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Four months after it triumphed in the general election, Spain's conservative Popular Party faced an uphill battle in the Andalusian regional election of March 25, where the Socialist Party maintained its southern stronghold after securing support from Izquierda Unida (United Left). In the north-east region of Asturias, the PP kept its absolute majority.
Left slows PP in Andalucia – El País
Chancellor Merkel's Christian Democrats have won the regional elections in the south-west federal state of Saarland. On 1.2% the liberal FDP, the Chancellor's junior coalition partners, failed to obtain the 5% needed to win seats, unlike the Pirate Party, which obtained 7.4%.
CDU lead, Pirates in, FDP out – Die Welt
The Italian writer Antonio Tabucchi died on March 25 in Lisbon. He was 68. Tabucchi arrived in the Portuguese capital 50 years ago, driven by his interest for the Portuguese poet Fernando Pessoa. Portugal became his second home and the setting for many of his novels.
Farewell Italian friend – Público
18 major banks have maintained artificially low Libor rates (London Interbank Offered Rate), the interest rate that serves as a standard in global finance and at which banks agree to lend money to each other. This allowed them not to appear vulnerable and turn a profit in the midst of an economic slowdown. In revealing this information, Swiss bank UBS, also party to this practice, expects to obtain partial legal immunity. Several investigations are underway.
UBS reveals biggest financial scandal in history – Le Temps
International organised crime is flooding Europe with fake U.S. treasury bonds. Polish police have seized counterfeit bonds amounting to $100 million (€75.5 million) in the south and east of the country.
Scam of the century – Polska The Times
British PM David Cameron has admitted using his taxpayer-funded flat in Downing Street to host dinners for major Tory donors. The revelation came as the party reeled from a newspaper sting in which its chief fundraiser, Peter Cruddas, was caught boasting about the access and influence available in return for cash. Cruddas resigned on 25 March.
Donor dinners at No. 10 – The Times
After questions about its deficit target for 2012, Spain has again become the subject of investor fears. Interest on Spanish 10-year bonds have again crossed the 5.5% threshold. The budget presentation on March 30 could ease concerns.
Spain returns to centre of market concerns – Les Echos
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