If
you're thinking about buying property in Spain - well, there's
always someone - and wondering whether prices have now bottomed out,
here's Mark Stucklin with his view of how the 100 billion euro
transfer into the account of those who own most of the properties - the banks - will affect the market for them. You are now looking, he says, at a
shorter delay before it bottoms out. Brave man.
Well,
the Euros are under way and the British media has been up in arms at
the racism observed at Polish and Ukrainian grounds. Sad to say,
though, monkey chants directed at black football players are not
exclusive to these two countries; they've been a feature of recent
England-Spain matches too. And now come reports that Spanish
supporters shamed their country by indulging in this infantile
behaviour during last night's match with Italy. The reason is pretty
simple; no one in Spain thinks this is sufficiently bad to do
something about it. And we're usually given the pathetic lie that the
chants have been 'misinterpreted'. Here's a previous post on this
subject. And here's one about a comparable example in Portugal. Not Iberia at its best.
The
begging charity letters - with their little gifts - continue to pour
in through my daughter's letterbox - the result of her giving her
name and address to one of the charitable organisations. The latest letter contained not just a free biro but also a pair of heart-tugging
baby's bootees. These guys really play hardball. You'd have to have a
heart of stone to ignore them. But I manage it.
Brinkmanship
- A last minute deal - Euphoria - And a swift return to reality and fear. This has
been the pattern with all of the numerous crisis resolutions of the eurozone over the last four years. And the Spanish bailout
appears to be no different. Stocks which soared yesterday have
plummeted today and people have wisely suspended judgement until the
Devil tells us what's in the detail. Specifically, what strings are
attached to the loan which the Spanish government would have us
believe has none. Meanwhile, here's the (jaundiced) view of one
expert in these things:- What
happened over the weekend was simple: against the run of its own
guidance and resolution framework, Eurozone officials put bondholders
and EZ taxpayers squarely on the hook for the painful aftermath of
the squalid, rampant and barely-concealed speculation of Spanish
banks and regional authorities in infrastructure and real-estate
development and in housing. Economy minister Luis de Guindos said
over the weekend that because the bail-out is a credit-line to FROB
it won’t be included in Spain’s deficit calculations. If that’s
the case, it’s yet another gross EZ falsification.
More
here.
Finally
. . . Since the weekend of sun and high temperatures three weeks ago,
the weather in Britain has been dire. A great deal of rain and very
little sun. And now the forecast is for 'A month of rain'. Which has
reminded me of what I wrote six weeks ago: The
official prediction is that May will be the coldest in 300 years, to
be followed by a 'sizzling' summer. So, I guess we can assume
there'll be two, or even three, days of sun this year. My own
prediction is that the forecast will only be half right. The half
about May being brass monkeys weather.
Sad to say, my scepticism has been proved valid so far. So, I'm not
too unhappy about quitting this septic isle next weekend.
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