Spain and Portugal sought help from their former Latin American colonies to rescue them from economic crisis through a new wave of trade and investment across the Atlantic Ocean.
The XXII Ibero-American summit which takes off Friday in the city of Cadiz will be focused on the Euro zone crisis and the need to boost investments in Latin America of which Spain can become the “vertebrate axis” said Spanish Foreign minister Jose García Margallo.
Emilio Botin president of Santander, Spain’s largest bank and one of the leading EU financial institutions said that Brazil is the top priority for the group since it is the source of 30% of its global earnings and anticipated the opening of more branches in merit to the country’s economic stability and social progress.
Spain’s leading bank Santander denied any plan to sell its Brazilian affiliate full or partly, as was published in the Sao Paulo media following discussions with Bradesco, another top listed Brazilian bank.
Spain’s King Juan Carlos will be travelling to Brazil and Chile in the first week of June to strengthen ties with two strategic associates and in preparation of the Ibero-American summit to take place in Cadiz. The King will be accompanied by Foreign Affairs minister Jose Manuel Garcia-Margallo and a business delegation.
Spain’s Foreign Secretary Manuel Garcia Margallo admitted there is great concern in Madrid over the situation of Repsol-YPF in Argentina, which is questioning the oil corporation for not having invested sufficiently or paid sufficient taxes, and revealed that King Juan Carlos has been on the phone with President Cristina Fernandez.
The Spanish king's son-in-law was charged Thursday in a fraud and embezzlement case that has damaged the royal family, which this week took the unprecedented step of disclosing its income.
The King of Spain will approve the appointment of Father John Pardo as head of the Catholic college in Valladollid.