Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘Spain’

Spain rekindles a radical idea: a Europe‑wide minimum income

Posted by hkarner - 8. Juni 2020

Date: 08‑06‑2020

Source: The Guardian Ashifa Kassam in Madrid

Podemos leader enlists Portugal and Italy to lobby for policy as depression looms for coronavirus‑ravaged southern Europe

It’s been proposed, probed and pushed to the margins of the European Union for more than two decades. Now, as Europe reels from tens of thousands of coronavirus deaths and millions of lost jobs in the worst recession for generations, ministers from Spain, Italy and Portugal say the time has come to revive a radical idea: a pan‑EU minimum income.

“This is the moment for debates about social protection,” Pablo Iglesias, Spain’s deputy prime minister for social rights and leader of Podemos, told the Guardian. “Anyone who finds themselves in a vulnerable situation should have access to protection mechanisms that allow them to fill their fridge and care for their family.”

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Europe’s future is at stake in this war against coronavirus

Posted by hkarner - 6. April 2020

Date: 06‑04‑2020

Source: The Guardian Pedro Sánchez

Our citizens are dying and our hospitals overwhelmed. Either we respond with unwavering solidarity or our union fails, writes the Spanish prime minister

Spanish soldiers disinfect a colleague in Zaragoza, northern Spain

Europe is enduring its worst crisis since the second world war. Our citizens are dying, or fighting for their lives in hospitals that are overwhelmed by a pandemic which represents the greatest threat to public health since the 1918 flu pandemic.

The European Union is facing a different war from those we have successfully averted over the past 70 years: a war against an invisible enemy that is putting the future of the European project to the test.

The circumstances are exceptional and call for unwavering positions: either we rise to this challenge or we will fail as a union. We have reached a critical juncture at which even the most fervently pro‑European countries and governments, as is Spain’s case, need real proof of commitment. We need unwavering solidarity. Den Rest des Beitrags lesen »

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To make a comeback, Europe’s center-left is leaning more … left

Posted by hkarner - 1. Mai 2019

Date: 30-04-2019
Source: The Wall Street Journal

Move paid dividends in Spanish elections, where Socialists trounced conservative rivals in fragmented field

Europe’s center-left parties, faced with falling support, are shifting left to win back working-class voters lost to hard-left and populist movements—a move that paid off in Spain’s national elections on Sunday, where the Socialists trounced their conservative rivals.

The Socialists, who have governed since last summer, came first in a fragmented field after pitching a platform of workers’ rights, higher taxes on the wealthy and environmental protection—issues central to the party’s social-democratic roots. The party will need to form a coalition with smaller allies to reach a majority, however.

“People don’t make ends meet,” said Antonio Benítez, a 57-year-old employee of Spain’s health service, who lives in Andalusia. “It’s about time they speak about the fundamental pillars of the left, of being socialist, with none of these deviations to the center.” Den Rest des Beitrags lesen »

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The difference between Italy and Spain

Posted by hkarner - 23. März 2019

Date: 22-03-2019
Source: The Economist: Charlemagne
Subject:Worry more about the former than the latter

It is tempting to lump Europe’s two big southern countries together. Italians and Spaniards talk loudly, eat late, drive fast and slurp down life-prolonging quantities of tomatoes and olive oil (such, at least, are the clichés). They were cradles of European anarchism in the 19th century and fascism in the 20th century; brushing dictatorship under the carpet before embracing Europe in the post-war years. During the euro-zone crisis from 2009 they were two components of the ugly acronym “pigs” (Portugal, Italy, Greece, Spain) denoting particularly indebted economies. Today once more they are being mentioned in the same breath.

