A Convention Floor View Of The European Debt Crisis

Spanish borrowing costs are soaring, as investors digest the terms of a $125 billion bailout deal for Spanish banks. European businesses fear a crackup of the euro zone may soon be unavoidable.

Janine Iannarelli of Houston-based Par Avion Ltd. recently attended the European Business Aviation Convention in Geneva. She says buyers were in a very cautious mood, and it was easy to see why.

“The impression I got is that the EU’s going to implode here unless something is done to rein in spending and curb debt.”

Iannarelli, who sells pre-owned aircraft, says she tries to get better deals for her clients by looking for what’s on sale in the most troubled European markets.

“The dollar is gaining in strength, and there’s pressure on the owners of these aircraft is to divest themselves of the asset. Obviously that comes at the expense of someone, but my obligation is to make the best deal for the party I represent.”

While Spain is currently at center stage in the European debt crisis, markets are soon likely to shift their attention back to Greece. Greek voters go to the polls Sunday for their second parliamentary election in as many months.



Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined News 88.7 in January 2011. Since arriving in Houston, he has reported on the many changes wrought on the region’s economy by the revolution in domestic oil and gas production. His non-energy reporting runs the gamut from white-collar crime to cattle ranching. His work has aired on...

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