Word: scotlanders
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...more convincing still needs to be done. Financial stocks plunged on news of the bailouts, and Datastream's index of European bank stocks has now fallen by 45% in a year. Even shares of some of the biggest and seemingly most solid financial institutions such as Royal Bank of Scotland have been mauled. Some depositors have taken fright, too. A day after the U.K. Treasury announced the nationalization of Bradford & Bingley and the sale of its branches to Spain's Banco Santander, Kusum Patel, a 50-year-old chef from Ilford, a gritty commuter suburb 9 miles (14.5 km) northeast...
...year-old roots and Catherine the Great among its historic clients, playing a role in last fall's $100 billion takeover of Dutch rival ABN Amro was a big moment. In the largest financial services deal ever signed, Fortis - part of a consortium alongside the Royal Bank of Scotland (RBS) and Spain's Santander - put up $34 billion in return for ABN's Dutch banking business, among other assets...
...Such local successes, engineered by the SNP, have helped the nationalist party win control of Scotland's regional parliament, and boosted its chances of winning a referendum on independence it has promised to hold by 2010. Andrew Welsh, the town's SNP representative in the Scottish Parliament in Edinburgh, has a copy of the Declaration of Arbroath on his wall and, if pushed, will wax lachrymose about great Scottish kings like "William the Lion" and "Scotland's right to rebel against tyranny." Yet, he's far more interested in explaining how he helped secure a new road linking Arbroath...
Arbroath's annual Seafest is supposed to celebrate its maritime economy. But thanks to North Sea fishing quotas, the town of 20,000 on Scotland's rugged east coast has very little maritime industry left to celebrate. Arbroath's once-bustling port saw the final boat of its erstwhile fleet of 37 fishing vessels sold earlier this year, and the headquarters of the Arbroath Fishermen's Association will shortly be turned into apartments. Still, some 30,000 people turn out for the festival each year, drawn in search of the sense of community and pride the fishermen - local heroes - once...
...Small, all-but-forgotten towns like Arbroath capture in microcosm the tensions facing modern Scotland. Arbroath's hearts are tugged to the past, to tales of sea-faring greatness and also the Scottish identity-shaping myths of thwarted nationhood and lost sovereignty. An abbey overlooking the harbor holds the Declaration of Arbroath, a letter signed by local noblemen in 1320 demanding independence for Scotland. (The document is said to have inspired America's own Declaration of Independence). The dominant political party in Arbroath is the Scottish National Party (SNP), a left-leaning party that wishes to declare independence from...