Spain’s premier Jose Luis Zapatero expects the ECB…

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This topic contains 16 replies, has 7 voices, and was last updated by Profile photo of Fuengi (Andrew) Fuengi (Andrew) 8 years, 6 months ago.

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  • #54060
    Profile photo of Anonymous
    Anonymous
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    to be more responsible.
    “I would advise Mr Trichet to be more careful in his comments: we expect the European Central Bank to be more responsible,” said Spain’s premier, Jose Luis Zapatero.

    Can he really tell others what to do after he wrecked his own country?

    God, he really wants a free lunch. Doesn’t he know that fairies do not really exist?

    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/10/cnecb110.xml

  • #83830
    Profile photo of mike
    mike
    Participant

    @ralita wrote:

    to be more responsible.
    “I would advise Mr Trichet to be more careful in his comments: we expect the European Central Bank to be more responsible,” said Spain’s premier, Jose Luis Zapatero.

    Can he really tell others what to do after he wrecked his own country?

    God, he really wants a free lunch. Doesn’t he know that fairies do not really exist?

    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/10/cnecb110.xml

    Just a minute. Are you blaming the property crash on Zapatero? Seriously? You do know that this has been going on for 10 years in just about every country in the world except Germany and the Dominican Republic (I made that last bit up). It’s been a mass delusion.

  • #83831
    Profile photo of Anonymous
    Anonymous
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    “Just a minute. Are you blaming the property crash on Zapatero? Seriously? You do know that this has been going on for 10 years in just about every country in the world except Germany and the Dominican Republic (I made that last bit up). It’s been a mass delusion.”

    We all know that Alan Greenspan and other central bankers were the priciple resposibles.

    But Zapatero was/is the main resposible for the chaos in legislation system in Spain.

    He should also be aware of the fact that Germany is the ruler in the EU whereas Spain is one of the tolerated countries which would go nowhere by itself.

  • #83832
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    Anonymous
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    @ralita wrote:

    Can he really tell others what to do after he wrecked his own country?

    What are you referring to here? It seems like you are saying that he isn’t allowed to express an opinion because you feel he is terrible.

    Of course he is allowed to express an opinion.

    If you dislike the man, the at least give us an objective reason why you feel this way. I don’t believe for one minute that all of Spains problems can be laid at the door of one politician. He has only been in power for 4 years, a lot of the issues here were started more than 4 years ago!

  • #83833
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    Anonymous
    Participant

    Ah we posted at the same time 😀

  • #83835
    Profile photo of Anonymous
    Anonymous
    Participant

    “If you dislike the man, the at least give us an objective reason why you feel this way. I don’t believe for one minute that all of Spains problems can be laid at the door of one politician. He has only been in power for 4 years, a lot of the issues here were started more than 4 years ago!”

    I do not dislike him at all. I believe any politician would have behaved the same way as he does.

    It is just that Spain and Ireland were very , very happy with the low ECB interest rates (the main cause of property bubble). Now, when the rates went a bit up (but still extremely low), they want to be bailed out by ECB.

    The rates were low and the excesses were bigger during his tenure.

    Same with Gordon Brown, Alistair Darling is only a scapegoat now.

  • #83836
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
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    @ralita wrote:

    He should also be aware of the fact that Germany is the ruler in the EU whereas Spain is one of the tolerated countries which would go nowhere by itself.

    Germany cannot implement any policy without the consent of the other nations of the EU, especially the other big four nations (spain, france, italy). And those 3 are against hte ECB rise.

    And its very nice for the EU to tolerate the 4th largest economy in europe which also happens to be the 8th largest economy in the world.

  • #83837
    Profile photo of Anonymous
    Anonymous
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    “Germany cannot implement any policy without the consent of the other nations of the EU, especially the other big four nations (spain, france, italy). And those 3 are against hte ECB rise.”

    Then it might be the end of ECB. Germany would do well, France will do acceptably well,
    Italy will go bankrupt, Spain might survive.

    “And its very nice for the EU to tolerate the 4th largest economy in europe which also happens to be the 8th largest economy in the world.”

    By tolerate you mean give them cheap credits to inflate property bubbles?

  • #83838
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    Anonymous
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    ralita, you really think that low interest rates were the main cause of the property bubble? Maybe inland this was part of the reason, but the coastal stuff was a lot more complex than just interest rates. Lots of foreign buyers had such small (or no) mortgages that I don’t think it was a big factor.

  • #83839
    Profile photo of Anonymous
    Anonymous
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    @ralita wrote:

    It is just that Spain and Ireland were very , very happy with the low ECB interest rates (the main cause of property bubble). Now, when the rates went a bit up (but still extremely low), they want to be bailed out by ECB.

