spain – Page 2 – Slugger O'Toole

Euro crisis: “With that we buried the Maastricht Treaty, the legal basis for currency union”

Pete Baker on May 22, 2012, 3:32 pm

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A couple of interesting reports in the Irish Times with relevance to the ongoing euro crisis. First, from Derek Scally in Berlin …Mr Asmussen, a member of the ECB governing council, said growth measures – agreed without reopening the fiscal treaty – could help drive European integration. “The benefits of a currency union are so outstanding that they should be stabilised by deepening, which means a fiscal union and banking union as well as a democratic legitimised political union,” said …

Euro crisis: “Hold your sides and laugh out loud, otherwise you’ll have to cry.”

Pete Baker on May 11, 2012, 4:33 pm

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Despite some optimistic noises overnight, it still seems more likely than not that Limbo Greece will face new elections. As the Guardian live-blog noted earlier today The Democratic left party in Greece has said it will not back a pro-bailout government. That almost certainly means that Venizelos’s attempts to form a government coalition around agreement on the bailout terms are dashed and that the country will face fresh elections In the meantime, there are still a few days left to catch eurosceptic Michael Portillo’s …

de Juana Chaos loses extradition appeal [in absentia]

Pete Baker on May 3, 2012, 9:01 pm

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Despite their client jumping bail in March 2010, and disappearing into the ether, lawyers acting on behalf of the convicted ETA killer, Jose Ignacio de Juana Chaos, continued “with instructions” in the appeal against his extradition to Spain to face a charge of glorifying terrorism. Two years later, and Belfast High Court has dismissed that appeal. [Where are they sending the bill? – Ed] Good question. From the BBC report Judges ruled that while the European Arrest Warrant was “unquestionably imperfect”, it was …

Euro crisis: April is the cruellest month…

Pete Baker on April 30, 2012, 5:27 pm

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Apart from all the others… And it doesn’t matter how big your umbrella is. BBC Europe editor, Gavin Hewitt, on springtime in Europe What is being exposed is a major flaw with Mrs Merkel’s fiscal pact. It is undemocratic. It ties the hands of future governments – and that, of course, was its intention but it doesn’t stop voters opposing further cuts. In the eurozone, deficits are being reduced. But debt – in many cases – is still growing. Growth …

Euro crisis: “It is nice to have a big umbrella…”

Pete Baker on April 23, 2012, 5:04 pm

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The Guardian’s Economics blog starts with an interesting observation Those who watched Dominique Strauss-Kahn at the spring meeting of the International Monetary Fund a year ago say he played a blinder. Although he was to leave Washington under a cloud shortly afterwards, DSK impressed with his no-nonsense approach to his fellow Europeans. The IMF‘s managing director asked Jean-Claude Trichet, then president of the European Central Bank (ECB), and Christine Lagarde, at the time France’s finance minister, who they thought they …

Euro crisis: “Barroso absolutely confident that Spain can meet its economic challenges.”

Pete Baker on April 16, 2012, 3:02 pm

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With Spain probably in recession, again, and the cost of its government borrowing topping 6%, again, European Commission president José Manuel Barroso is being ridiculed for his optimistic futuring. As the Guardian’s Eurozone crisis live-blog notes European Commission president José Manuel Barroso has just been quizzed about the eurozone crisis, at a summit on sustainable energy. Barroso attempted to calm fears, telling his audience that he is “absolutely confident that Spain can meet its econonic challenges”. Alas, Barroso didn’t explain …

Euro crisis: “The worst, I fear, still lies ahead.”

Pete Baker on March 20, 2012, 6:36 pm

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In a recent column in the FT, Wolfgang Münchau asked an interesting question [free reg req] The markets have concluded that the eurozone crisis has ended. Several politicians said that they, too, believed that the worst was over. Complacency is back. I recall similar utterances in the past. Whenever there is some technical progress – an umbrella, a liquidity injection, a successful debt swap – optimism returns. If you think the European Central Bank’s policies have “bought time”, you should …

Euro crisis: “by the fifth instalment producers have to ramp up the violence and special effects.”

