Spain

12:42am

Fri April 27, 2012
Europe

Showdown Looms Over Europe's Largest Shantytown

Originally published on Fri April 27, 2012 8:24 pm

Residents of Cañada Real stand near recently demolished shacks on March 5. The settlement is separated into different sections and tends to be segregated by ethnic groups: Roma in one section, Arabs in another, for example.
Susana Vera Reuters /Landov

Europe's largest illegal settlement lies on the edge of Madrid. As the Spanish capital has grown, the city's limits have moved ever closer to the shantytown known as Cañada Real, a sprawling tangle of tents and cement houses. And as the economy has tanked, a growing number of people are calling it home.

Now the city is eyeing the property for possible development.

The roads in Cañada Real are unpaved. Houses are made of corrugated metal or cement. Some lots are just piles of garbage.

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4:20pm

Thu April 26, 2012
The Two-Way

More Pain In Spain As Economy Goes Down The Drain

Originally published on Fri April 27, 2012 4:40 am

There was more bad news for Europe's attempt to rebuild its economy: Standard & Poor announced Thursday that it was downgrading Spain's long-term sovereign credit rating by two notches – from "A" to "BBB+." The agency also lowered Spain's short-term sovereign credit rating to "A-2" from "A-1," and said the outlook on the long-term rating is negative.

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1:24am

Fri April 20, 2012
Europe

Open Season On Spain's King After Luxe Hunting Trip

Originally published on Fri April 20, 2012 4:46 am

King Juan Carlos of Spain is discharged from Hospital San Jose in Madrid on Wednesday after undergoing hip replacement surgery. He fractured his hip during a recent elephant hunting trip to Botswana. The trip cost nearly $60,000 and has caused a furor in the country, which is suffering record unemployment and is being squeezed by austerity measures.
Paco Campos Getty Images

For a man used to pomp and paparazzi, King Juan Carlos of Spain looked shaken, emerging from a hospital in Madrid Wednesday after hip surgery.

"I'm very sorry," he said, blinking into the cameras, sheepish, and leaning on his crutches. "I made a mistake, and it won't happen again."

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3:13pm

Thu April 19, 2012
Latin America

Ignoring Critics, Argentina To Nationalize Oil Firm

Originally published on Fri April 20, 2012 8:39 am

Argentine President Cristina Fernandez holds a petroleum sample as she announces plans for her government to nationalize a giant oil company that is largely owned by a private Spanish company, Repsol. Behind her is an image of the country's former first lady, Eva Peron.
Daniel Garcia AFP/Getty Images

It's sounds like a story from the past: A Latin American leader announces plans to nationalize a large foreign company, touching off a high-stakes battle that involves money, politics and diplomacy.

Yet it's happening right now. Argentina's President Cristina Fernandez said this week that her country plans to take over a giant Spanish oil company at a time when the economies in both countries are facing challenges.

Spanish officials are threatening to retaliate against Argentina for seizing a majority of shares in the biggest oil company in Argentina, YPF.

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10:38am

Wed April 18, 2012
The Two-Way

King Of Spain Issues 'Unprecedented' Apology For Elephant-Hunting Trip

As he walked out of the hospital, the 74-year-old Spanish monarch gave what is being widely characterized as an unprecedented apology over an elephant hunting trip the king took to Bostwana.

After thanking the medical staff, King Juan Carlos issued a direct and short apology.

"I'm very sorry," he said. "I made a mistake. It won't happen again."

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