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Ian Campbell

Ian Campbell

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Spain: Where There is Smoke, Usually There is Fire

Why read: Because October is coming closer, and Spain is said to then face debt repayments of over 30 billion euros.

Commentary: I suggest you focus on denials made Friday by a representative of Spain's Government, who is reported as confirming there are no on-going negotiations for any 'bailout program' related to Spain other than the 100 billion euro Spanish banking rescue loan from the eurozone.

My comments:

  • it is interesting that anyone bothered to make such a denial, particularly when the same spokesperson is reported as conceding that 'political and technical talks over the crisis were going on all the time with Spain' - the question of course left hanging is whether the crisis referred to is the broader Eurozone crisis, or the crisis as it applies specifically to Spain; and,

  • why make the effort to deny negotiations are ongoing. Whether or not discussions are characterized as 'negotiations', I can't imagine it being credible to suggest that the Spanish Government and the governments of Germany and other Eurozone countries are not in ongoing discussions with respect to the financial difficulties that currently plague the Eurozone. That clearly includes Spain's ongoing financial and banking issues. If they are not in such discussions in my view that would be cause for serious head-shaking given what appears to be the ongoing sand flowing through the Eurozone's hourglass.

I suggest you read the referenced article and reach your own conclusion as to credibility of this denial.

Topical Reference: Spain denies negotiations on sovereign rescue, from The Globe and Mail, from Agence France-Presse, August 24, 2012 - reading time 2 minutes.

 

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