Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 08MADRID8, MADRID WEEKLY ECON/COMMERCIAL/AG UPDATE - DECEMBER

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08MADRID8.
Reference ID Created Released Classification Origin
08MADRID8 2008-01-04 19:47 2011-08-24 16:30 UNCLASSIFIED Embassy Madrid
VZCZCXRO8595
RR RUEHAG RUEHDF RUEHIK RUEHLZ RUEHROV
DE RUEHMD #0008/01 0041947
ZNR UUUUU ZZH(CCY ADX04995D5 MSI8640 611)
R 041947Z JAN 08
FM AMEMBASSY MADRID
TO RUEHC/SECSTATE WASHDC 4039
INFO RUCNMEM/EU MEMBER STATES COLLECTIVE
RUEHLA/AMCONSUL BARCELONA 3230
UNCLAS SECTION 01 OF 02 MADRID 000008 
 
SIPDIS 
 
SIPDIS 
 
DEPARTMENT FOR EUR/WE AND EEB/IFD/OMA 
 
C O R R E C T E D  C O P Y (REMOVED SENSITIVE CAPTION, RENUMBERE PARAS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN EIND ELAB ELTN KIPR PGOV TBIO SP
SUBJECT: MADRID WEEKLY ECON/COMMERCIAL/AG UPDATE - DECEMBER 
31 - JANUARY 4 
 
MADRID 00000008  001.5 OF 002 
 
 
Table of Contents: 
 
ECON/PGOV: Economy becoming a bigger election issue 
ECON/EFIN: Santander aims to overtake Citigroup 
ECON/EFIN: FT's year in 2007 statistics show Spain's housing 
and equities markets up 
ECON/EFIN: Italian Prime Minister Prodi questions Spanish 
economic "sorpasso" of Italy 
ECON/EFIN: Housing prices up by 5.1% in 2007 
EFIN/ECON: Ibex-35 up by 8% during 2007 
SENV: Spain to appeal New York court's Prestige ruling 
 
ECONOMY BECOMING A BIGGER ELECTION ISSUE 
 
1. (U) "The economy hounds the socialists only two months 
before the elections" is the January 4th El Pais headline, a 
stinging statement coming from the largely pro-government 
daily, Spain's newspaper of record.  December's 4.3% 
inflation rate (annualized) and a 5.5% increase in 
unemployment gave rise to this headline.  The opposition 
conservative PP party is trying to make electoral hay out of 
the negative trends.  The socialists are emphasizing the 
positive overall economic record of the last four years. 
According to an El Mundo poll, 40.1% of Spaniards think that 
opposition leader Mariano Rajoy is best placed to manage the 
economy versus 39.3% who think Zapatero is better placed.  In 
terms of international coverage of the Spanish economy, the 
Financial Times ran a January 4 article entitled "Spain's 
house of cards has started tumbling down."  The article talks 
about the problems of a number of construction/real estate 
development companies, including Astroc, Llanera, and 
Colonial.  (Comment: It may be premature to talk about an 
economic "crisis" as El Mundo does.  However, in politics 
what often counts is the trend.  And the economic trend does 
not favor the socialists now.  There is a palpable difference 
in media coverage of the economy (lots of stories about 
inflation, housing problems and now growing unemployment). 
Given that the race between the socialists and the 
conservatives is very tight, the conservatives clearly have 
an opportunity if they can establish greater credibility on 
economic issues, something they will try to do from now until 
the March 9 elections.) (El Pais, 1/4/07; El Mundo, 1/4/07; 
FT, 1/4/07) 
 
SANTANDER AIMS TO OVERTAKE CITIGROUP 
 
2. (U)   The 73 year old tycoon, Emilio Botin, told 300 
executives at a Santander Christmas party that his objective 
for 2008 is to overtake Citigroup in terms of market 
capitalization.  On January 2, Citigroup's market 
capitalization was euros 206 billion and Santander's euros 
88.5 billion.  On December 28, Santander's market 
capitalization was euros 92.5 billion and Citigroup's 98.7 
billion.  Hitherto, Santander has come out relatively 
unscathed from the U.S. sub-prime mortgage crisis, which 
makes Botin's goal a possibility.  Botin also told the 
Financial Times that he is looking for additional buying 
opportunities in the U.S. and the U.K. (El Pais, 12/31/07); 
FT, 12/31/07) 
 
FT'S YEAR IN 2007 STATISTICS SHOW SPAIN'S HOUSING AND 
EQUITIES MARKETS UP 
 
3. (U)  Housing prices were up by 5% (lower than previous 
years, double digit increases) and the stock market up by 
7%.  Among large economies, only Germany's stock market 
performed better.  In the U.S., stocks were up by about 3%. 
(Comment: Most observers think housing prices will decline in 
Spain in 2008, at least in real terms.   With respect to 
Spain's Ibex-35, the future is less clear.  Given that 
Spanish companies, including construction companies, have 
diversified so aggressively overseas, the Spanish stock 
market could still perform relatively well in 2008.) (FT, 
12/31/07) 
 
ITALIAN PRIME MINISTER PRODI QUESTIONS SPANISH ECONOMIC 
"SORPASSO" OF ITALY 
 
4. (U) An angry Prodi signed a letter to Italian press agency 
Ansa explaining that in 2006, Italy's GDP per capita was 
euros 25,100 and Spain's was euros 22,300.  However, adjusted 
for purchasing power parity, Eurostat found that a Spaniard 
had higher purchasing power than an Italian.  Prodi referred 
to an IMF methodology which found that an Italian could, on 
average, buy more than euros 3,000 a year than a Spaniard. 
Prodi noted that there is no standard purchasing power parity 
calculation methodology.  However, the El Pais story on this 
topic notes that when Prodi was President of the European 
 
MADRID 00000008  002.5 OF 002 
 
 
Commission, he never referred to IMF statistics!  (El Pais, 
1/3/07) 
 
HOUSING PRICES UP BY 5.1% IN 2007 
 
5. (U) But, prices went up by 9.1% during the first half of 
2007 and only 1.1% during the second half of 2007.  This is 
one more indicator that 2008 will be a rough year for house 
prices in Spain. (El Pais, 1/3/07) 
 
IBEX-35 UP BY 8% DURING 2007 
 
6. (U) Telefonica, Iberdrola, Acciona and Santander were 
responsible for a large part of the uptick.  In fact, 
Telefonica alone was responsible for 76% of the growth. 
Medium-sized banks, construction companies, real estate 
development firms and TV channel were a drag on the stock 
index.  (Cinco Dias, 12/28/07) 
 
SPAIN TO APPEAL NEW YORK COURT'S PRESTIGE RULING 
 
7. (U) U.S. Federal courts dismissed on Wednesday a damage 
claim filed by Spain against the American Bureau of Shipping 
ruling that Spain must pursue its claims in its own courts in 
accordance with the International Convention on Civil 
Liability for Oil Pollution Damage (CLC).  In other words, 
the court ruled that it does not have standing on this 
matter.  The Prestige disaster was Spain's worst 
environmental disaster damaging  fishing, tourism and natural 
habitats in the region.  Spain argues that the bureau was 
negligent in it's classification of the 26 year old vessel 
clearing the single hulled vessel as fit to carry fuel.  The 
Justice Ministry issued a statement announcing they will 
appeal the decision.  (El Pais 1/3/07) 
AGUIRRE