    So you think he is bad for doing his job?
    We may not like it, we may disagree with it, but sure enough his critics would be the first to shout if he did not try.

  • #83841
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    Anonymous
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    “ralita, you really think that low interest rates were the main cause of the property bubble? Maybe inland this was part of the reason, but the coastal stuff was a lot more complex than just interest rates. Lots of foreign buyers had such small (or no) mortgages that I don’t think it was a big factor.”

    Low interest rate for builders and developers too. They also take loans when they buy land and construction materials.

    If they could hold the interest rates at 2% and mortgages were still largely available, the bubble (Ponzi scheme) would have continued to infinity.

    “So you think he is bad for doing his job? We may not like it, we may disagree with it, but sure enough his critics would be the first to shout if he did not try.”

    I have no idea how he did his overall job and I do not care as I do not pay taxes in Spain. I just commented in his begging the ECB to lower the rates. He does not care that low rates inflate bubbles (now the bubbles are commodities and food prices).

  • #83842
    Profile photo of Anonymous
    Anonymous
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    ralita wrote:
    to be more responsible.
    “I would advise Mr Trichet to be more careful in his comments: we expect the European Central Bank to be more responsible,” said Spain’s premier, Jose Luis Zapatero.

    Can he really tell others what to do after he wrecked his own country?

    God, he really wants a free lunch. Doesn’t he know that fairies do not really exist?

    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/10/cnecb110.xml

    Zapatero is like all politicians he blames everyone else when things go wrong, so far he has fallen out with Bush,not alone in that I know,Sarkozy, Merkel, Berlusconi, Trichet etc the only people he seems to get on with is Chavez in Venezuela and the other nutter in Bolivia. He has waged a running battle against the church, encouraged same sex marriage, gay rights. The man is obsessed with the atrocities carried out by the right , never a word about those committed by the left before, during and after the Civil War.

    The man is as bigger liar as Brown and Blair,he told the Spanish people that the Euribor had peaked at 4.4% now 5,4%.
    He said inflation would not go above 3,7% now 4,7% a figure that is nearly as laughable as the made up figure in the UK. If he had said it would go up a little from the 10% present rate that would have been more accurate .

    He also said that growth in Spain would never fall below the figure in Europe, Spain´s growth in the last quarter was 0,3% ,Europe 0,7%:

    The man is a clown, unfortunately a very dangerous clown. As in the UK I hope that the Spanish people will at last realise that socialism like communism is fine in books in reality it has always failed. Nu labour and PSOE could find they are so hated by the populace that they will not gain power for at least a generation.

  • #83843
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    Anonymous
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    ralita, this is absolute nonsense, it would not have continued until infinity. Property was getting unaffordable, people just couldn’t afford to buy. Housing in Spain became poor value. Interest rates didn’t kill the market, it just helps to exacerbate the problems.

  • #83844
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    Anonymous
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    “ralite, this is absolute nonsense, it would not have continued until infinity. Property was getting unaffordable, people just couldn’t afford to buy. Housing in Spain became poor value. Interest rates didn’t kill the market, it just helps to exacerbate the problems.”

    Everybody has his/her opinion. What you say sounds like nonsense to me, what I say sounds like nonsense to you. It is OK, the forums are made for people to disagree. :))

  • #83845
    Profile photo of rt21
    rt21
    Participant

    I think it is a bit unfair blaming Zapatero for the regulatory problems in Spain and also picking him up for commenting upon Trichet’s comments.

    Spain is a relatively new democracy, which has not had the time to develop its regulatotory frameworks in the way that more mature democracies have. And as someone has already commented the man has only been in office 4 years. Another complicating factor is that the Regional Authorities appear to have great autonomy when it comes down to formulating planning laws and regulations. I am not quite sure what would happen if central government started introducing legislation in an area that seems to be jealously guarded by the Regional Authorities. Having said that I do appreciate that something has to be done otherwise Spain’s reputation in this area will remain tarnished.

    In terms of Trichet’s comments, I think if I was in Zapatero’s shoes I would also find them unwelcome. Central Bankers have to be very careful about what they say because their comments can and do influence currency movements. Quite clearly Zapatero felt that that Trichet’s comments would adversely affect the euro.

    Richard

  • #83846
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    Anonymous
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    @ralita wrote:

    Everybody has his/her opinion. What you say sounds like nonsense to me, what I say sounds like nonsense to you. It is OK, the forums are made for people to disagree. :))

    That’s cool ralita, nice to see a difference of opinion without the nastiness. Nice one 🙂

  • #83848
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @ralita wrote:

    By tolerate you mean give them cheap credits to inflate property bubbles?

    you tell me i was quoting your words

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