Marion Rajoy.
The financial crisis - Here's an article for all those who think the British got too bloody arrogant under the boastful Messrs Blair and Brown of New Labour, written by a [breast-beating] member of that party, I believe. And here's a brief comment from the estimable Daniel Hannan on GB's Master-of-the-Universe rescue plan. Finally, here's something for those with a serious interest in bank performances to get their teeth into. Surely there's someone out there who can make a better fist of informed analysis than I could. Charles?
There's a love-in going on at the moment between said Gordon Brown and President Zapatero, essentially because the former supports the case for the presence of the latter at an upcoming meeting of the politicians who allowed the world to get into its current mess. At their own meeting this week, they agreed on the continuing importance of fighting global warming but I wonder whether President Z was rude enough to admit he doesn't share GB's belated conversion to the nuclear option. Or perhaps he felt it would be embarrassing to remind the British premier that his country's nuclear industry would soon be entirely in the hands of the French. Who already own much of the UK's utilities industry, of course.
I mentioned yesterday that football was Spain's primary unifying force. So, you'd think that with something this important the TV scheduling would allow for at least a bit of match analysis, either in the middle or at the end. Or both. But with Spain v. Belgium - an excellent match - what we got was neither. Just ads and then straight into the following program, which had been repeatedly trailed during the game. Money talks. Boringly in this case.
On the question of unity [and banking . . .], someone has said they hope Spain's infamous 'localism' doesn't get in the way of sensible Caja/Caixa mergers across regional boundaries. Fat chance, I would have thought. Especially a fusion of operations in, say, Cataluña and Castile y León.
I've long wanted to write this - Spain is different . . . . Some folk can presumably recall what they were doing at the time. Possibly because of the irregular motion of the train. Don't you just love the bit about the regulations.
Galicia
The Galician Nationalist Block [the BNG] has upset its coalition partner by suggesting that - the economic crisis notwithstanding - the big issue of the moment is getting all the local parties to re-state their commitment to the 'normalisation of language'. And why not? There's an election coming up and these things must take precedence over, say, unemployment. Though only today this was reported to again be the number one concern of the Spanish public. Not all of whom have a vote in Galicia, of course.
Finally, here's more about the book I mentioned yesterday.
The financial crisis - Here's an article for all those who think the British got too bloody arrogant under the boastful Messrs Blair and Brown of New Labour, written by a [breast-beating] member of that party, I believe. And here's a brief comment from the estimable Daniel Hannan on GB's Master-of-the-Universe rescue plan. Finally, here's something for those with a serious interest in bank performances to get their teeth into. Surely there's someone out there who can make a better fist of informed analysis than I could. Charles?
There's a love-in going on at the moment between said Gordon Brown and President Zapatero, essentially because the former supports the case for the presence of the latter at an upcoming meeting of the politicians who allowed the world to get into its current mess. At their own meeting this week, they agreed on the continuing importance of fighting global warming but I wonder whether President Z was rude enough to admit he doesn't share GB's belated conversion to the nuclear option. Or perhaps he felt it would be embarrassing to remind the British premier that his country's nuclear industry would soon be entirely in the hands of the French. Who already own much of the UK's utilities industry, of course.
I mentioned yesterday that football was Spain's primary unifying force. So, you'd think that with something this important the TV scheduling would allow for at least a bit of match analysis, either in the middle or at the end. Or both. But with Spain v. Belgium - an excellent match - what we got was neither. Just ads and then straight into the following program, which had been repeatedly trailed during the game. Money talks. Boringly in this case.
On the question of unity [and banking . . .], someone has said they hope Spain's infamous 'localism' doesn't get in the way of sensible Caja/Caixa mergers across regional boundaries. Fat chance, I would have thought. Especially a fusion of operations in, say, Cataluña and Castile y León.
I've long wanted to write this - Spain is different . . . . Some folk can presumably recall what they were doing at the time. Possibly because of the irregular motion of the train. Don't you just love the bit about the regulations.
Galicia
The Galician Nationalist Block [the BNG] has upset its coalition partner by suggesting that - the economic crisis notwithstanding - the big issue of the moment is getting all the local parties to re-state their commitment to the 'normalisation of language'. And why not? There's an election coming up and these things must take precedence over, say, unemployment. Though only today this was reported to again be the number one concern of the Spanish public. Not all of whom have a vote in Galicia, of course.
Finally, here's more about the book I mentioned yesterday.
Thursday, October 16, 2008
This is an article on the financial crisis which seems rational and cogent. The problem is the writer was lampooned in the last edition of Private Eye for his shifting opinions over the last 10 months. So who or what to believe? Ahead of reaching a conclusion on this, you might want to see another article by the same writer, who compares Gordon Brown to President Galtieri and introduces an amusing turkey analogy into his financial analysis.
