ON THE UP AGAIN.... THIS ISSUE 33,000 COPIES AND STILL 50% EDITORIAL The original and only English-language investigative newspaper in Andalucía
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Vol. 6 Issue 140
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Biggest battle since Franco
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New row after Gib arrests By James Bryce in Gibraltar
By Wendy Williams and Jon Clarke
‘emergency mission’ to Germany, reportedly asking for further bailout money. It came as stock markets crashed to their lowest level in 11 years on what was described as ‘Black Monday’, with shares plummetting and Analysis by James Bryce the risk premium for PAIN may have received a €100 billion Spain at the bailout last week in an effort to shore highest level up its banks. since the euro But it is difficult to see the figure as was formed. useful for anything other than papering over the According cracks of the country’s fragile economy. to analyst The seriousness of the situation has been exacCarsten Brzerbated by two regions Murcia and Valencia askeski of ING ing for urgent bailouts from Madrid. bank, events And some commentators have even suggested since Friday the crisis is the biggest challenge to its demohave been a cratic system since the death of Franco. ‘wake-up call Spain’s finance minister has responded by apto anyone parently begging Germany for a more substanwho thought tial bailout, which could be as much as €320 the Spanish billion. And the figure looks like an increasingly bank rescue urgent requirement, despite Spain taking meapackage had sures to prevent the situation getting worse, inbought a calm cluding a temporary ban on ‘short-selling’. summer for But that is only likely to offer a temporary rethe euro’. prieve, with yields on 10-year government bonds It comes as at a hugely unsustainable 7.5 per cent. Spain introThere is a rescue fund of 700 billion euros availduced urgent able, but the figure needs to be more like two measures to trillion euros to hold the eurozone together. stop so-called Murcia and Valencia are in trouble because of ‘short selltheir exposure to the failed property market. ing’ or betting Cataluna is next and with Andalucia arguably against the just as exposed, the question remains, could it markets to be another domino to fall?
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July 26 - August 08, 2012
MELTDOWN
THE Spanish economy has finally come to the brink of collapse threatening to take the euro down with it. Despite the economy minister Luis de Guindos insisting on Monday that Spain did not need a full bailout, last night he was on an
Don’t let the banks cash in www.hifx.co.uk
Summer of discontent deepens as ‘la crisis’ comes to a head with urgent bailout plea
POLICE in Gibraltar are deploying extra boats after Spanish officers arrested two British nationals for fishing in waters around the Rock. The two men were detained for two hours on Friday night and had their Gibraltar-registered boat impounded and fishing equipment seized. While they were eventually released without charge, Gibraltar has described the arrests as being ‘criminal acts of unlawful detention,
FURY: Millions have protested against Rajoy’s cuts around Spain. Here, a badly injured demonstrator gets arrested in Madrid make a quick profit. The measures came in, after the regions Valencia and Murcia asked for urgent bailouts to keep their economies going.
As the Olive Press went to press Cataluna asked for a bailout, with Andalucia also in danger of needing an urgent cash injection. The country meanwhile has
vowed that it would clamp down on recent protests that have seen dozens injured when police fired rub-
...but it’s not all doom and gloom YES, there are reasons to be smiling....Despite Spain’s economic problems, our exclusive research has found that, at the very least, fruit and veg is a third cheaper to buy than in the UK. Read more in our annual Green Guide 2012, out FREE with this issue. What’s more, the sun keeps shining – and, as this issue’s 12BARKING MAD: page activity pullout shows - there are plenKneeboarding ty of great places to go out and enjoy it.
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greenoliv the guide 2012 e press
green gu ide
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The hap of a low- py, smiling faces impact life
Why Arse really are nal of old rubba load ish! Want to offset? carbon the cowBeware of boys Hurrah! UK fruit costs tripl price of e the Spain
ACTION: New boat trespass and false imprisonment’. The incident has speeded up the construction of a new base close to the border to help protect its waters. It also comes just days after a Gibraltarian told local paper Panorama that Spanish police had fired over a dozen rubber bullets at his pleasure boat, accusations denied by the Guardia Civil. Both incidents have sparked Turn to Page 4