Spain’s looming financial crisis wouldn’t be complete without angry accusations that speculators, not economic fundamentals, are to blame for the nation’s fiscal problems.
Spanish Prime Minister José Luis Rodríguez Zapatero has even taken the usual speculator-bashing a step further by wondering whether speculators shorting the Euro are part of a conspiracy, not to make money, but to discredit the European model of increased regulation.
…members of the Spanish government have cast caution to the winds and declared their economy is the victim of a still vaster plot that goes beyond profiteering and a desire to destroy the euro (the charges level led in Greece). No, according to José Luis Rodríguez Zapatero, the prime minister, and José Blanco, his transport minister, the conspiracy goes beyond financial speculators to take in opinion-writers from the foreign press, whose goal is to derail European attempts to regulate financial institutions and markets more tightly.
Mr Blanco told Cadena Ser radio that attacks on Spain were attacks on the euro, and were “rather dirty dealings” on the part of speculators, who: “now that they see we are emerging from the crisis, do not want to see better regulation of their activities, [but] want to be free to carry on pursuing their own interests… None of what is happening, including editorials in some foreign media with their apocalyptic commentaries, is happening by chance, or innocently. It is the result of certain special interests.”
Here is Mr Zapatero: “There is an attack underway by speculators against the euro, against tougher financial regulation of the financial system and of the markets”.