In a previous post ( Pain in Spain? says The Times of Aznar ) I criticized an article by James Harding who published in the Times, under the title of Pain in Spain? his prediction, according to rumors in the City of London, that after the debacle of Northern Rock the banks of Spain were next.

I promised to wait and see if the prediction of the business pages of The Times had any truth to it. More than a week has gone by and the banks in Spain are as strong as ever.
Nothing has happened, and nothing much is going to happen in the banks in Spain. If anything the Spanish industrialists are somewhat worried that the banks of other European countries, like the UK and Germany, could be overexposed to the subprime market in the USA.

Now I am going to tell you why what happened to Northern Rock CANNOT happen in Spain.
When you ask for a mortgage in Spain the bank studies your credit record, you need to have a good, stable job where you have been working for years and where you are secure legally as a member of staff, you need to put up a big deposit, and most times somebody from your family -your parents most likely- have to put up their house as security.
The difference to the way they do things in the USA and even in Britain could not be greater.

We would appreciate if the right-wing newspapers of Britain stopped this campaign trying to bring down the government of Zapatero.
There are Spanish soldiers fighting, and dying, for the UN in Afghanistan and in Libano, you know. Just in case you thought that there are only British soldiers there. Most British do not know, they believe -that’s what they are told by their gutter press- that they are the only ones carrying the burden.
It needed to be pointed out, I am sorry for bringing up the subject.

As to Mr Evans Pritchard, who predicted the most horrible things for Spain [Ambrose Evans-Pritchard (The Daily Telegraph, London, 12 July 2007)] and I exposed his arguments in my post
¿ Can Spain have a Depression with an Economy Growing at More than 3 % a Year ? now says that Japon is going bust.
It is the turn of Japan, now? I don’t think so.
I read today several British newspapers and magazines. All were full of advertisements by Toshiba, Sony, Panasonic, Honda, Toyota, Suzuki and a long etc. They were advertisements for products that are not made in Britain and which have no equivalent made in this country.
How different were the advertisements for British products! Most were for food and clothing and most of that not even grown or made here.
Also, the newspapers keep on pushing sales of houses in Spain and other countries. I don’t believe it is a good thing for Britain that so many British people buy places abroad. That people bleed their country dry and also if they move over there and live out of their pensions and savings and investments in Britain, obviously it is a great and steady loss of money for Britain.
I am Spanish, but I live and work in Britain and I think that my dear countrymen if they want money they can bloody well work for it, like I have to do.

I am not alone in thinking that we won’t survive for long in the UK washing each other’s clothes.

Por Armando

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