Professional Documents
Culture Documents
Sale or EL ROTO
takeover
The CAM case lends itself to the belief the ‘cajas’
have been even harder hit by property bubble
THE FAILED Banco Base operation, the fi- the Spanish banking sector bears some of
nancial alliance of of Cajastur, Caja Cant- the responsibility for the failure. When a
abria, Caja de Extremadura and Caja del merger operation is mounted in which a
Mediterraneo, is a serious setback for the “high risk” caja, which is the case of CAM
credibility of financial reform in Spain. as others were, is involved, it is unaccept-
The circumstances of the failure lend able for surprises of this nature to crop
themselves to the biased argument that up in the required restructuring exercise
the balance sheets cajas (publicly admin- being undertaken. The extent of CAM’s
istered regional savings banks) are impaired assets ought to have been
opaque and contain more toxic assets known to all the players in the merger
than what has been officially admitted. before it was set in motion. But not only
The assemblies of the cajas of As- must the Bank of Spain rethink its super-
turias, Extremadura and Cantabria al- visory duties, the managements of all the
most unanimously rejected a merger, cajas involved also need to explain why
once it was known that the restructuring they had such deficient knowledge of the
of CAM would require more than ¤2.5 balance sheet of the partner with which
billion owing to the risk of its larger-than- they were about to merge.
expected exposure to the real estate sec- The most reasonable political option
tor. The future of the merger is uncertain is for the three other cajas to proceed
(Cajastur, Caja de Extremadura and Caja with their merger, after revising their
Cantabria will probably go ahead with it), plans jointly with the Bank of Spain, and
but the CAM now constitutes a serious for the CAM to be taken over by the cen-
financial and political problem. tral bank with all of what this entails.
It could be sold, but not before costly All of this, because there is no room
restructuring, or taken over by the cen- for impunity in the management of a fi-
tral bank, which would also be an oner- nancial entity. If a financial institution’s
ous solution. finances causes the failure of a merger, it “Don’t let those who create the danger decide what is dangerous”
The CAM case has surfaced after what is necessary know through intervention
NEWS
PROFILE Fernando del Valle Madrid chief
scorns poison
Marbella’s live-in laundering lawyer lake dangers
M. DELFÍN, Madrid
to wildlife
When Chilean lawyer Fernando S. A. A., Madrid
del Valle was arrested in 2005, he
was billed as the main suspect in Madrid’s deputy regional pre-
Spain’s biggest money-launder- mier, Ignacio González, has
ing operation uncovered to date. played down the danger to
The Marbella-based attorney wildlife posed by a 1.2-hectare
was indicted on a battery of oil-slick lake near Arganda del
charges for trying to hide more Rey. “Over 200,000 birds fly
than ¤12 million in mafia and over that lake. It’s possible
drug money over the years and that the odd one might have
was considered the controlling fallen in,” he said the day EL
figure of more than 1,000 shell PAÍS published a story show-
companies registered in various ing dead aquatic birds.
locations from Delaware to Esperanza Aguirre’s gov-
Gibraltar. ernment bought the land two
Prosecutors had asked for a years ago for ¤50,000, ostensi-
jail sentence of up to 17 years, but bly to clean up the area. The
the so-called Ballena Blanca Popular Party administration
(White Whale) case fell apart decided against fining the two
when defense attorneys chipped oil ‘recycling’ companies re-
away at the government’s han- sponsible for polluting the
dling of the investigation. On lake, situated in a natural
Thursday, Del Valle was sen- park in southeast Madrid.
