[Anonymous]

http://www.guardian.co.uk/business/2012/aug/03/spanish-exit-iberia-losses-iag

[Anonymous]

All large organisations have a very switched on inteligence unit. So it would not surprise me if they have planned various scenarios.

Iberia, golden days were in 1992/93. After that they have gone downhill. Staff totally demotivated at all levels. Nepotism is overt, air crew bordering onto being nasty, insane ticket prices, AVE is the prefered mode of travel instead of their internal flights, out date perks for the staff. The take over by BA gave them a life line for a few extra years.

[angie]

I think the most significant point here is that IAG the parent company have pulled nearly all of their deposits out of Spanish Banks having already done the same out of Irish and Italian Banks. Clearly they don’t want their Club Med and Irish Euros to be worth less than German Euros or nothing at all. Maybe the break up or exit of some countries is near, one thing it’s likely to come when least expected methinks.

If that doesn’t focus the minds of anyone with large Euro deposits in countries like Spain then nothing will, one would have to have cojones of steel to leave large amounts on deposit in Club Med Banks. 🙄

[Anonymous]

Rahoyi says he will consider carefully what the ECB plan to offer if his country were to apply for FSF assistance . There has been some rumours in UK press that some Spanish Govt circles favour Euro exit. There is another opinion that suggests this might be a tool for driving a hard bargain with the ECB. Is Spain better in or out ? Not so easy to answer -it would affect different people in different circumstances in different ways. No-one can be sure that pressure from speculators could bring down the Euro. But it is clearly not fair that due to speculation Spain has to pay exhorbitantly for funds. But I really question whether the Spanish Government have an ear to the ground and hear much of the kind of changes that are needed in Spain -some expressed on this site -and if they are really motivated -a Conservative Party as they are to really change anything about the way they do things. Indeed why should the Spanish not carry on in their own sweet way and go back to the peseta. It is only outside influence and outside money that that caused the massive property boom -that changed their country – maybe Spain is entitled to be Spain and pay back what they owe without being stitched up ?

[logan]

This is just normal damage limitation practice. All public companies do it and so do governments. It only means uncertainty is persisting, nothing else.
Spain will not leave the Eurozone. I’ll stake my pension pot on it and I’m no gambler. 🙂

[DBMarcos99]

@logan wrote:

This is just normal damage limitation practice. All public companies do it and so do governments. It only means uncertainty is persisting, nothing else.
Spain will not leave the Eurozone. I’ll stake my pension pot on it and I’m no gambler. 🙂

Mmm, I was one of those who thought Spain would have left the Euro by this point. Although they would have escaped a lot of this pain by reverting to an independent currency, there are obviously pertinent reasons why they stay in the Euro – foremost being access to credit (even if it comes at a high price).
The weakness in recent months of the Euro has come as some relief for their exports and tourism sectors.

[Author]

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