I guess there's more than one Spanish reader who's upset at my scepticism over claims that Spanish banks are more robust than any others in the entire world. Well, I will be quick to apologise for this, should events prove the assertion valid. Meanwhile, here's how I arrive at my viewpoint:-
Q. Are Spanish bankers smarter than any other in the world?
A. Possibly.
Q. Are Spanish bankers less greedy than others in the world?
A. Probably not.
Q. Is Spanish banking ruled by better regulations than anywhere else in the world?
A. Possibly.
Q. Are the Spanish famous for obeying or for ignoring rules and regulations?
A. Err . . . .
Q. Have Spanish banks been implicated in illegal activites such as secret offshore funds?
A. Yes, I thinks so.
Q. Are Spanish banks routinely involved in fraudulent real estate deals?
A. Yes, I think so.
All in all, this process doesn't inspire confidence in me. Nor, I suspect, in other Anglos and perhaps some Teutons as well. Personally, I'll even go further and say I suspect that Banco Santander is overreaching itself. But only time will tell and, as I say, I will be quick to recant and apologise if my views prove undfounded.
Meanwhile, President Z has confirmed that Spain will 'probably' see some bank mergers quite soon. Though these may well be confined to the Caja/Caixa [savings bank] sector. It comes to something when Madrid is jumping on the bandwagon of the Galician Nationalist Party.
Controversy continues to rage here around the UEFA sanction on Atletico Madrid for recent crowd trouble at their ground. The most sane commentators think the punishment was harsh but accept that the Spanish game has to get its act together, at least as regards racist incidents. And that if the allegation of Anglo-French conspiracy - now aimed at kaiboshing Madrid's Olympics bid! - might be a tad exaggerated, it is not completely without foundation. Well, maybe. But I was amused by a Voz de Galicia columnist's take that, whilst harldly anyone agrees with anyone else in Spain as to what their patria [homeland] is, everyone in the country - including politicians - immediately leap to the defence of Spain's real patria - football. For which we must all thank the Gods. For without it, what on earth would keep Spain together?
Galicia
I've said a few times that the concept of time is different here. Arriving at Vigo station at 5.30 tonight for a 6.15 train, I was surprised to see that it was indicated to be Salida Inmediata. Or
Immediate Departure. Perhaps 45 minutes is immediate here.Or perhaps it just means Next in this context.
Author's note: I've written this post in a WiFi cafe. The woman at the next table seems to think her baby is deaf. I fear that he soon will be.
I guess there's more than one Spanish reader who's upset at my scepticism over claims that Spanish banks are more robust than any others in the entire world. Well, I will be quick to apologise for this, should events prove the assertion valid. Meanwhile, here's how I arrive at my viewpoint:-
Q. Are Spanish bankers smarter than any other in the world?
A. Possibly.
Q. Are Spanish bankers less greedy than others in the world?
A. Probably not.
Q. Is Spanish banking ruled by better regulations than anywhere else in the world?
A. Possibly.
Q. Are the Spanish famous for obeying or for ignoring rules and regulations?
A. Err . . . .
Q. Have Spanish banks been implicated in illegal activites such as secret offshore funds?
A. Yes, I thinks so.
Q. Are Spanish banks routinely involved in fraudulent real estate deals?
A. Yes, I think so.
All in all, this process doesn't inspire confidence in me. Nor, I suspect, in other Anglos and perhaps some Teutons as well. Personally, I'll even go further and say I suspect that Banco Santander is overreaching itself. But only time will tell and, as I say, I will be quick to recant and apologise if my views prove undfounded.
Meanwhile, President Z has confirmed that Spain will 'probably' see some bank mergers quite soon. Though these may well be confined to the Caja/Caixa [savings bank] sector. It comes to something when Madrid is jumping on the bandwagon of the Galician Nationalist Party.
Controversy continues to rage here around the UEFA sanction on Atletico Madrid for recent crowd trouble at their ground. The most sane commentators think the punishment was harsh but accept that the Spanish game has to get its act together, at least as regards racist incidents. And that if the allegation of Anglo-French conspiracy - now aimed at kaiboshing Madrid's Olympics bid! - might be a tad exaggerated, it is not completely without foundation. Well, maybe. But I was amused by a Voz de Galicia columnist's take that, whilst harldly anyone agrees with anyone else in Spain as to what their patria [homeland] is, everyone in the country - including politicians - immediately leap to the defence of Spain's real patria - football. For which we must all thank the Gods. For without it, what on earth would keep Spain together?
Galicia
I've said a few times that the concept of time is different here. Arriving at Vigo station at 5.30 tonight for a 6.15 train, I was surprised to see that it was indicated to be Salida Inmediata. Or
Immediate Departure. Perhaps 45 minutes is immediate here.Or perhaps it just means Next in this context.
Author's note: I've written this post in a WiFi cafe. The woman at the next table seems to think her baby is deaf. I fear that he soon will be.
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