tenced to six years in prison and A local resident’s associa-
ordered to pay ¤3.4 million in tion has filed a complaint with
fines — the minimum sentence the environmental prosecutor
his charges carried. Fernando del Valle looks happy moments after being sentenced in a Málaga court on Thursday. / julián rojas after discovering dead and dy-
Once the toast of the Marbella ing birds in the lake. González
community, Del Valle did a lot of Spanish investigators discovered justice and foreign minister dur- said attempts had been made
work for a lot of people through Authorities believe the laundering activities taking ing the Pinochet dictatorship and to “recover the lake,” where in-
his law firm, including helping place at Del Valle’s DVA Lawyers once dean of the Catholic Univer- dustrial oil and gasoline has
the rich get richer and Britons the Chilean lawyer in Marbella. sity of Chile’s Law School. been dumped since the 1980s,
buy up vacation homes on the could have laundered Hambli had escaped from a As soon as he arrived, the but said the “complexity” of
Costa del Sol. Authorities said he French prison in Metz. Authori- multi-lingual Del Valle began to the issue had slowed work
was the mastermind behind a up to ¤250 million ties traced him to the Costa del mingle among the elite, shady down. Environmental charity
web of ghost corporations regis- Sol. In 2004, an associate of his and infamous in the Costa resort. Grefa estimates that the lake
tered in dozens of offshore tax ha- was arrested in Marbella in pos- According to one account, he is a has killed 20,000 birds in the
vens in which he offered his cli- The multi-lingual Del session of 3.2 tons of hashish. ‘Renaissance man’ who can play last 30 years.
ents participation with partners Valle mingled with Weeks later the Tunisian was de- a number of instruments, includ-
in Spain and other countries. The tained following a shootout. ing the cello. He lived the high life
the elite, shady and
lawyer had complete control over
these shells, investigators say. infamous in Marbella
French authorities traveled to
Spain to investigate Hambli’s
and, “as a devoted family man” as
friends described him, he wanted Christian
The prosecution’s case rested
on phone taps, surveillance re-
money-laundering activities and
discovered that he was using
the best for his children.
Soon after he was granted
activists disrupt
cordings and bank records but
the Málaga court threw out the
Spain to uncover evidence, which
led to more than ¤72 million in
shell companies such as Silverkey
Properties, Garden Gates Invest-
bail, Del Valle gave a news confer-
ence in December 2005. He de-
‘Gang Bang’
recordings after defense lawyers blocked accounts in 28 banks. In- ments and Funfair Investments nied all allegations and charged
filed a host of motions, including vestigators believe up to ¤250 mil- to conceal his illicit profits. The that police had violated his civil JACINTO ANTÓN, Barcelona
asking the judge to suppress the lion may have been laundered statutes of all the companies had rights.
surveillance recordings. Prosecu- but were only able to trace up to been drafted at the DVA offices in “How can 20 or 30 uniformed The National Catalunya The-
tors say they will appeal the light ¤12 million. Marbella. and armed men with assault ater plans to offer security to a
sentences given to Del Valle and Nineteen defendants faced The now 62-year-old Del Valle weapons barge into a law office, Barcelona venue staging the
five of his co-defendants. charges ranging from money arrived in Spain in 1977 and quick- with their faces covered with ski controversial show Gang Bang
The first phase of the trial, laundering and conspiracy to cov- ly became one of the most promi- masks as if the place were harbor- after two men burst into a per-
which got underway in March er-up and tax evasion. Only five, nent lawyers in the Costa del Sol. ing terrorists and professional formance earlier this week,
2010, was one of the most compli- including Del Valle, were found Málaga Bar Association president criminals?” he asked, reading yelling “Long live Christ the
cated in Spanish history with guilty. Among those who were Nielson Sánchez Stuart described from a statement without taking King!” throwing stink bombs
case records comprising 257 vol- convicted were a French drug- him as “prestigious and famous” questions from reporters. He did and threatening and abusing
umes. Investigators from a dozen trafficker of Tunisian descent, in 2005 following his arrest. not broach the issue of whether actors. The graphic play, by Jo-
countries, including the United Sophiane Hambli, and a Finnish According to the Chilean or not he was part of what could sep Maria Miró, is set in an
States, Canada, Germany and couple. press, Del Valle is the nephew of be one of Europe’s biggest interna- extreme gay sex venue and
France, helped authorities in It was through Hambli that Jaime del Valle Allende, a former tional money laundering rings. makes references to the pope.
