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The Next Italian Bank Threatens to Topple
The Next Italian Bank Threatens to Topple Sharp Dose of Deja Vu for Italy’s Teetering Banks. In a speech that did little to calm investors’ nerves, Italy’s finance minister said yesterday that he was “strangely optimistic” about Italy’s economic outlook. Senior eurocrats in Brussels are far from convinced. “Italy’s accounts are not improving,” blasted European […]
Spain Just Lit a Fuse Under Catalonia — its Richest Region
Spain Just Lit a Fuse Under Catalonia — its Richest Region Acute uncertainty is like sand in the gears of the local economy. It’s amazing how fast the wheels of the Spanish justice system go round when the establishment wants them to, and how slowly they revolve when it doesn’t, which is usually when members […]
Catalonia and Spain Enter Dangerous Uncharted Territory
Catalonia and Spain Enter Dangerous Uncharted Territory Emotions are running high on both sides of the divide. Today was one of the strangest days of my life. I woke up in a constitutional monarchy called Spain and will go to bed, the same bed, in a newly proclaimed republic. Catalonia’s impossible dream has finally come […]
The EU Just Did the Big Banks a Massive Favor
The EU Just Did the Big Banks a Massive Favor “Testimony to the iron grip the financial industry’s lobby still exerts on governments and legislators.” The European Union’s executive arm, the European Commission, made a lot of bank executives very happy this Tuesday by abandoning its multi-year pledge to break-up too-big-to-fail lenders. Despite the huge […]
Catalonia’s Political Crisis Snowballs into an Economic Crisis
Catalonia’s Political Crisis Snowballs into an Economic Crisis Independence would be “horrific” and amount to “financial suicide,” said Spain’s Economy Minister. But financial suicide for whom? It’s not easy being a Catalan bank these days. In the last few weeks the region’s two biggest lenders, Caixabank and Sabadell, have lost €9 billion of deposits as […]
ECB Suffers from “Corporate Capture at its Most Extreme”
ECB Suffers from “Corporate Capture at its Most Extreme” Many of these banks are implicated in the biggest financial crimes. No single institution has more influence over the lives of European citizens than the European Central Bank. It sets the interest rates for the 19 Member States of the Eurozone, with a combined population of […]
Catalonia Crisis Far From Over Despite Market Surge
Catalonia Crisis Far From Over Despite Market Surge Hopes that Catalonia’s woes could be contained are fading. On Tuesday night, for the briefest of moments, Catalonia’s government severed its ties with Spain. The region’s president, Carles Puigdemont, declared independence from Spain at around 7.40 p.m., Spanish time. Then, roughly ten seconds later, he put it […]
Catalonia Chaos Begins to Squeeze Spain’s Financial Markets
Catalonia Chaos Begins to Squeeze Spain’s Financial Markets Bank shares plunge. Money is already on the move. Spain’s biggest political crisis of a generation, which has led to the complete breakdown of communication and understanding between its government in Madrid and the separatist region of Catalonia, is finally beginning to take its toll on the […]
Dark Days Ahead for Catalonia
Dark Days Ahead for Catalonia It isn’t just about what happens on Sunday; it’s about the ensuing days and weeks. The next 72 hours could be crucial not only for Catalonia, but also for the rest of Spain and Europe. For now, the cards are overwhelmingly stacked in Madrid’s favor. The central government enjoys the […]
The Steep Price of Disaster in Mexico
The Steep Price of Disaster in Mexico Rescue efforts in Mexico are beginning to wind down after a trepidatory (vertical) earthquake unleashed destruction and bedlam in Mexico City and the two central states of Puebla and Morelos on Tuesday. The temblor took place 32 years to the day after a horrendous quake killed at least […]
It Gets Ugly in Catalonia
It Gets Ugly in Catalonia Spain’s “ships of repression” are coming to help out. Madrid’s crackdown on Catalonia is already having one major consequence, presumably unintended: many Catalans who were until recently staunchly opposed to the idea of national independence are now reconsidering their options. A case in point: At last night’s demonstration, spread across […]
Catalonia’s Defiance of Spanish Authority Turns into Rebellion
Catalonia’s Defiance of Spanish Authority Turns into Rebellion “Do not underestimate the power of Spanish democracy.” With these words, eerily reminiscent of a line once spoken by Star Wars villain Darth Vader, Spain’s Prime Minister Mariano Rajoy brought to a close a week of frenzied drama. It began with a foiled attempt by the Spanish […]
The Next Spanish Bank Teeters, at Worst Possible Time
The Next Spanish Bank Teeters, at Worst Possible Time The timing could not have been worse: just as Spain faces its biggest constitutional crisis in over 40 years with Catalonia’s independence vote, another bank has begun to wobble. Liberbank, Spain’s eighth largest lender, was spawned in 2011 from the shotgun marriage of three failed cajas […]
