An independent mind
Antonio Brufau: Biography
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"Even before the crisis, Repsol didn’t anticipate a need for financing from the markets – and I certainly couldn’t contemplate turning to the markets now"
Antonio Brufau, Repsol |
SPAIN’S ECONOMY HAS been transformed in the past decade as a result of liberalization, globalization, a surging real estate sector and a massive credit boom. Inevitably, the good times – as elsewhere in Europe – have come to an end. Debt defaults rose 203% in Spain in the third quarter of 2008 compared with a year earlier, according to Spain’s Official State Bulletin, and the European Commission said that it expected Spain to enter its first recession in 15 years by the year-end.
The recent history of oil company Repsol YPF, one of the world’s 10 largest privately owned energy firms, mirrors many of the developments in the Spanish economy....