NEWS Interview
JOSÉ LUIS RODRÍGUEZ ZAPATERO Spain’s prime minister
The Spanish leader met with journalists from five leading European newspapers, including EL PAÍS, as
part of the New Europe collaborative series of reports. In the interview, he argues that the government’s
medicine is beginning to improve Spain’s economic performance and insists that the core values of his
Socialist Party have been maintained. Unemployment, he admits, is still a very serious concern
Interview NEWS
economic crises. A day later, quirements. In the near future going to rebuild this country’s poverty. Europe is paying the rity and defense. The EU is built
the Portuguese Prime Minister, we will introduce measures to financial infrastructure... price for that. We have to adapt in such a way that there is al-
José Sócrates, resigned after his limit public spending, but this Q. …but these are all reforms to the new situation, and that ways a balance between collec-
latest austerity package was re- will require further negotia- that the right has traditionally means strengthening Europe’s tive and national responsibility.
buffed in parliament. There is tions with the regional govern- implemented. institutions. The only way that At times like this, maintaining
now doubt as to whether Portu- ments via a broad-based agree- A. It’s not about right and we can produce energy more that balance isn’t easy. But we
gal should accept what would ment. left. There are reforms that cheaply, or that our universities will see big changes over the
be the EU’s third financial res- Q. Despite their rescue pack- need to be implemented. We can compete with those in the next five years.
cue package after Greece and ages, Greece and Ireland contin- have lowered public sector United States, or that we can Q. After events in Japan,
Ireland. Do you think Portugal ue to pay more to borrow mon- workers’ salaries by five per- join the top internet companies should the EU establish a com-
should accept a bailout? ey on the international mar- cent, and we have frozen pen- is by joining forces within Eu- mon nuclear policy, at least in
A. The view within the insti- kets. So what use did the bail- sion increases for a year. The rope. terms of security?
tutions of the EU is that Portu- outs do? rest of the measures are vital if Q. You have said that the re- A. We have decided to test
gal can continue to finance it- A. When a country needs to we are to improve competitive- volts in the Arab world are in- the security of our nuclear pow-
self. I believe in José Sócrates’ ness. The left has to look to er plants based on common pa-
ability to handle this, and I ways to create more wealth, to rameters. But there is no deny-
don’t think that it would be “I don’t think that compete, to innovate. We are “Events in ing that there are many differ-
good for Portugal or the euro the only country in Europe not ent perspectives on nuclear en-
zone if Portugal asked for finan- a bailout would be to have cut education spending, Fukushima have ergy within the EU. At either
cial assistance. good for Portugal nor health. The main pillars of shown that Spain’s extreme are France and Aus-
Q. Are you afraid that Spain the welfare state remain in tria: Austria has banned nucle-
could find itself in a similar posi- or the euro zone” place. More than 75 percent of policy is correct” ar energy; France has 60 nucle-
tion? those without work receive ar power plants, with two more
A. Nobody asks me that ques- some kind of benefit payment. under construction. Events in
tion any more. But when they “The chances now But unemployment is difficult “Resolution 1973 is Fukushima have shown that
did, I said that there was no of Spain needing to budge, and that is a great con- historic because it is Spain’s policy is correct: use nu-
question of it happening. If cern to me. clear energy if there is no alter-
there was barely a 10-percent assistance are less Q. Wouldn’t it be easier to aimed at protecting native. But as soon as there is,
chance of it happening six than one percent” raise the tax rate on the a civilian population” drop it.
months ago, then the chances wealthy? Q. So Spain will close its nu-
clear plants when they become
too old?
A. Yes. We do not believe in
building new ones, which
means that we have to find new
ways to replace that capacity.
This will require a huge techno-
logical leap, but we believe that
although the risks from nuclear
energy are minimal, when
something goes wrong, the ef-
fects can be devastating.
Q. Because of its links to
North Africa, can Spain play a
key role in the uprisings there?
It doesn’t seem to have taken
the initiative yet.
A. We are playing a key role
in Tunisia, as well as in Egypt.