Pete Baker on March 8, 2012, 8:44 pm

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There have been some choice quotes flying around as the Greek government neared the 8pm deadline for securing sufficient private sector creditor involvement in their bond swap deal [and convincing Frau Bundeskanzlerin – Ed]. Like this quote from the Guardian live-blog at 6.59pm “if it closes at more than 90% its a triumph,” one well-briefed government official said. “If it’s above 75% its relatively good, if it’s lower than that we’re fucked,” he added saying the effects on market psychology would …

Euro crisis: “The expectation, however, must be for a fudge.”

Pete Baker on March 5, 2012, 5:30 pm

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When 25 of 27 EU leaders signed the “fiscal compact” [pdf file] designed to enforce budget discipline within the eurozone there was a rare, and unexpected, mood of optimism in the corridors of Frankfurt Brussels. An enthusiastic editorial in the Irish Times today calls for widespread political debate about the required new economic and political architecture. …the euro zone will not be stabilised without putting some such new economic architecture in place. A new political structure will also be required to ensure …

Odyssey Marine surrenders ‘Black Swan’ treasure to Spain

Pete Baker on February 25, 2012, 4:10 pm

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It looks as if the 5 year legal battle between US company Odyssey Marine Exploration and the Spanish government over the ‘Black Swan’ treasure is finally coming to an end. As I mentioned previously Browsing through the Odyssey Marine press archive brings an update on their previous big find. Also mentioned in my earlier post Odyssey is currently being sued by the Spanish government over a previous treasure of “17 tonnes of silver coins plus a few hundred gold coins”, …

Odyssey Marine to recover Victory, but lose ‘Black Swan’ treasure

Pete Baker on February 2, 2012, 5:08 pm

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Last seen somewhere off the Irish coast, US company Odyssey Marine Exploration have announced that they have “executed an agreement with the Maritime Heritage Foundation for the financing, archaeological survey and excavation, conservation and exhibit of HMS Victory (1744) and artifacts from the shipwreck site.” That’s Admiral Balchin’s HMS Victory – a 100-gun first-rate ship of the line lost in 1744 in the English Channel. It confirms an earlier report in the Sunday Times. There may be four tonnes of gold …

Euro crisis: “Anyone who claims to know what is about to happen to Europe is a fool.”

Pete Baker on December 14, 2011, 11:56 am

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In the Guardian, Simon Jenkins identifies a key point missing from most analysis of the aftermath of the EU crisis summit. From the Guardian article Anyone who claims to know what is about to happen to Europe is a fool. An unprecedented collapse in world credit has hit against years of reckless state borrowing to produce economic meltdown. Where there is economic meltdown, there is always a danger of political meltdown. While all other sciences have advanced over the ages, …

Euro crisis: “it is time to send for the Borg…”

Pete Baker on November 15, 2011, 3:25 pm

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You can follow the latest developments in the eurozone crisis at the Guardian’s live-Business blog as pressure mounts on Italian Prime Minister designate, Mario Monti – who was nominated to replace Silvio Berlusconi three days after the Italian President, Giorgio Napolitano, appointed Monti a Lifetime Senator. From his Wikipedia entry In 2007, Monti was one of the first supporters of the first European civic forum, Etats Généraux de l’Europe, initiated by European think tank EuropaNova and European Movement. In December 2009, he …

Sarkozy: “We will fight to defend Europe and the euro”

Pete Baker on November 4, 2011, 3:23 pm

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With apologies to Moochin, here’s the real POTD [of the week? – Ed] when the Greek Prime Minister, George Papandreou, had his card marked at Cannes by Frau Bundeskanzlerin. Via Daniel Hannan at the Telegraph blog. Italy have called in the International Monetary Fund (IMF), but no money has changed hands, according to Berlusconi… Answering questions at a press conference in Cannes this afternoon, Mr Berlusconi said he had no intention of resigning and did not believe his time in government was coming …

