Friday, May 4, 2012

Spain reintroduced checks at the border with France ahead of the meeting, temporarily suspending the Schengen agreement. So far reports say 17 arrests have been made at the border and 43 people denied entrance because of previous police records involving "violent protest". Authorities want to avoid clashes staged by "anticapitalist" protestors who may travel from abroad for the event. However, students from Barcelona University are staging a "strike" today and have taken to the streets to protest education cuts announced by Mariano Rajoy's conservative government last month. Streets have been blocked by the demo in the centre of the city. Some 8,000 police are on the streets of Barcelona during the ECB meeting to prevent trouble. Snipers visible on rooftops, armoured vehicles and riot police at the ready and helicopters flying overhead. The sunny city is on lockdown with some twitter uses dubbing the Catalan capital "carcelona" - carcel means prison in Spanish. No signs of any trouble as yet.... Mr Draghi's predecessor, Jean-Claude Trichet (below) has told German TV that Europe is "only halfway" through the crisis. In an interview with he said: Hard work has been done, but we are only halfway, and a lot still has to be done [...] As the leader of the Governing Council which has taken all those difficult decisions, yes they are doing a very good job... Mario Draghi will tonight hold a private meeting with Prime Minister Mariano Rajoy in which the Spanish leader is expected to ask for affirmation that the ECB can be relied on to provide liquidity boosts for Spain’s ailing banks. Mr Draghi’s had some positive things to say about Spain. In the press conference he recognised that Spain had “carried out significant reforms in a short time” though insisted that “perseverance was needed to push through more structural reforms” especially in the banking sector. ... The online edition of Spain’s financial newspaper Expansion chose to highlight his comments on further reforms. “Draghi calls for more forceful measures: ‘If you have a problem with the banks, confront it’” said the headline. Overall the paper said there were no surprises in decisions taken during by the ECB governing council.

2 comments:

Anonymous said...

Mario Draghi calls for binding 'growth pact'



Mario Draghi has called for eurozone leaders to agree labour and structural reforms that are binding - "not unlike" the fiscal pact.

Anonymous said...

UK service sector growth slows down

Britain's crucial services sector lost momentum in April after growth slowed to six-month low
22 comments CBI says budget deficit will rise
UK construction maintains recovery
Bank lending shrinks again


ECB leaves Spain tied to austerity

Bank president Mario Draghi says end of deficit cuts is not on agenda and pleads for eurozone 'perseverance'
Eurozone crisis live: 'young are biggest victims'
Larry Elliott: Draghi drags his feet
Spain's poorest region suffers 32% unemployment
Food handouts take place of fiestas
Spain must halt rail expansion, says expert