We support the reforms there
and in other countries. Spain
went through a transition to de-
mocracy, and we can teach
those countries a great deal
about the best way to go about
implementing new laws, chang-
ing laws… We also support the
demands for reform in Moroc-
co, a country whose stability is
essential for North Africa.
Former Prime Minister Felipe
González is advising the Tuni-
sian authorities.
Q. Do you think that direct
military intervention will be
needed in any other country
than Libya?
Zapatero gesticulates during the interview at his official La Moncloa residence. / g. l. A. If there were similar cir-
cumstances, where the civilian
now are less than one percent. ask for financial help, it knows A. We have done that — we spired by Europe. Do you really population was under threat.
Q. You recently announced the process will be long and have increased income tax. But believe that the emerging econ- But it would require the approv-
that Spain would be setting its painful. We need to think about fiscal policy has its limits. If you omies of the world look to Eu- al of the UN Security Council.
spending on the basis of GDP the medium term here. Greece raise taxes too high, it eats into rope? Resolution 1973 is important be-
growth and other economic and Ireland both have huge businesses’ profits, and that A. China and India have cause it is the first such resolu-
measures, including a plan to debts. They will have to intro- puts limits on economic achieved a huge amount, but tion aimed at protecting a civil-
bring the informal economy out duce reforms, and they will growth. At a time of economic we have to remember that Eu- ian population, and because it
into the open. Can you outline have difficulties in paying the crisis, increasing fiscal pres- rope created the welfare state; establishes the use of only limit-
how you intend to do this? debt. That is the reason for the sure can stall growth. European workers enjoy better ed military power, and express-
A. We have a wide range of bailout in both cases. They will Q. Critics of the EU point to protection than any others; it is ly forbids the use of ground
measures at our disposal. First, need time, but they can count its inability to respond quickly where women’s rights are best troops. It is a historic resolu-
we will meet our deficit goals on Europe’s support. and effectively to the crisis or to protected; and where individu- tion. For the moment, resolu-
this year. Secondly, we are just Q. What do you say to accusa- the uprisings in the Arab world, al freedoms are not subjected to tions have been based on
days away from a deal between tions that you are betraying the saying that it has failed to estab- economic disadvantage. What threats to world peace, or the
employers and unions over col- principles of the left and behav- lish common policies. How do we have to do to maintain right of defense, as happened
lective bargaining. Thirdly, we ing in the way a right-wing gov- would you counter those accu- that model? The answer is with Iraq and Kuwait. It is
are introducing reforms to ernment would? sations? clear. We have to further devel- worth highlighting that in Lib-
boost competitiveness. There A. The government is imple- A. When you are in govern- op our talent, our knowledge ya, there have been no civilian
are also reforms to generate em- menting the reforms that this ment, you have to accept criti- and skills base. We can com- casualties: only military objec-
ployment, and plans to regulate country needs. This involves cism, and also know how to be pete through our talent and in- tives are being targeted.
the informal sector, and we are sacrifice and effort, but they critical of oneself. We are living novation. Q. Would it be right to use
also introducing training and will bring their rewards. I am through a time of great change, Q. Do you think the EU’s troops in other countries in the
skills formation programs. Fi- absolutely confident that we and driving that change are the member states are prepared to region?
nally, we are putting the finish- can achieve financial stability, economy and communication. give up their sovereignty? A. The use of force is to pro-
ing touches to plans to reform and that we can create jobs. It What has happened is that pro- A. Member states have al- tect the population. Regime
the financial system. Banks and will take time, and I wish that it duction has shifted to Asia. ready given up much in terms change would require the use
savings banks have had to in- could be quicker, but the most Over the last decade and a half, of economic policy. We are mov- of force, as well as economic
crease their core capital re- important thing is that we are millions of people have escaped ing more slowly as regards secu- measures.
