🇻🇪 What does Venezuela mean for Spain?
Also: A regional president wears blackface and a streamer dies live doing a dare.

Madrid | Issue #131
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Old friends in high places
🇻🇪 The Spanish side of Trump's Venezuela adventure
The U.S. military’s capture/abduction of Venezuelan strongman Nicolás Maduro sent shock waves through Spain. And not just because the two countries share a language and a long colonial “relationship.”
Remember Delcygate? Delcy Rodríguez — Maduro’s VP and the woman now tapped (by Caracas…or by Trump?) to replace her arrested boss — has played a not-insignificant role in corruption scandals involving PSOE figures José Luis Ábalos, Koldo García, and Víctor de Aldama. Yes, that fun bunch. Now she’s the woman of the hour — and her success (or failure) may determine how much of the still-murky Venezuelan side of those scandals comes to light, and who gets hit.
More on that hot mess in a minute. First, how Spain handled the news from its former colony.
The news detonated straight down Madrid’s political fault line, instantly dividing the country into two camps (as per ush): those cheering the fall of a dictator, and those insisting that how it happened matters just as much.
PM Sánchez, unsurprisingly, chose Camp Two. After an initial call for “de-escalation,” his tone hardened quickly. Spain may not recognize Maduro’s regime, he said, but it will not endorse an intervention that violates international law or destabilizes the region.
Next stop: the international stage. Sánchez pushed the issue into the UN, warning that the operation set a dangerous precedent and violated Venezuela’s sovereignty. Foreign Minister José Manuel Albares argued that fighting organized crime can’t become a blank check for military action. “Force never brings more democracy,” he said.
Sánchez also pressed other European leaders to stop tiptoeing around Trump, warning that shrugging at a U.S. intervention in Latin America sends a signal. What happens, Madrid suggested pointedly, when that logic gets applied closer to home — in, say, Greenland?
On the right, the Popular Party sprinted into the story… and then slowed down. Party boss Alberto Núñez Feijóo initially hailed Maduro’s capture as unequivocally good news, while Madrid president Isabel Díaz Ayuso framed it as a historic act that could earn “years of gratitude.”
But once Trump floated a transition plan that sidelined María Corina Machado, the Venezuelan opposition leader and recent Nobel Peace Prize winner, apparently for being too into democracy, and kept Delcy Rodríguez in play, the PP began hedging: Venezuela’s future should be decided by Venezuelans, they said, and anyway, there are “doubts” about whether international law was breached.
To Sánchez’s left, the pressure ran the other way. Sumar denounced the intervention as imperial; Podemos went further, calling for Trump’s international isolation. And the far-righties of Vox predictably celebrated it as a triumph for “freedom”.
And public opinion? Classic Spain. A majority backs Maduro’s capture, but an even larger majority thinks the operation broke international law. In other words, Maduro is loathed, Trump is distrusted — and Spanish politics is fighting over which of those truths deserves the headline.
Now let’s get back to Delcy. She appears to have had close contact with Ábalos, Koldo and Aldama in the 2019-2021 period, when Ábalos was Sánchez’s infrastructure and transport minister and was apparently involved in commission schemes tied to public contracts. Aldama spoke regularly with Delcy ahead of a January 2020 meeting between her and Ábalos at Madrid’s Barajas Airport that Ábalos’s son claimed Sánchez had ordered his father to take (Delcy was banned from entering the EU because of her role in “human rights violations and for undermining democracy”).
The gold. Shortly before that meeting, Aldama apparently took part in the sale of 104 gold bars from Venezuela for $68.4m to a company called Bancasa S.A., and discussed it with Delcy; it is rumored that the bars were on Delcy’s flight and that they were moved into Spain in a money laundering or payoff scheme, though this has not been proven.
Zapatero and Plus Ultra. In another murky relationship, a Madrid court is investigating whether Plus Ultra, a small airline that mostly connected Spain with Venezuela, used a controversial €53m COVID bailout from the Sánchez government to launder funds from Venezuela. It happens that former PSOE Prime Minister José Luis Rodríguez Zapatero, a Sánchez ally and (very friendly) envoy to Venezuela’s authoritarian regime for the last decade, is running buddies with Plus Ultra’s chairman, Julio Martínez, and is rumored to have warned him of his upcoming arrest in time to erase incriminating mobile phone data. That, and claims that Zapatero received commissions for his work with Venezuela, have also not been proven. And Delcy? She and Zapatero are friends.
For now, the cases are winding their way slowly through the courts. And the courts may never get the whole story without the Venezuelan side. But if the Trump administration’s intervention takes another bizarre turn — an arrest of Delcy, for example — who knows what comes to light?
More news below. 👇👇
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💬 Five things to discuss at dinner parties
1. 🤑 A new sign that Madrid’s economy passed Catalonia’s

We live in Madrid, but this isn’t a Catalonia-bashing exercise. We love Catalonia — Barcelona, the Costa Brava, the Pyrenees, the whole schmear. But a new piece of economic data dropped this week that shows that Madrid’s sorpasso of Catalonia in economic terms isn’t slowing down. If anything, it’s hardening into a trend. Here’s what happened.
Social Security “affiliations.” For the first time since records have been kept (i.e. 1999), Madrid now has more people affiliated to Spain’s Social Security system than Catalonia — about 3.88 million, roughly 7,600 more than Catalonia, despite Madrid having around 1 million fewer residents. This number isn’t from a survey, but from a government register that tracks where people work, not where they live. It’s one of the cleanest proxies we have for where jobs are actually being created. (That said, if you have two part-time jobs, that counts as two affiliations 👀.)
That milestone didn’t come out of nowhere. Economists have been predicting it for years. Madrid’s regional GDP overtook Catalonia’s back in 2012, briefly flopped back, then pulled ahead again in 2017 during the height of the procés separatist crisis — and has been widening the gap since. Today, Madrid accounts for nearly 20% of Spain’s total economic output, more than any other region. (Catalonia has been stuck around 19% for years.) So why is this happening?
First, Madrid has become Spain’s uncontested “global city.” According to Arturo Lahera, an academic cited in an analysis in El País, the capital now attracts close to a third of all foreign direct investment coming into Spain, particularly since the pandemic. Capital comes in, jobs follow. Economics 101, dude.
Second, economic sectors matter. As Spain’s longtime clothing and automotive factory center, Catalonia still has a powerful industrial base, but it’s heavily tied to exports to northern Europe — where growth has been sluggish for, like, years. Madrid, by contrast, is more diversified and increasingly heavy in high-value services: consulting, tech, finance, and corporate HQ activity. That’s where the job growth is.
Third, there’s a snowball effect. As one economist put it, Madrid benefits from a strong centripetal force: companies want to be near competitors, suppliers, regulators, and talent. The bigger it gets, the more gravity it has. That’s why so many graduates from elsewhere in Spain end up in a city with no access to the Med — if they want to or not.
Finally, there’s housing. Madrid concentrates the jobs, but it’s getting harder to live there. (If you read us regularly, you know we bang on about this. A lot.) Tens of thousands of people commute to work in Madrid from Toledo or Guadalajara. Those workers still count as Madrid “affiliations,” reinforcing the capital’s economic weight even as the population spills outward. (When you look at where workers live, more still reside in Catalonia than Madrid.)
The downside? Winning can come with the risk of death by success. As in, if it becomes absolutely impossible to attract talent to Madrid because of housing prices, businesses will look elsewhere.
2. 📺 A death is live-streamed Black Mirror-style


