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El Pais has published a bunch of material and written articles about how the Spanish government grovelled to the US government over the years. There is one cable in which the Embassy staff write that the "carrot and stick" strategy "is working" but shouldn't be overdone due to the risk of frustrating the Spanish government too much. There appears to be nothing the Spanish government would not sacrifice policywise to be best buddies with the US. And, of course, the fact that Obama has refused to visit Spain (even cancelling his attendance to a bilateral EU-US summit) to this date continues to bug the Spanish government, so they will continue to sacrifice policy to make good.
El Pais has just published an op-ed by its director (Editorials are unsigned, this is not). I'll translate some paragraphs of it in a separate comment. Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
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