Word: spain
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Dates: during 2000-2009
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...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 of central London, withdrew all her savings and closed her account, as did several other customers. "They say it's going down. I've been hearing it on the radio...
...McCain--a "winner" on The Page--looked lost and frantic [Sept. 29]. He praised our economic fundamentals, then redefined them. He opposed the AIG bailout until he was for it. He attacked the U.S. Securities and Exchange Commission, then confused it with the Federal Election Commission. He even misplaced Spain. Senator Barack Obama, by contrast, was calm and reassuring, meeting with economic grownups and continuing his longtime advocacy of the kind of realistic regulations that might have helped prevent the financial catastrophe we find ourselves in. If ever there was a week the Democrats won, this was it. Jeffrey...
...though that domestic market looks wobbly - growth in Spain is set to tumble this year, with the country's red-hot real estate market, buoyed by a decade-long boom, now chilling - analysts expect Santander to emerge in decent health. Though defaults as a portion of its total loans hit 1.3% in the first half of the year, versus 0.8% over the same period last year, mortgage-lending policies in Spain are typically more conservative than in the U.K., for instance...
...here too, Spain's regulators have encouraged sensible behavior. For years, banks have been required to put aside cash to cover expected future losses, not actual ones. The Bank of Spain "thought that in the good times it makes sense to build a cushion for the bad times," says Ramirez. So while Spain enters a downturn "a significant portion of the potential deterioration [for banks] will be covered by these provisions." There are no guarantees, of course, for Santander or anyone else, in today's parlous international environment. But for now, at least, Spain offers a lesson in prudence through...
...future direction of Austrian policy. Already the country has turned sharply against an E.U. constitution; even the Social Democrats have said that no new document would be approved without a popular referendum, which would almost certainly fail. The number of immigrants entering Austria is small compared to that of Spain and some other E.U. countries. But Strache nevertheless got traction with his calls for curbs on "criminal immigrants," including implanting electronic chips in anyone convicted of a crime to allow the authorities to monitor their movements...