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The Spanish Prime Minister, José Luis Rodríguez Zapatero, has said that Spain is ‘better prepared’ than elsewhere in Europe to face the financial crisis. He joined the call of his Minister for Tax and Finance, Pedro Solbes, in making a call for calm.
Speaking at the Socialist party headquarters in Calle Ferraz in Madrid, Zapatero said there were objective reasons to keep calm. He said Spain was travelling in the ‘safe boat of the Spanish economy’, although he did admit that Spain was not immune to the globalised world.
Hmmmm wondering what comments this will see from members…?
IMO he is in cloud cuckoo land to think Spain is in a safe boat, more like a submarine going down slowly
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I think ZapZapatero is just saying what any politician would be saying in his boots. His job is to steady nerves and try to give people confidence in what are very uncertain times.
Having said that, his “safe” boat would be one of the last boats I would choose to make a crossing in what are very turbulent waters.
Richard
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I think ZapZapatero is just saying what any politician would be saying in his boots. His job is to steady nerves and try to give people confidence in what are very uncertain times.
Having said that, his “safe” boat would be one of the last boats I would choose to make a crossing in what are very turbulent waters.
Richard
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@rt21 wrote:
Having said that, his “safe” boat would be one of the last boats I would choose to make a crossing in what are very turbulent waters.
RichardIt’s not called the Titanic by any chance is it?
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@rt21 wrote:
Having said that, his “safe” boat would be one of the last boats I would choose to make a crossing in what are very turbulent waters.
RichardIt’s not called the Titanic by any chance is it?
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Well, they do say that Politicians become a little barmy once in power.
It will be interesting to see what the .75% cut by the Fed will have on the markets. It could go either way; stabilise a dodgy situation or be seen as panicking. Interesting that the cut came a week earlier than expected. Do they have knowledge of some pretty bad statistics that couldn’t wait a few days. We’ll find out next week.
I suspect that America is already in recession, the question now is – will it be short and deep or long and shallow.
As for the safe boat…………more like a dream-on-boat! 🙄
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Well, they do say that Politicians become a little barmy once in power.
It will be interesting to see what the .75% cut by the Fed will have on the markets. It could go either way; stabilise a dodgy situation or be seen as panicking. Interesting that the cut came a week earlier than expected. Do they have knowledge of some pretty bad statistics that couldn’t wait a few days. We’ll find out next week.
I suspect that America is already in recession, the question now is – will it be short and deep or long and shallow.
As for the safe boat…………more like a dream-on-boat! 🙄
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The fact that he feels the need to say this must mean that it is not true. Call me a cynic but this confirms my suspicion that Spain is very badly prepared.
I can remember when all the sub prime mess started to come out in the US I saw one of the top guys at RBS being interviewed on bloomberg saying how this didn’t affect them. It struck me as odd at the time but made more sense when one month later they declared losses of $4b.
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The fact that he feels the need to say this must mean that it is not true. Call me a cynic but this confirms my suspicion that Spain is very badly prepared.
I can remember when all the sub prime mess started to come out in the US I saw one of the top guys at RBS being interviewed on bloomberg saying how this didn’t affect them. It struck me as odd at the time but made more sense when one month later they declared losses of $4b.
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The Spanish economy is the least prepared in Europe to weather the oncoming storm (inflation 4.2%, massive current account deficit, low productivity, falling competitiveness, monumental housing glut, etc.) , but he can’t very well admit that with an election round the corner. He is trying to keep the ball in the air until the election’s over.
Fantasy cruise anyone?
Mark
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The Spanish economy is the least prepared in Europe to weather the oncoming storm (inflation 4.2%, massive current account deficit, low productivity, falling competitiveness, monumental housing glut, etc.) , but he can’t very well admit that with an election round the corner. He is trying to keep the ball in the air until the election’s over.
Fantasy cruise anyone?
Mark
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rt21 wrote:I think ZapZapatero is just saying what any politician would be saying in his boots. His job is to steady nerves and try to give people confidence in what are very uncertain times.
Having said that, his “safe” boat would be one of the last boats I would choose to make a crossing in what are very turbulent waters.
Richard
I would rather book on the Titanic than get on the Cobbler´s boat. The election is only 6 1/2 weeks away, beware the “Ides of March”.
