Fuera máscaras. Las pelotas multinacionales de deuda apalancadas con mera confianza han dado paso a un atisbo -por el momento sólo eso- de cruda realidad. Y esa realidad no es otra que la negativa por parte del norte de Europa a seguir comprometiendo su dinero en los agujeros negros del sur y la periferia.
Algunos lo querrán justificar diciendo que ha sido un golpe de efecto por parte del Neurogrupo contra las bolsas impunes de dinero negro de la mafia rusa, otros simplemente lo achacarán a la negligencia del presidente Anastasiades en la forma de gestionar el enésimo rescate in extremis, con negociaciones en las madrugadas de lo que debía ser un corralito de fin de semana largo, y que puede durar meses. Pero no. Lo ocurrido en Chipre es un cambio radical respecto al mantra repetido hasta la saciedad por los todos dirigentes de la Neurozona desde el inicio de esta crisis, allá por el 2007. Un discurso machacón que siempre ha pretendido cuadrar el círculo del endeudamiento periférico con promesas de dinero que no existe. (more…)
It seems that the world is divided between those who save and those who don’t. But many of those who claim to live from hand to mouth do, at some point in their lives (mostly in middle age) and despite the hardships of this crisis, tend to put a little money aside for their old age or for an uncertain future. However, most of these forward-thinking people have never considered themselves investors, but simply savers. Warren Buffett said that Investing means spending less today so that we can spend more in the future, and he hit the nail on the head, as he almost always does. 
Despite being the closest member of the BRICs, the Russian economy is still largely unknown to Spanish investors. However, we are already beginning to see its inhabitants travelling en masse around the world. And little by little we are becoming familiar with their appearance and language, because more and more Russian tourism is flooding the Mediterranean coasts from the Turkish Riviera to the Costa Brava. Restaurant menus in the Cyrillic alphabet are now quite common, and this is a clear sign that their roubles are beginning to make a substantial contribution to the balance sheets of our companies. 
Most of you will no doubt remember the famous Spanish film entitled “