In 2013, Morgan Stanley praised Spain’s export miracle, thanks to wage cuts. “Next Germany,” it called it, giving rise to a lot of hope. Now reality has returned.
Money has no moral compunction, moves with ease from drug traffickers into mega construction projects, and politicians need it for campaigns and other purposes.
by Don Quijones • • Comments Off on Gotham City Takes Down Spanish Joker
Gowex was one of the most recommended stocks in Spain, including among the biggest banks. But under attack by a short-seller, it jumped from denial to confession and collapse in five short days, exposing just how well Spain’s regulators function.
by Don Quijones • • Comments Off on Mini Tax Havens: How Europe’s 1% Gets to Pay Only 1%
Under the guise of austerity, taxes on the middle class and small businesses in Spain and other countries have reached confiscatory levels. But for the wealthy, there is a special deal – and it erupted into a scandal.
by Don Quijones • • Comments Off on Sex, Drugs and Dodgy Accounting: Spain’s New Growth Strategy
When it comes to creative accounting, few can hold a candle to Spain’s finance minister Cristobal Montoro, who unveiled his latest scheme to “grow” the economy: adding prostitution and illegal drugs to GDP to solve a host of urgent problems.
by Don Quijones • • Comments Off on Wreckonomics: Troika Accelerates Demolition of Spain’s Economy
The people must pay” if they want to maintain the current levels of public services, warned James Daniel, the man in charge of the IMF’s mission in Spain, who, as an employee of the IMF, pays no income taxes to any country.
by Don Quijones • • Comments Off on For Love Nor Money: The Bank That Nobody Wants To Buy
By Don Quijones: The Spanish government is desperately trying to offload one of the bailed out, nationalized, and supposedly fully restored banks. The problem: no one wants it.
by Don Quijones • • Comments Off on Spanish Judge Crosses Line by Sending Bank CEO to Jail
By Don Quijones: The Spanish magistrate Elpidio Silva is just about the only judge in the Western hemisphere to have sent the CEO of a bailed-out too-big-to-fail bank to jail. Turns out, that was huge mistake.
