Archives for June 2009
June 2nd, 2009
Spanish govt says economic problems to continue in 2010 - Unemployment, structural weakness, biggest obstacles - Treasury Secretary Ocana sees need for Labour reform - Econ Min Salgado does not rule out tax hikes for wealthySpain's economy will not face an easy year in 2010 due to high unemployment, Spanish ...
Continue reading Spain: Economy Seeks Urgent Government Reform
June 1st, 2009
Unemployment will not hit 5 million this year - Rules out making it cheaper to hire and fire - Says no bank rescue fund should be ready before summerSpanish government spending plans to combat the recession will push up public debt by 15 percentage points of gross domestic product by ...
Continue reading Spanish Public Debt to Rise to 60% GDP
June 2nd, 2009
This week, the news centred on the state of the Spanish economy with an interesting perspective from a Socialist publication which helpfully asserts that the crisis "cannot be solved in the interests of the ruling elite without an unprecedented destruction of industry, employment and wages."In this article we read: "All of ...
Continue reading Socialism on the Back Foot in Spain
June 3rd, 2009
News that thousands of homes owned by Britons on the Costa del Sol will not be demolished, despite being declared illegal, should help to stimulate the moribund property market in Spain. Steep price falls and bumper discounts on some new-build homes, as well as the gradual strengthening of sterling, are also ...
Continue reading Costa del Sol Bargains: Soon to be Legalised
June 4th, 2009
May jobless claims fall 24,741, first decline in 14 mths, Joblessness down in all sectors, govt sees end of crisis, Govt says 8 bln euro public works plan slows jobs decline, Govt does not rule out extra stimulus spendingSpanish unemployment claims fell in May for the first time in 14 ...
Continue reading Spanish Unemployment Trend Reversing
June 5th, 2009
Spanish consumer confidence rose to a 13-month high in May as jobless claims eased, though Spaniards' spirits remained depressed by historical standards.Spain's Official Credit Institute (ICO) said its index of consumer attitudes rose to 63.8 points in May from 61.9 points in April as the majority of households saw the ...
Continue reading Spain: Consumer Confidence at 13 Month High
June 8th, 2009
Cajasur on Friday said it had held informal merger talks with Unicaja and Caja de Murcia, marking the latest attempt by Spanish savings banks to join forces to confront a rapid rise in property debt defaults.The talks between the savings banks in the Andalusia and Murcia regions of southern Spain ...
Continue reading More Spanish Building Society Mergers
June 9th, 2009
There were a couple of interesting articles this week in the Spanish daily ‘El Mundo’ about bank repossessions in Spain, and what the 10 biggest lenders are offering investors.One article pointed that Spain’s banks and savings banks – known as cajas – are now the country’s biggest real estate companies. ...
Continue reading Spanish Banks: Property Repossession Top Ten
June 9th, 2009
This week's Spanish property news could almost pass for pure unbridled optimism.Good news for the innocent buyers of illegal property in Marbella. In Costa del Sol Bargains: Soon to be Legalised we learn that their properties will be legalised rather than demolished. Of course, the people who should be footing the ...
Continue reading Justified Optimism in Spain?
June 10th, 2009
Sterling hit by charts and politics: Technical resistance and Downing Street unrest took their toll on sterling despite decent economic data. The euro advanced by default rather than by design.A promising start to the week took sterling up from €1.15 on Monday morning to a high of €1.1650 on Wednesday, ...
Continue reading Moneycorp: Euro Weekly Update
