Articles tagged as: austerity measures

June 28th, 2013

"The Spanish economy seems to have bottomed out and be ready to start growing," says the latest forecast from consultants, Ernst & Young, who estimate that the Spanish economy will fall by 1.7% this year but rebound by 0.2% in 2014 and by 1.5% between 2015 and 2017. Although for ...

Continue reading Spanish Economy Ready to Grow, Says Eurozone Forecast

January 22nd, 2013

The Casa del Rey released figures yesterday to explain the distribution of the 7.93 million euros to be received by the institution from the State Budget, which is 4% less than 2012 and equates to a saving of 330,570 euros. With cuts undertaken in recent years, the Royal budget for ...

Continue reading Spain’s Royal Budget Cut to 7.93 Million Euros

December 12th, 2012

The Minister of Economy and Competitiveness, Luis de Guindos, has said that the Spanish economy will end this year better than initially predicted, as the contraction of the GDP will be around 1.3% or 1.4%, compared to the 1.5% calculated by the Government. In an interview with RNE (Spanish National Radio), ...

Continue reading 2012 GDP Will Fall Less Than Expected, Says De Guindos

July 19th, 2012

Sources from Spain’s Royal House have reported that King Juan Carlos has decided to voluntarily cut his gross income, as well as that of the Prince Felipe of Asturias, by 7.1%. In addition, King Juan Carlos has decided to lower representation expenses allocated to the rest of his family by ...

Continue reading Spain’s King Takes a Pay Cut

February 20th, 2012

Two Spanish cities, Barcelona at No. 11 and Madrid at No. 16, have been included in the list of the 20 best cities in the world for students, in a new ranking released at the weekend by QS, a company specialising in research and rankings of universities worldwide. Among the top ...

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February 15th, 2012

The rating agency Moody's has downgraded the sovereign debt rating of Spain and five other European countries, while at the same time placing France, Austria and the UK (who are presently enjoying the maximum 'Aaa' note), on negative outlook. The downward revision of the ratings and the outlook for a total ...

Continue reading Moody’s Downgrades Spain’s Debt Rating

December 20th, 2011

The crisis that began in the second half of 2007 is still continuing. The consultancy firm Ernst & Young's report on Spain’s prospects for the coming years is based on the slowdown in the economy since the first quarter of this year, and which they warn is not likely to ...

Continue reading Ernst & Young: “Spanish Recovery Likely in Second Half of Next Year”

August 25th, 2011

Europe boasts 30 banks among the safest in the world in 2011, and features in the top ten, despite the sovereign debt crisis. Santander, BBVA and Banesto are among the 50 safest banks worldwide, according to the ranking by Global Finance magazine, which in their 2011 edition is headed by the ...

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August 17th, 2011

Experts predict that the fall in house sales, from 22.9% in June (according to the National Statistics Institute) will continue until the end of 2011 because of economic uncertainty, although the price adjustments are slowing, according to Cinco Dias. Business Director of Aguirre Newman, Angel Serrano, said that the "extreme volatility" ...

Continue reading Forthcoming Election Hinders House Purchases

July 29th, 2011

The U.S. newspaper The Wall Street Journal said last week that the IMF is concerned about its huge long-term exposure to the euro, reminding that the institution has already pledged to provide 78,500 million euros for Greece, Ireland and Portugal until 2014, a figure higher than the participation of these ...

Continue reading The IMF Will Contribute Less than One-Third of Greek Rescue

July 13th, 2011

Caja Mediterráneo (CAM) is continuing with its cost reduction plans, to be implemented this year, which will result in the closure of a total of 122 branches, 27% of their total network. The bank are confident the implementation of its recapitalisation strategy will yield "rather positive results". These cost reduction measures ...

Continue reading CAM Bank to Close 122 Branches

July 7th, 2011

A gold ring with an emerald worth $500,000, which was part of the treasure of the seventeenth-century Spanish galleon "Nuestra Senora de Atocha", has been found in the Florida Keys at the southern tip of Florida, according to Mel Fisher's Maritime Museum website. The precious jewel was found at the end ...

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July 7th, 2011

German Finance Minister, Wolfgang Schäuble, defended before the German Constitutional Court on Tuesday, the legality of the euro rescue fund and the European Union and International Monetary Fund’s aid program for Greece, saying "Germany does not take any decision on measures to stabilise the euro zone without the approval of ...

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July 4th, 2011

The executive council of the International Monetary Fund (IMF) has chosen by consensus to elect French Finance Minister, Christine Lagarde, as the new managing director of the fund for the next five years, announced the IMF in a statement. Lagarde, who replaces the ex-chief of the IMF, Dominique Strauss-Kahn, who resigned ...

Continue reading IMF Chooses Christine Lagarde as New Chief

June 28th, 2011

From 1st of July, the maximum speed will return to 120 km/h. This was decided on Friday by the Council of Ministers, four months after the Board approved the reduction of the speed limit to 110 km/h to help cut fuel consumption because of rising oil prices. Vice President Alfredo ...

Continue reading Spain’s Speed Restriction to be Scrapped