6 EL PAÍS, Saturday, April 2, 2011
BUSINESS
Fitch cuts CAM Household
ratings to junk Portugal gets through debt savings rate
status after
merger failure
tender but at high cost declines as
income falls
Yields continue to set new records in secondary market
From page 1 A. S., Madrid
The development emerged af-
ter CAM’s proposed merger AGENCIES / A. S., Madrid maturity was trading at around lion of spending incurred as a Heavily indebted Spanish
with three other local cajas 7 percent. result of assistance to two banks households beset by the
to form Banco Base fell apart Portugal managed to sell ¤1.6 bil- According to Bloomberg, the and the public transport sector. weakness of the economy
after the Alicante-based sav- lion in Treasury bills at an ex- yield on the 10-year government The INE said the shortfall and high unemployment
ings bank was abandoned by traordinary tender held on Fri- bond climbed to a new euro-era amounted to 8.6 percent, caus- were forced to loosen their
its erstwhile merger part- day but was forced to pay well high of 8.481 percent on Friday. ing the government to miss its purse strings at the end of
ners. over the odds to do so as govern- That also caused the spread target of 7.3 percent. last year as disposable in-
The central bank is expect- ment bond yields hit new euro- with the German equivalent to European Commission come fell.
ed to remove CAM‘s manage- era highs, increasing the likeli- widen to a new maximum of 510 spokesman Amadeu Altafaj said According to figures re-
ment and eventually offer the hood of a bailout. basis points. Friday there was no intention leased Friday by the National
caja to some of the stronger The auction took place hours Demand for the paper at Fri- on the part of the Portuguese Statistics Institute (INE), the
local banks, with the leading after President Aníbal Cavaco day’s tender eased to 1.4 times government to deceive with its household savings rate fell
contender being Banco Silva announced early elections from 2.3 times. The IGCP said figures, adding it simply imple- 4.3 percentage points from a
Santander. BBVA and La would be held on June 5 after Thursday it had called the auc- mented European accounting year earlier to 19.8 percent.
Caixa are also possible candi- the resignation of Prime Minis- tion in response to “specific de- principles. For the whole of last year the
dates to take over the reins at ter José Sócrates on March 23 in mand.” Both China and more re- Sócrates has rejected the savings rate dropped 4.9
CAM. response to parliament’s rejec- cently Brazil have said they need for a bailout and Finance points to 13.1 percent.
Cajastur, Caja Extremadu- tion of further austerity mea- would consider buying Portu- Minister Fernando Teixeira dos The INE said the main rea-
ra and Caja Cantabria pulled sures proposed by the Socialist guese sovereign debt. Santos on Thursday said the in- son for the contraction at the
out of the proposed tie-up government to rein in the public The Finance Ministry de- terim government lacked the “le- end of the year was a drop in
with CAM this week after deficit. scribed the outcome as “posi- gitimacy” to negotiate a rescue primary income of 0.7 per-
Banco Base asked for ¤2.8 bil- The debt management agen- tive” in the light of Portugal’s package. The earliest the new cent due to a fall in wages of
lion from the FROB, almost cy IGCP said the bills due June “difficult political and economic government is expected to be in 1.7 percent and a decline in
twice the amount the Bank of 2012 were sold at an average situation.” place is the end of June. earnings from investments.
Spain estimated would be re- rate of 5.793 percent, well above The tender also came the day The country has to repay At the same time, consumer
quired to meet the new mini- the 3.159 percent paid at an auc- after the National Statistics Of- over ¤4 billion in maturing spending climbed 4.9 per-
mum core capital ratio of 10 tion held in July of last year. fice (INE) revised the public defi- bonds on April 15, as well as cou- cent.
percent. However, it was below second- cit upward for last year after be- pons on some debt, and will With a fifth of the working
CAM said it also needed ary market rates where the ing required by the European need a further ¤6 billion on population currently unem-
the ¤2.8 billion from FROB to yield on paper with the same Union to include a further ¤3 bil- June 15. ployed, benefits received
pass the stress tests being car- climbed 6.3 percent, while so-
ried out on European lend- cial security payments de-
Automobile
ACS 33,315 0,235 0,71 32,860 33,385 4,6 -2,5 8,000
Amadeus 13,575 0,075 0,56 13,465 13,650 14,1 -13,4
Arcelor Mittal 25,600 0,075 0,29 25,335 25,900 -15,6 -5,2 6,000
Banco Popular
Banco Sabadell
4,208
3,101
0,060
0,014
1,45
0,45
4,150
3,069
4,251
3,134
-14,4
-16,0
11,1
5,1
F
Source: Bloomberg.