Italian volatility appears to be arriving on the Iberian peninsula. Spain’s once boringly bi-party politics has become a five-party kaleidoscope with the emergence of the hard-left Podemos, the centre-right Ciudadanos and most recently the hard-right Vox. It is increasingly polarised by battles over Catalan independence. Last summer Pedro Sánchez’s centre-left Socialists (psoe), backed by Catalan nationalists, toppled a centre-right People’s Party (pp) government. But the Catalans refused to back the new government’s budget, forcing Mr Sánchez to call an election for April 28th. A right-wing coalition of pp, Ciudadanos and Vox (which would surely inflame Catalan nationalism) or a deadlock and new elections are the most likely outcomes. Den Rest des Beitrags lesen »

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Lessons from Spain’s recovery after the euro crisis

Posted by hkarner - 28. Juli 2018

Date: 26-07-2018
Source: The Economist

Its admirable economic progress could be hobbled by politics

JUST six years ago Spain seemed to be the European Union’s biggest economic calamity, menacing the survival of the euro itself. As it goes on holiday this week, it is in much brighter shape. Thanks to structural reforms and some good fortune, it is enjoying a sustained recovery. Spanish politics has little of the xenophobia common elsewhere in Europe. Forty years after it became a democracy, on issues of personal liberty such as gay marriage Spain feels Scandinavian rather than southern European. Boasting the world’s second-highest life expectancy, a good health service and world-class transport infrastructure, it is in many ways a great place to live.

Yet that is not how many Spaniards see it. The slump in 2009-13 opened wounds that have yet to heal. Spain is still more unequal, has more poor and more low-paid workers than in 2008. Real wages have fallen. Many younger Spaniards have had to delay their plans for a career, a house and children. Politics reflects that. A stable two-party system gave way in 2015 to hung parliaments, as public ire fuelled two newish parties: Podemos on the radical left and Ciudadanos, a centrist party a bit like the one running France. Den Rest des Beitrags lesen »

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Why Italy Is Flirting with Euro Exit and Spain Isn’t

Posted by hkarner - 5. Juni 2018

Date: 04-06-2018
Source: The Wall Street Journal

Spain suffered far more than Italy during the euro crisis, but the major Spanish parties are committed to staying in the common currency

Italy and Spain got new governments last week. But while Italy’s change of leadership led markets on a roller coaster, Spain’s was met with a yawn. The reason: Their economies have followed different paths, and so have their attitudes to the euro. The populists who make up Italy’s new government have toyed with exiting the common currency, whereas all of Spain’s major parties are committed to staying in.

This isn’t what you would have predicted six years ago; Spain suffered far more than Italy during the euro crisis. But it also reformed its economy much more and has enjoyed a much stronger recovery; gross domestic product is now above its precrisis peak. By contrast, Italy’s economic problems long predate the euro, and its failure to fix them has left GDP 5% below its prior peak and voters receptive to radical economic prescriptions. Den Rest des Beitrags lesen »

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Aftereffects of Eurozone Crisis Plague Europe’s South

Posted by hkarner - 3. Juni 2018

Date: 02-06-2018
Source: The Wall Street Journal

Spain, Italy and Greece face political, social and economic fallout from bailouts, austerity budgets

ROME—This week’s high-profile political crises in Spain and Italy are making plain the social and economic scars Southern Europe bears almost a decade after the eurozone crisis, destabilizing traditional alliances and feeding political discontent.

In Italy—now home to Western Europe’s largest antiestablishment movement—two large outsider parties are coming to power, bolstered by the votes of millions of Italians stuck in a cycle of stubbornly high unemployment and poverty.

In Spain, a sitting premier was toppled in a no-confidence vote for the first time since the country emerged from the dictatorship of Francisco Franco. Prime Minister Mariano Rajoy, Europe’s longest serving leader, was ousted Friday in the wake of a corruption scandal that proved the final blow for a leader whose support has gradually eroded since he imposed unpopular measures to avert economic disaster in Spain during the eurozone’s debt crisis. Den Rest des Beitrags lesen »

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Political Uncertainty in Italy, Spain Roils Markets

Posted by hkarner - 30. Mai 2018

Date: 29-05-2018
Source: The Wall Street Journal

Stocks drop sharply, the euro falls against the dollar and Italian bond yields climb

Political worries about Italy and Spain gripped markets Tuesday, triggering sharp falls in stocks, a drop in the euro and big moves in bond markets.

