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L’ALDEA, AN EXAMPLE OF WHAT MAY HAPPEN IN EUROPE?

In the south of Catalonia the river Ebre reaches its end. In that part of the country, there is a town called L’ALDEA. It has about 4000 citizens and now is news because about 3000 thousand of them cannot get their cash from a COOPERATIVA of the village.

We do not know yet what has happened with this cooperativa but the fact that people cannot get their money reminds me of the CORRALITO in Argentina.

All this could just end as the story of a local tragedy in a little village somewhere in the south of Europe but unfortunately this case of L’ALDEA makes me realise that in some way what has happened in L’Aldea is more or less what I am afraid of for the eurozone: that a tragedy comes to the eurozone and we cannot get our cash. This is just a fear that cases like L’Aldea do not help to put away.

One can have money in big banks whose bosses are unknown to us. One can also have the money in a place where you know each other. A cooperativa would seem a place that it is closer to its members. So what has happened it is terrible because as there is not trust in the banks it is terrible that such a place as a coopertativa also fails society.

I wonder what will happen next. Not all should be bad things. From this case solidarity from the rest of the country could be a nice thing to happen. Nonetheless I am afraid that the case of L’ALDEA could be the iceberg of the falling of other cooperatives. It is to soon to know what may happen but I imagine that if you have your money in a cooperativa now you could be more worried that before. I am afraid that a domino effect could happen. People could also start changing money from one bank to another.

Hopefully L’ALDEA could be an isolated case but the fact that this is happening at the same time that the euro is in its worst situation  speaks volumes of the bad times in this part of the world.

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