M A M J J A S O N D J F M
EL PAÍS
sales stay on
Banco Santander
Bankinter
8,410
4,990
0,218
0,150
2,66
3,10
8,210
4,851
8,410
4,998
-20,4
-26,5
7,7
21,5 CONTINUOUS MARKET FOREIGN CURRENCIES
slide in March
BBVA 8,624 0,206 2,45 8,456 8,678 -23,7 19,6
BME 22,730 1,260 5,87 21,550 23,000 11,5 27,5 BIGGEST HIGHS Buy Sell
% Euros
A. S., Madrid
Criteria 5,010 0,033 0,66 4,933 5,090 68,5 29,9
Ebro Foods 16,610 0,030 0,18 16,420 16,750 19,0 4,9 Puleva Biotech 28,06 0,195 US dollar 1,4202 1,4201
Enagás 16,025 0,105 0,66 15,840 16,100 10,1 7,4 Azkoyen 7,25 0,150 Argentinean peso 5,7621 5,7560 Sales of new passenger cars
Endesa 22,135 0,270 1,23 21,760 22,195 -0,1 17,8 BME 5,87 1,260 Australian dollar 1,3689 1,3685 declined 29.1 percent in
Brazilian real 2,3009 2,2993
FCC 23,410 0,050 0,21 23,320 23,655 -12,3 23,6
Amper 5,70 0,220
Canadian dollar 1,3694 1,3690 March to 88,396 units in the
Cie Automotive 4,05 0,225
Ferrovial 8,964 0,114 1,29 8,761 8,980 18,7 20,6
Sniace 3,50 0,056 Czech koruna 24,4930 24,4520 absence of direct govern-
Gamesa 7,365 0,032 0,44 7,250 7,420 -36,6 28,9 Bankinter 3,10 0,150 Danish krone 7,4566 7,4562 ment subsidies that were
Gas Natural 13,325 0,070 0,53 13,210 13,370 -3,0 19,8 Banco Santander 2,66 0,218 Hong Kong dollar 11,0482 11,0466 available a year earlier, ac-
Grifols 12,480 0,180 1,46 12,320 12,480 3,8 22,4 Hungarian forint 265,5700 265,1700
Duro Felguera 2,46 0,140
Icelandic krona 162,3100 161,7900 cording to figures released
Iag 2,581 -0,016 -0,62 2,540 2,669 - -22,0 BBVA 2,45 0,206
Iberdrola 6,217 0,081 1,32 6,110 6,220 -4,2 7,8 Indian rupee 63,0518 62,9513 Friday by the industry associ-
Iberdrola Renov. 3,085 0,040 1,31 3,047 3,085 -6,3 16,2 BIGGEST LOWS
Japanese yen 119,6300 119,6100 ations Anfac and Ganvam.