The Stoxx Europe 600 fell 1.6% in morning trading, pulled lower by a 3.1% drop for Italy’s FTSE MIB and a 2.7% decline for Spain’s IBEX 35 index. The selloff looked set to spread to the U.S., with futures pointing to a 0.6% opening loss for the S&P 500.

The euro fell 0.6% to $1.1551 from its lowest settlement against the dollar since November, while Italian bond yields continued to climb.

The moves echoed declines in Europe on Monday, albeit in light trading with U.K. and U.S. market participants out for holidays.

Italian President Sergio Mattarella decided Sunday to block the formation of a euroskeptic government, reviving longstanding worries about the broader stability of the eurozone and a political crisis in a country with €2.3 trillion in debt. On Monday, as the two antiestablishment parties protested his decision, Mr. Mattarella picked an International Monetary Fund veteran, Carlo Cottarelli, as prime minister-designate.

“Having priced out the threat of fragmentation on the back of the [European Central Bank’s quantitative-easing program], recent events in Italy suggest the market has now very much begun to price such concerns back in,” strategists at Rabobank wrote in a note. Den Rest des Beitrags lesen »

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Andrew Dowling – Has the Podemos moment passed?

Posted by hkarner - 1. Mai 2018

Thanks to M. R.

That Podemos was having difficulties was clear. Its dramatic upward trajectory in the polls and elections had stalled. A plausible and objective  explanation for this development was difficult to find. We asked Andrew Dowling to write a piece, which brings us all much further.

Andrew Dowling, Senior Lecturer in Catalan and Spanish History at Cardiff Univeristy. He is the author of ‘The Rise of Catalan Independence. Spain’s Territorial Crisis’ (Routledge)

After its breakthrough in the European elections of June 2014, where it obtained 8 per cent of the vote just a few months after its creation, Podemos became Spain’s most supported political party and by early 2015, seemed on an inexorable rise, heading for power at the national level. Podemos was particularly effective at attracting voters under 40 and sectors of Spain’s middle classes that had seen their prospects eroded by the intense economic crisis experienced in Spain since 2008. This generational element had implications for both the growth of the party and its subsequent stalling. Podemos’s apparently relentless rise in Spain coincided with Syriza forming a radical left government in Greece in January 2015. Whilst in much of Europe the deep economic crisis produced right wing populisms, Spain and Greece seemed counter to this wave, whilst Italy produced the ideologically confused 5 Star Movement. Den Rest des Beitrags lesen »

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Andrew Dowling – ‘Winter is Here’. The Growing Erosion of Civil Rights in Spain

Posted by hkarner - 2. März 2018

Thanks to Matthew Rose, the Editor of „Brave New Europe“ for the generosity of letting us cross-post their articles and for his mindfulness (hfk)

The Catalan crisis has now taken hold of Spanish national politics. What once seemed a regional conflict has exposed cracks in Spain’s democratic facade.

Andrew Dowling, Senior Lecturer in Catalan and Spanish History at Cardiff University. He is the author of ‘The Rise of Catalan Independence. Spain’s Territorial Crisis’ (Routledge)

The Catalan crisis that grew over the autumn of 2017 has now spread, implicating other areas of the Spanish state. Although the Spanish authorities have obtained a clear victory over the forces of Catalan independence, and have contained the challenge, this has been achieved at a high price. The increasing politicisation of the major institutions of the state is eroding the democratic patina of Spain. Europeanisation and embedding democracy were once the main strategic objectives of Spain after the death of Franco in 1975. For most of the period since then, the country gradually achieved both but the economic crisis since 2008 placed the main institutions of the country under severe strain. Yet, by the general election of June 2016, with the failure of democratic renewal led by Podemos to breakthrough, and the return to power of Spain’s conservatives, the Partido Popular, it seemed the state had managed to successfully resist the call for meaningful reform and change. Den Rest des Beitrags lesen »

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