Thursday February 27, 2020

Spain's galactico strategy

Nobody is denying Spain needs to trim costs - but this must be balanced by reassigning spending to promoting entrepreneurial initiatives, writes Joe Haslam.

2nd June, 2012
Bankia: Mario Draghi criticised Spain's bailout of the bank. Photo: Bloomberg

When historians look back at the Irish banking crisis in September 2008 and subsequent bailout by the troika in November 2010, the opinions of two people will be seen as having a very important influence on the decisions made. First was that of the then president of the European Central Bank (ECB) Jean-Claude Trichet, just before the banking guarantee that "you must save your banks at all costs" and later, as the IMF/EU bailout negotiations...

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