Inditex 57,570 0,950 1,68 56,520 57,600 34,6 2,8 % Euros
Mexican peso 16,8103 16,8056 Sales in the first quarter of
Moroccan dirham 11,3050 11,3050
Indra 14,175 0,025 0,18 14,025 14,270 -9,5 10,9 Quabit -3,33 -0,007 Norwegian kroner 7,8103 7,8057 the year dropped 27.3 per-
Mapfre 2,714 0,055 2,07 2,661 2,730 -0,1 30,6 Tubos Reunidos -3,24 -0,075 Polish zloty 4,0223 4,0186 cent to 208,151 units as con-
Gral. de Inversiones -2,97 -0,055
OHL 25,600 0,110 0,43 25,320 25,890 38,4 12,9
GAM -2,65 -0,050
Rusian ruble 40,2106 40,1711 sumer confidence remained
Red Eléctrica 40,115 0,015 0,04 39,800 40,345 10,1 15,9
Fergo Aisa -2,63 -0,005
Singapore dollar 1,7908 1,7900 weak. Sales to individuals fell
Repsol 24,540 0,365 1,51 24,055 24,600 37,6 20,6 South African rand 9,5151 9,5047
Sacyr 8,273 0,073 0,89 8,060 8,390 4,9 75,5
Almirall -2,54 -0,200
Sterling pound 0,8815 0,8814 46.4 percent. Ganvam said it
Técnicas Reunidas 43,180 0,760 1,79 42,480 43,340 12,9 -8,0
Faes -2,46 -0,070
Swedish krona 8,9429 8,9398 expected sales for the full
Reno de Médici -2,22 -0,005
Telecinco 8,193 0,115 1,42 8,020 8,230 -9,3 -0,5 Iberpapel -2,21 -0,340
Swiss franc 1,3165 1,3163 year could drop below the ini-
Telefónica 17,950 0,285 1,61 17,680 17,970 -1,1 5,8 Elecnor -1,54 -0,170 Units per euro at 18:00 tial forecast of 900,000 units.
EL PAÍS, Saturday, April 2, 2011 7
SPORTS
Ronaldo out Nadal and
for Sporting Greek tragedy for Barça Federer meet
and Tottenham Reigning Euroleague champion crashes out to Panathinaikos again — back
games ROBERT ÁLVAREZ / EL PAÍS
where it began
EL PAÍS, Madrid Regal FC Barcelona’s dream of J. J. M. / EL PAÍS, Madrid
defending its title on home turf
The bad news for José Mourin- at the Palau Sant Jordi on May 8 Rafael Nadal beat Tomas Ber-
ho is that Cristiano Ronaldo was over on Thursday night. dych and Roger Federer went
will not be fit to play in Real The Euroleague champion went through against Gilles Simon
Madrid’s home match against down 78-67 to a tactically superi- to set up a semifinal encounter
Sporting Gijón on Saturday, or Panathinaikos in their fourth against each other in the place
nor in next week’s Champions quarterfinal playoff game in Ath- their rivalry first began in
League quarterfinal first leg ens — an overall 3-1 series de- 2004 — at the Miami Masters.
against Tottenham. Marcelo feat. The Spaniard faced a tough
and Karim Benzema are also On a bad night for Spanish ride against world number sev-
unfit. The good news, though, basketball, Caja Laboral also en Berdych in his quarterfinal
is that Real’s Argentinean strik- missed out on a place in the Eu- match, prevailing 6-2, 3-6, 6-3
er, Gonzalo Higuaín is fit roleague Final Four with a third in two hours and 17 minutes.
enough to called up after four defeat against Maccabi Tel Aviv, The Swiss world number
months out of action. Also on while Power Electronics Valen- three had a considerably easi-
Saturday, Barcelona faces a cia pushed its series against Real er time against Simon after
tough test at Villarreal, while Madrid to a deciding fifth game the Frenchman retired due to
Valencia travels to Getafe. with a 81-72 win over the eight- injury after three games and
time title holder. less than 10 minutes.
LIGA BBVA / 1st DIVISION Week 30 There were few traces of the It was at the same stage of
SATURDAY Time Television Barcelona team that has earned the same tournament back in
Real Madrid-Sporting 18.00 C+ Liga, GolTV admiration across Europe at the 2004 that the 17-year-old Mal-
Getafe-Valencia 20.00 C+ Liga, GolTV OAKA stadium. Navarro wasn’t lorcan first met, and beat, Fed-
Villarreal-Barcelona 22.00 La Sexta, Aut. Navarro. Alan Anderson was er- erer, who lost his ATP second-
SUNDAY ratic. Ricky Rubio and Victor Sa- place ranking after his defeat
R. Sociedad-Hércules 17.00 PPV da weren’t capable of imposing a to Novak Djokovic at Indian
Espanyol-Racing 17.00 PPV more lively rhythm of play to Wells two weeks ago.
