Spain Financial/Debt Issues; Future Strikes?

[TLCOhio]

From the Wall Street Journal this morning, they have this headline: "Euro Zone Debt Crisis Escalates, Market Eyes Spain" with these highlights: "The euro zone's sovereign debt crisis escalated Friday as the market homed in on Spain as another potential weak spot, leaving officials scrambling to quell investors' fear. Spanish Prime Minister Jose Luis Rodriguez Zapatero moved to dispel the growing anxiety surrounding the country's fiscal position Friday, saying there was 'absolutely' no chance the euro zone's fourth-largest economy would seek a bailout from the European Union. But his attempt to calm the markets had little effect, with the euro tumbling and the sell-off in Spanish and Portuguese sovereign bonds persisting. 'If we continue to see the recent trend in Spanish bond yields then the crisis is going to be taken to a completely new level as Spain accounts for approximately 11.7% of euro-zone GDP which is pretty much double the figure of Ireland, Portugal and Greece,' said Gary Jenkins, head of fixed-income research at Evolution Securities."

 

We are planning a June 2011 cruise that will depart from lovely Barcelona and make stops in France, Italy and along the Croatian Coast before returning to Spain. It can be the public employee strikes and dockworker stoppages that can create problems. Hopefully Spain won't be hit so hard as Greece has been.

 

This story also noted: "The market also wasn't calmed by reports that Ireland's negotiations with the European Union and the International Monetary Fund over the details of the country's EUR85 billion financial-assistance package appeared to be drawing to a conclusion."

 

Earlier this month, it was Ireland saying "No problem, don't worry". And then as it was previously done with Greece saying the same thing before their large bail-outs and strikes happening. Hopefully in Portugal and Spain they will not have the huge problems that happened in Greece last summer and still are happening now to ruin plans for those docking and visiting key cities such as Athens. If you're planning a trip or cruise to Spain in the future, just keep an eye out and check the news coverage about a month before your scheduled trip.

 

THANKS! Enjoy! Terry in Ohio

 

Full stories, including from the Telegraph in London at:

http://online.wsj.com/article/BT-CO-20101126-704559.html

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8162118/Euro-slides-as-Portugal-bailout-pressure-builds.html

 

For lots of interesting details, great visuals, etc., from our July 1-16 Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. Don’t be shy and feel free to ask any questions of interest. This posting is now over 24,800 views. Appreciate those who have “tuned in”.

http://www.boards.cruisecritic.com/showthread.php?t=1227923

[riffatsea]

It is really hard to plan for "might be strikes".

At least in Europe the strikes are always announced ahead of time and they only last the prescribed day/days that are mentioned!

[cruiseluv]

The strong sindicatos (unions) in Spain can do a lot of damage , even without calling a strike. Last year, around the time I was traveling to Madrid, the Spanish pilots engaged in an "under the radar" strike , work slowdown , whatever you want to call it, and caused a lot of disruption with cancelled flights, etc. Recently there have been some public unrest due to announced austerity measures, but nothing like what we saw in Greece. However, who knows what could happen if they have to bite the bullet and ask for a bailout, with the accompanying austerity measures that'll follow. It might not be pretty, but impossible to predict. As of now I have a cruise planned with several stops in Spanish and Portugese ports. I am not planning to cancel it, but of course will monitor the situation.

[RHefley228]

At least in Europe the strikes are always announced ahead of time and they only last the prescribed day/days that are mentioned!

 

Well, that's true for the normal strikes, which often seem like "Oh, let's take four hours off today and march through the streets." The problem with this situation is that you could see serious civil unrest becoming part of sudden, spontaneous strikes, or even separate from them. Look at recent events in Greece, Ireland, and Great Britain. If Spain starts to implode, all bets are off. The EU has some serious, potentially volatile economic issues to resolve, as do we.

[riffatsea]

I wouldn't assume "civil unrest" to be part of the situation until it actually happens.

It is NOT ongoing in Britain or in Ireland as far as I can see.

[Keith1010]

I would not change my travel plans because of the financial situation in Spain. With that said they do have a major issue which includes the high level of unemployment which is likely quite higher than what is being reported as is the case around the world. We visited a number of ports in Spain this past April and the level of unemployment was amazinly high, yet if we didn't know it we wouldn't have suspected it.

 

Keith

[iancal]

I would not be concerned about a 'what ifs' in the future. If that was the case we would all be going to Kansas for our vacation.

[RHefley228]

I wouldn't assume "civil unrest" to be part of the situation until it actually happens.

It is NOT ongoing in Britain or in Ireland as far as I can see.

 

The head of London's Metropolitan police is predicting more violence: http://www.telegraph.co.uk/news/uknews/law-and-order/8159544/Police-chief-warns-of-new-era-of-violent-protests.html

 

Ireland's trade unions are calling for strikes and "civil disobedience": http://www.independent.ie/national-news/trade-unions-call-for-national-strike-and-civil-disobedience-2440123.html

 

No, I don't know what is going to happen. But this is not business as usual.