Euro crisis: “The Greek government has become adept at playing Europe’s leaders…”

Pete Baker on November 1, 2011, 4:34 pm

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The Guardian’s Business blog team are live-blogging events following the ‘bolt from the blue’ that was the Greek Prime Minister, George Papandreou calling for a referendum on the ‘rescue package’. And there’s an emergency Greek government cabinet meeting at 4pm [GMT]. BBC business editor, and still everyone’s hero, Robert Peston, looks at “the price of Greek democracy”. Opinion polls wouldn’t suggest there’s a high probability of Mr Papandreou winning the day. But views can change. What’s in it for the Greek people? Well, …

“It is highly unlikely that channel will get any airing in San Sebastián this week.”

Pete Baker on October 19, 2011, 6:41 pm

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As of yet, there’s been no response from Basque terrorist group ETA to the declaration by the great and the good Former United Nations Secretary General, Kofi Annan, former Norwegian Prime Minister, Gro Harlem Bruntland, Former Taoiseach Bertie Ahern, Former French Minister, Pierre Joxe, International Representative for west Belfast Louth, Gerry Adams, TD, and… ermm… his sometime speech-writer, Tony Blair’s former Chief of Staff, Jonathan Powell. That’s despite it being what the BBC described as a “carefully choreographed” event. Not that I’d expect …

Euro crisis: “It is easy sometimes to exaggerate the impact of street protests.”

Pete Baker on October 14, 2011, 6:31 pm

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With the G20 finance ministers meeting in Paris to ponder the eurozone debt crisis, time for a quick look at how the PIIGS are doing… Now that Slovakia has, finally, acquiesced to the inadequate European financial stability facility… At the cost to the Slovakian government of a general election in March 2012… In Portugal the government is seeking to tighten the austerity belt further, and the international rating agencies cut Spain’s credit rating. The Guardian’s Jon Henley is on a “Europe on the breadline” …

Odyssey Marine confirm site of shipwreck containing 200 tonnes of silver 300 miles off Irish coast

Pete Baker on September 26, 2011, 10:11 pm

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As the BBC report, the US company Odyssey Marine Exploration have confirmed “the identity and location of the shipwreck site of the SS Gairsoppa nearly 4,700 meters below the surface of the North Atlantic, approximately 300 miles off the coast of Ireland in international waters.” And if the historical records and research are correct, the wreck contains 7 million total ounces [200 tonnes] of silver. Worth £600,000 when the ship was torpedoed by a German U-boat and sank in 1941, the silver hoard is …

Euro crisis: “It is a debt crisis but a crisis, too, of legitimacy.”

Pete Baker on September 14, 2011, 3:43 pm

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Credit ratings agency Moody’s has downgraded two major French banks ahead of crisis talks between President Nicolas Sarkozy, German Chancellor Angela Merkel, and Greek Prime Minister, George Papandreou. BBC business editor, and still everyone’s hero, Robert Peston explains why. And Greece isn’t their only concern. Nor are they the only ones taking an interest. [Adds – More on the interest elsewhere]. The Guardian’s business blog is live-blogging today’s events… And, even though they “know how difficult a treaty change will be”, that’s precisely what …

Jean-Claude Juncker: “The Eurogroup is working on a proposal, which I hope all eurozone member states will be happy with”

Pete Baker on August 29, 2011, 9:15 pm

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A quick update from Brussels on the crisis in the euro-zone where Finland’s demand for collateral in return for financial aid to Greece is, as the New York Times reported, threatening the “fragile consensus”. [Offer them an island or two! – Ed] I don’t think that would cover it… The BBC reports that European Central Bank (ECB) president, Jean-Claude Trichet, wants European governments to get back to work quickly. “The full and timely implementation of the July 21 agreement between heads …