It’s already a an open secret that the Spanish banking sector must be bailed out with European funds. Although this is still officially denied, senior European leaders have begun to make statements to the media, playing down the stigma attached to the fact that Spanish banks must be bailed out in the same way as Greece, Ireland or Portugal. The funds will come from the infamous European Financial Stabilisation Facility (EFSF) and the European Stability Mechanism (ESM). And it seems that the Spanish banking sector can no longer conceal its insolvency.
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First of all, we must tell you that the subject we are going to deal with today is complex and may offend some professional sensibilities. But that is not our intention at all, but rather our interest is focused on clarifying a situation that is currently generating a lot of confusion and, more importantly, is damaging families with a certain amount of wealth. Both large fortunes and small savers. We will therefore discuss, for example, Santander's convertible bonds, the recent inflammatory statements by Greg Smith (ex-Goldman Sachs), the types of assets that a properly diversified wealth should contain, the Spanish and Luxembourg regulators, banking, EAFIs, Family Office, or how to distinguish between a perverse advice and a perverse advice. comme il faut. We apologise for the length of the post, but we have chosen to publish it in its entirety so as not to lose the thread in the middle of the reflections that follow. 
That exceptional measures should be taken in exceptional situations is pure common sense. And the 
This week I came across an article published in FundsPeople titled «
Just a few days before it was announced 
«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the 
I know this isn’t exactly news, but I simply cannot resist publicly denouncing a particular advert that has been flooding the media of late, and which I find particularly sickening, reprehensible, immoral, dangerous, vile, despicable—and who knows how many more adjectives I could come up with. It is not just misleading advertising, like so many others, but this one also distorts the harsh reality and misleads savers on a subject as sensitive and sacred as their families’ money. 
Preservar en tiempos revueltos no es el título del culebrón del verano sino la necesidad imperiosa de todos los gestores del patrimonio propio. También es una de las premisas de algunos gestores de patrimonio ajeno, pero éstos lamentablemente se suelen preocupar más por retener a sus sufridos clientes comercialmente reduciéndoles la volatilidad, que por preservar su patrimonio y hacerlo progresar adecuadamente a largo plazo. Desgraciadamente a muchos gestores de lo ajeno les interesa más el pan para hoy (el suyo) y obvian el hambre para mañana (el de sus clientes y también el suyo) de forma miope. Aquí reabriríamos el viejo debate de si sólo se debe confiar el dinero en asesores que hayan sabido generar su propia fortuna y que co-inviertan con sus Clientes, o si bastaría cualquier comisionista independiente con la formación téctica suficiente. Pero esa sería una discusión digna de otro artículo. 
Haven’t you ever wondered why sovereign debt in the European periphery is under greater strain and why its risk premium is rising faster than that of countries that are just as indebted – or even more so – such as Japan or the US? Why is there so much speculation surrounding the sovereign debt of the PIIGS? Why are these PIIGS economies hurtling towards default or inevitable restructuring, whilst other heavily indebted countries manage to keep the risk premium demanded by the markets at bay?