Spain’s banking sector on the brink

Spain’s banking sector on the brink

The pound has hit 1.25 against the euro this past week, its highest rate since Oct 2008, as Spain struggles to get to grips with its banking sector and Greece contemplates a euro exit. So what next for the continent in crisis, and the exchange rate? Here is my latest update of the British pound to euro exchange rate, covering [...]

Crisis in Spain, two different faces of Spain within just a few days

Crisis in Spain, two different faces of Spain within just a few days

I have just been sent a wonderful YouTube film of a demonstration in Barcelona about the crisis in Spain.  It is wonderful (breath-taking really) and shows the best side of Spain and the culture of Spain. The demonstration is set within an office of la Caixa, one of the biggest banks in Spain, and revolves around a by-line stating that [...]

Expat evacuation plan for those living in Spain and Portugal

Expat evacuation plan for those living in Spain and Portugal

Well, I think if I was in Spain in charge of marketing Spanish property to the British (if there is such a person!) then I would probably finally have my head in my hands.  Either that or I would be looking frantically for a wobbly, three legged stool and a short rope. Why? Because the UK press has recently been [...]

Spanish bank scandal

Spanish bank scandal

Spain is being rocked, at the moment, by the news that the directors of various Spanish banks have taken huge compensation packages – despite relentlessly driving their own banks to the point of destruction.  To everyone’s amazement, some of these packages have been awarded by the directors, to themselves, just days before the Bank of Spain was forced to bail [...]

Banks in Spain, service with a smile?

Banks in Spain, service with a smile?

I had to grimace recently when I saw an article in El Pais (‘conservative’ national Spanish newspaper) which reported that the economy ministry in Spain is about to issue an order for banks in Spain to clarify their charges to customers.  Evidently, along with Italy, Spanish banks are the most costly banks in the EU.  This, I am afraid, comes [...]

Banks in Spain, is the truth finally coming out?

Banks in Spain, is the truth finally coming out?

Well, really – what can any of us say? Do you remember last year when the results of the ‘stress’ test of European banks was announced by the Committee of European Banking Supervisors (CEBS)? To the astonishment of most commentators, only five out of the 27 banks in Spain tested were found to have failed the tests.  These were, predictably, Cajas [...]

Banks in Spain – how safe are they?

Banks in Spain – how safe are they?

Yesterday, Levante (a Spanish newspaper) had an interesting article about banks in Spain following their recent rating by Moody’s.  Moody’s, of course, are an American credit rating agency (like Fitch and Standard and Poor) who analyse the financial position of companies (and governments).  They are very influential and their assessment of a business or government can have a real affect [...]