The Times of Aznar and The Daily Telegraph have been sowing fear among their British readers warning them of impending crashes in the banks of Spain.
This Friday the most powerful Spanish banks, Santander, BBVA and Popular boast in London of their strong situation.
They don’t have any exposure to subprime and the economic situation in Spain is normal, business as usual.
Mapfre, a Spanish insurance company, said today in London that his exposure to subprime was 0,2 % of their investments, an insignificant 40 million euros.
Today Banco de Santander in combination with Royal Bank of Scotland and Fortis, opt to buy ABN Amro, a very important Dutch Bank after Barclays failed in their bid.
So you see, the Spanish banks buy other banks in the USA, in Europe, in Latinamerica (where they control most of the private social security systems of those countries), in Asia.
These are the Spanish financial institutions that the hacks of these two right wing newspapers say that are about to go bust.
This Saturday morning I read the on-line edition of The Telegraph. It says that a consortium of the Royal Bank of Scotland is going to buy the Dutch bank ABN. They don’t even mention the name of Banco de Santander that forms part of this consortium, not one tiny word. Obviously, if you are pledging the line that the Latins are going broke, you can’t show that they are beating the biggest bank in Britain, Barclays Bank in its bid for ABN !
Barclays Bank owns the Daily Telegraph. I believe that the comments about the imminent demise of the Latins lack credibility or are somewhat premature. The Latins, or Club Med as another hack calls us: France, Italy, Spain. They are very different countries with quite different economic realities. If anything it is the UK that has the worst economic position, as the Telegraph admits today -in a different page.
In The Times today I couldn’t find any news about the statements of the Spanish banks in London.
They are probably waiting for instructions from The Black Knight !
The Black Knight today has been criticized by the government of Spain for the «insolence and catastrophism» of his declarations.