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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Rescue for Banks... what rescue?
10 June 2009 @ 12:59

 

Secretary of Economy Elena Salgado insisted yesterday in a Luxembourg meeting with Finance ministers from the European Union ( Ecofin)  that the Bank Rescue fund will be ready this month. 
 
This measure follows guidelines adopted by the Spanish national Lower House, with PP support  on public interventions in the financial sector. The vice president believes it is possible 'to reach a broad agreement” to form a fund of 9,000 million euros.

The PP leader, Mariano Rajoy, has also asked the President of the Government for a 'road map' for the financial sector, which is' a priority '.

Duran i Lleida believes that a  Fund  for Banking Management and Restructuring is necessary in order to transmit confidence to the citizens, but he thinks that legislation needs to be implemented and reformed by regional governments, as those reforms are not necessary in all regions.
 
In my opinion what is needed in all regions is a rescue of values for financial institutions. The reform of Law needs to come together with a better understanding of nature, goals, social function and personal orientation character of the financial institutions and the financial system. It is clear that a sense of economy and finances just based on benefits ( and not in people´s and society´s integral development) has driven us to an spiral of fictitious results, overdebt, chaos, unbalance, unemployment and crisis.
 
Why do not we just learn that simple classic teaching of the need of firm values for all the activities carried out by human beings? Values deffend us all. They are not just a moral need but an autoprotective tool. Benefits at every cost... costs a lot.
 
Better and happier times would come this way… do not you think?
 
 
 Alcaidea Beach ( La Línea) Cádiz Province. By IMG-0919 at Flickr.com
 
 
 
 
 
 


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