La Vanguardia really does struggle at times. Here‘s roughly what Juan de la Mota of S&P said yesterday:
Precisamente por ello, la administración central no saldrá beneficiada por estas reformas, explicó De la Mota, quien destacó que en todo caso su actual posición financiera es tan positiva que no habrá impacto alguno en su calidad crediticia.
Here‘s the rather different message relayed by Iñaki Ellakuría in La Vanguardia:
And here’s the headline, which gets pretty close to the opposite of what Mr de la Mota said:
It doesn’t take the mind of a bishop to figure out that if the relocation of revenues and commitments within a system has a positive effect in one place it will probably have a negative effect in some other place, although the latter may not show up on the broad classifications used by S&P. If Spain were borderline AAA, the picture might be different.
Iñaki Ellakuría isn’t a financial journalist, but this is the kind of thing he should be able to get right and which, given the murderous debate on nation and finance, La Vanguardia needs to get right.
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