Is There Something Morally Wrong With The Madrid Credit?
- Ronaldo Practicing With Portugal (Reuters)
It is hard to separate the difference between the bubble that is football at its highest level and the reality of the world right now. I read Spanish news everyday and the headlines are very similar to those here in the United States.
Apparently Real Madrid were the affected by a Madoff-type Ponzi scandal. They seemed to be According to Cadena Ser El Larguero Real Madrid received a €70 million credit from Banco Santander. This money is in an effort to obtain Manchester United star and reigning World Player of the Year Cristiano Ronaldo this coming summer. Based on this line of credit, it seems like the Portuguese international will most likely be wearing white next season.
Part of me says that Madrid is a step closer towards getting their man and this whole saga can come to an end. Another part sees this as the microcosm of why the economies around the world are in the crapper. Although they have seen increased profitability in Chile and the further aperture of the Asian market, things are not so good for them in Spain. The news could not have come out at a worse time when Spain´s economic situation gets more dire by the day for one of the biggest banks in the Europe Union. Banco Santander announced last week that their attributable profit fell and are about to announce the loss of 300 jobs in the consumer finance division as a result of a ¨reorganization¨ that is taking place in that end of the bank.
Part of me wants to say, ¨screw Real Madrid or any other club that gets a line of credit like this¨. Screw the people that approved this loan. Banks like Santander and BBVA are reluctant to lend money to people because of fears that they would have their bottom line affected. This all occurred after Spanish Prime Minister Jose María Rodríguez Zapater scolded them in a
I feel bad for Juan Doe. The one that is struggling to make ends meet. The family that is rejected a loan to buy their house and be able to raise their family with dignity. Worst of all, this money does not stay in Spain. The money is going to England as a pit stop and into the pockets of Manchester United who have to pay off significant interests on the loan that the Glazers got for their hostile take over of the Mancunian side. This could be money that could be helped in generating more jobs in a country that has the highest percentage of unemployment in the entire European Union (over 14%).
I mean now is not the time to use money for matters such as these. The economics of the world do not allow rich bastards like these to use up what little credit and resources there are in order to fulfill these fantasy football circle jerk sessions. Maybe Vicente Boluda should check out the streets of Madrid and other small towns that are being affected by the financial irresponsibility.
What do you think about Madrid´s line of credit for Cristiano Ronaldo?