Spain Begs Former Colonies For Bailout

Tyler Durden's picture

Irony of ironies. While the world awaits the Spanish request for 'help' from its friends in Europe (which the market 'hopes' will escalate to EUR740bn very rapidly), it seems the King of Spain and his trusty Prime Minister have another cunning 'inverse-conquistador' plan. AP reports that "Spain receives Latin American investment with open arms," as Rajoy asks the former LatAm colonies to help. Falling back on the assured quid pro quo, Rajoy said Spain had invested heavily in Latin America during its crisis 10 years ago... so fair's fair right? Now that the roles were reversed, he called upon those nations to increase their participation in his struggling empire's economy. The perfect irony is complete as the Iberoamerican Summit at which he was begging speaking was held in Cadiz - the country's main gateway for importing Aztec and Inca treasure!

 

Via AP:

CADIZ, Spain (AP) — Spain's prime minister on Saturday joined its king in asking former Latin American colonies to help the EU nation overcome a deep financial crisis by channeling investments its way.

 

Prime Minister Mariano Rajoy said Spain had invested heavily in Latin America when it suffered a crisis 10 years ago, and now that the roles were reversed, he called upon those nations to increase their participation in his country's economy.

 

"Spain receives Latin American investment with open arms," he said.

 

Rajoy was speaking at the Iberoamerican summit being held in Spain's southwestern port of Cadiz, once the country's gateway for importing Aztec and Inca treasure.

 

King Juan Carlos made the same plea Friday, saying "our eyes turn to you, we need more Latin America."

 

He added that Spain had "seen difficult situations emerge caused by the financial and economic crisis."

 

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