Levante-Málaga 17.00 PPV suit the style of the team. Time “We have played each oth-
Deportivo-Mallorca 17.00 PPV and again, Barça lost the re- er few times in semifinals,”
Sevilla-Zaragoza 19.00 C+ Liga, GolTV bound battle, missed the three- said Nadal after his quarterfi-
Osasuna Atlético 21.00 Canal + pointers and showed they didn’t nal win. “It has normally been
MONDAY know how defend against a at big title deciders. It is al-
Almería-Athletic 21.00 PPV, GolTV Panathinaikos that had a field ways special to play against
day at the basket. him. They are very important
P. W. T. L. GF. GA. Pt.
It was the Greek side’s Serbi- matches for our careers: finals
1. Barcelona 29 25 3 1 81 15 78
an coach Zeljko Obradovic who at Roland Garros, at Wimble-
2. Real Madrid 29 23 4 2 69 21 73
emerged as the hero of the night don, at the Australian Open
3. Villarreal 29 16 6 7 48 30 54
for getting his team to turn ev- Barcelona’s Fran Vázquez shows his despair. / thanassis stavrakis (ap) [...] that makes our rivalry spe-
4. Valencia 29 16 6 7 42 33 54
erything he wrote on his tactics cial.”
5. Espanyol 29 14 1 14 37 41 43
board into results on the pitch. bound. The Catalans’ luck ran down, I thought that we could “I think the hard court, es-
6. Athletic 29 13 3 13 44 41 42
7. Sevilla 29 12 6 11 43 43 42
Panathinaikos went round and out when baskets by Diamanti- get back in. But we lost the ball pecially the slow hard court is
8. Atlético 29 11 6 12 42 39 39
round until they found the in- dis and Calathes increased the and now didn’t believe. Then we a neutral territory, so it sets
9. Mallorca 29 11 5 13 30 38 38
side pass, including to some of gap between the teams to 13 fought, but without options. In things up for a great match,”
10. Levante 29 10 5 14 30 39 35 its outside players. And went it points with five minutes to go. the second half we weren’t our- said Federer, who has lost 14
11. Osasuna 29 9 8 12 34 33 35 didn’t, Nick Calathes or Dimitris “The round has had three and selves. and won eight against Nadal.
12. R. Sociedad 29 11 2 16 39 48 35 Diamantidis penetrated. The half very equal matches,” reflect- “It is a tough day for every- However, he leads the Span-
13. Getafe 29 9 7 13 39 45 34 problem for Barça was closing ed Barça coach Xavi Pascual. body. Since we began the season, iard 5-2 in their meetings on
14. Racing 29 8 9 12 28 43 33 the door on the inside while pre- “But in the second half there one of the objectives was to be in outdoor hard courts.
15. Sporting 29 7 11 11 27 35 32 venting Panathinaikos from was only one team. The first the Final Four. It was what we Spain’s David Ferrer failed
16. Deportivo 29 7 10 12 23 39 31 comfortably circulating the ball. lead they got over us, six points, were most excited about and we to make the semifinal grade,
17. Zaragoza 29 7 9 13 28 40 30 The third quarter was the seemed like a mountain. At the felt a sense of duty because it is going down 5-7, 2-6 to Ameri-
18. Málaga 29 8 5 16 38 59 29 most devastating. Barça lost first moment of weakness, we in Barcelona and because we are can Mardy Fish. Fish was play-
19. Almería 29 5 11 13 30 48 26 balls and Panathinaikos tri- stopped believing. When the last champions. I feel disappointed. ing Djokovic in the other semi-
20. Hércules 29 7 5 17 25 47 26 umphed in the battle for the re- quarter began, at nine points It is very painful for everyone.” final at press time.
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“Instead of seeking
clients, the architect
must seek situations
of social urgency”
The Estonoesunsolar collective created this garden with a room for association meetings in a street in the old quarter of Zaragoza.
illustrates an entire process
whose ideals are as lofty as those