By Don Quijones: Under the guise of austerity, taxes on the middle class and small businesses in Spain and other countries have reached confiscatory levels. But for the wealthy, there is a special deal – and it erupted into a scandal.
Entries in Europe - Spain (73)
By Don Quijones: When it comes to creative accounting, few can hold a candle to Spain's finance minister Cristobal Montoro, who unveiled his latest scheme to “grow” the economy: adding prostitution and illegal drugs to GDP to solve a host of urgent problems.
By Don Quijones: The establishment, both inside and outside Spain, is alarmed at the scale and intensity of public anger in the country.
By Don Quijones: “The people must pay” if they want to maintain the current levels of public services, warned James Daniel, the man in charge of the IMF’s mission in Spain, who, as an employee of the IMF, pays no income taxes to any country.
By Don Quijones: The Spanish government is desperately trying to offload one of the bailed out, nationalized, and supposedly fully restored banks. The problem: no one wants it.
By Don Quijones: “I don’t think the government will want this to go to the courts, as it won’t benefit anyone.”
By Don Quijones: The Spanish magistrate Elpidio Silva is just about the only judge in the Western hemisphere to have sent the CEO of a bailed-out too-big-to-fail bank to jail. Turns out, that was huge mistake.
By Don Quijones: “Spain’s banks are back on track,” the Spanish Banking Association announced to great fanfare. That’s the official story. But these banks reported financial results that “bear no relation to reality.”
By Don Quijones: Political corruption has already become synonymous with political leadership in Spain. But now there’s a spectacle of political hubris and impunity so farcical and obscene that it leaves no doubt in one’s mind: Spain is run by a mafia state!
By Don Quijones: It was the first nationally coordinated grassroots response to repressive social and economic policies and widespread corruption of Spain’s ruling political caste. But it descended into violence – as the government is playing a dangerous game.
By Don Quijones: Revelations of a dirty, big business in Europe, and of the role banks play to make it possible. In fact, during the financial crisis, European banks “were as good as saved by the global drug trade.”
By Don Quijones: “You’re making a grave mistake,” the CEO of Catalonia’s megabank La Caixa allegedly told Catalonian President Artur Mas. Like many big shots, he’s fretting over the prospect of independence from Spain - an existential threat to the region’s banks.
By Don Quijones: “We have to fight corruption in order to build a new model of more sustainable and fairer growth,” pontificated the CEO of BBVA, a Spanish TBTF bank.
By Don Quijones: When it comes to dodgy landlords, few have it quite as bad as the tenants of a number of housing projects in Spain who were notified that the government had sold their units to an innocent-sounding investment fund called Cibeles.
Danièle Nouy, chair of the ECB’s newfangled bank regulator that doesn’t exist yet, had a term for it: “do whatever has to be done” so that the banking sector “is seen as sound and safe and transparent.” Is seen as.... Smoke and mirrors.
By Don Quijones: By deciding to warn his customers about the risks of these toxic financial products — they should never have been sold to savers — branch manager Gómez Ortega set himself on collision course with the bank's head office in Madrid.
By Don Quijones: When a consortium, led by the Spanish company Sacyr, bid to expand the Panama Canal for $2 billion under budget, it was an offer Panama couldn’t refuse. What the government didn’t know at the time was how Spanish construction firms operate.
By Don Quijones: "We will not be taking any questions on the specifics of the Spanish situation."
By Don Quijones: Normally these two worlds co-exist relatively peaceably, barely cognizant of the other’s existence. Every now and then, their paths may intersect, only to quickly decouple. But this week they suffered a head-on clash.
By Don Quijones: On the surface and on the pitch, Spanish football has never been better. The national team of once-perpetual underachievers has won two European Championships and one World Cup in the last six years, a feat unmatched by any other European nation.