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« Scotland's future: a vanity project | Main | Composer James MacMillan talks about religion and music - plus exclusive preview of his Papal Mass »

September 14, 2010


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Perhaps an obstacle to such fiscal autonomy here is that it would finally provide us with the real figures on the Scottish economy, and how they compare to the UK as a whole.

I am surprised you don't mention the outstanding success story of the Basque economy: the Mondragon co-operatives.

Small pedantic post but Rioja is not Basque because it is south.

There are Basques who spill over outside the borders and make wine in Rioja and Navarre.

I work there.

Basque wine usually carry the label Euskedi.

On the real meat of the article there are a great many similarities between the two lands and much can be learned from how the Basques have prospered by hard work and good banking pratices.

I think I am right that Banco de Bilbao (maybe Santander)and the Bank of Scotland (or was it RBS) had mutual shareholdings which were bought out as the Scottish bank went for bust and bust it went.

I wonder what would have happened had the mutual holding and the then shared values continued during the casino madness that hallmarked the implosion of the UK banking industry.

The banks of the Spanish NW held their ground and appear to be nowhere as touched by the housing banking collapse in Spain. That was almost entirely due to the local Caixas, or co-operative type banks who loaned heavily to local builders and speculators, often borrowing the oney at very low interest rates from Northern European banks, German and French but, mainly German.

The Spanish Government is trying to merge all the caixas into one big (w)hole. The true extent of their indebtedness is not fully understood far less recognised and should the true value of these loans (i e the going rate for the property) be put on the books the Spanish economy would go down on flames, if it is not there already.

Alex Porter in Scotland Unspun has a lot more detail on the nightmare.

Well worth a read

Similar bunnets tae.

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