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rt21 wrote:I think ZapZapatero is just saying what any politician would be saying in his boots. His job is to steady nerves and try to give people confidence in what are very uncertain times.
Having said that, his “safe” boat would be one of the last boats I would choose to make a crossing in what are very turbulent waters.
Richard
I would rather book on the Titanic than get on the Cobbler´s boat. The election is only 6 1/2 weeks away, beware the “Ides of March”.
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maximus wrote:Well, they do say that Politicians become a little barmy once in power.
It will be interesting to see what the .75% cut by the Fed will have on the markets. It could go either way; stabilise a dodgy situation or be seen as panicking. Interesting that the cut came a week earlier than expected. Do they have knowledge of some pretty bad statistics that couldn’t wait a few days. We’ll find out next week.
I suspect that America is already in recession, the question now is – will it be short and deep or long and shallow.
As for the safe boat…………more like a dream-on-boat! 🙄
Ref the Fed cut to me it is like pouring petrol on a raging fire, why make it cheaper to borrow money when everyone is up to their eyes in debt?
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maximus wrote:Well, they do say that Politicians become a little barmy once in power.
It will be interesting to see what the .75% cut by the Fed will have on the markets. It could go either way; stabilise a dodgy situation or be seen as panicking. Interesting that the cut came a week earlier than expected. Do they have knowledge of some pretty bad statistics that couldn’t wait a few days. We’ll find out next week.
I suspect that America is already in recession, the question now is – will it be short and deep or long and shallow.
As for the safe boat…………more like a dream-on-boat! 🙄
Ref the Fed cut to me it is like pouring petrol on a raging fire, why make it cheaper to borrow money when everyone is up to their eyes in debt?
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@135yearswaiting wrote:
Ref the Fed cut to me it is like pouring petrol on a raging fire, why make it cheaper to borrow money when everyone is up to their eyes in debt?
I don’t think that they expect banks to lend quite so much as they have prior to the credit crunch. I think the problem is that people are paying a lot in interest charges at the moment and that is stopping them spending on other things. So, the reduction in interest rates and the tax rebate are designed to put money in consumers pockets so that they will spend and save the US from deflation.
Unfortunately, it seems that the US consumer is far more concerned about the coming recession and they are more likely to pay off debts or stash money in the bank than spend it in the shops. We’re going into a deflationary cycle, it should be interesting.
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@135yearswaiting wrote:
Ref the Fed cut to me it is like pouring petrol on a raging fire, why make it cheaper to borrow money when everyone is up to their eyes in debt?
I don’t think that they expect banks to lend quite so much as they have prior to the credit crunch. I think the problem is that people are paying a lot in interest charges at the moment and that is stopping them spending on other things. So, the reduction in interest rates and the tax rebate are designed to put money in consumers pockets so that they will spend and save the US from deflation.
Unfortunately, it seems that the US consumer is far more concerned about the coming recession and they are more likely to pay off debts or stash money in the bank than spend it in the shops. We’re going into a deflationary cycle, it should be interesting.
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Zapatero is talking complete rubbish saying Spain is better prepared than others.Spain´s economy which is very dependant on their property industry is in freefall, their tourism market is also suffering due to factors like crime, much higher costs of living than ever, overcrowded tacky resorts on the Costas, overpriced golf, poor roads off the main ones.
The coastal areas are not pretty anymore and Spain is no longer good value for holidays.
All the financial pundits say Spain is heading for recession/crash, so Zapatero may be high on Rioja and sunstroke. Of course it´s his job to talk things up just like Brown and Darling are trying to do in the UK.
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Zapatero is talking complete rubbish saying Spain is better prepared than others.Spain´s economy which is very dependant on their property industry is in freefall, their tourism market is also suffering due to factors like crime, much higher costs of living than ever, overcrowded tacky resorts on the Costas, overpriced golf, poor roads off the main ones.
The coastal areas are not pretty anymore and Spain is no longer good value for holidays.
All the financial pundits say Spain is heading for recession/crash, so Zapatero may be high on Rioja and sunstroke. Of course it´s his job to talk things up just like Brown and Darling are trying to do in the UK.
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