austerity measures
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
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 ...
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 ...
Continue reading Santander, BBVA and Banesto Rank Among the 50 Safest Banks
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 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
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 ...
Continue reading Germany Defends Legality of the Euro Rescue Fund
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 20th, 2011
The Executive Board of the International Monetary Fund (IMF) has disqualified Bank of Israel Governor Stanley Fischer from running for the post of Managing Director of the Fund, due to his advanced age. As reported in Europa Press, referring to 67 year old Stanley Fischer, the Executive Board outlined the IMF ...
Continue reading IMF Narrows Candidate List for Post of MD
May 20th, 2011
Euro zone finance ministers have proposed that Italian Central Bank President, Mario Draghi, replace Jean-Claude Trichet as President of the European Central Bank (ECB), reported Euro Group Chairman Jean-Claude Juncker. Juncker said that "Mario Draghi will be the new president of the ECB" and that the Italian banker has "an excellent ...
Continue reading Italian Draghi Chosen as New Head of the ECB
May 16th, 2011
The Spanish economy grew 0.3% between January and March, according to the latest report published by the National Statistics Institute. This is one-tenth more than announced by the Bank of Spain last week and another notch higher than the growth registered for the last quarter of 2010. The annual rate increase ...
Continue reading Spain’s GDP First Quarter Growth Beats Forecast
May 3rd, 2011
Thousands of people took to the streets of Spain on Sunday in Labour Day protests against social cutbacks included in the Government’s labour reforms, to demand solutions to the unemployment problem and prevent the deterioration of public services. More than 8,000 protesters marched in the main May Day rally, which this ...
Continue reading Spanish Unions Unite in May Day Protests
April 29th, 2011
Spanish public deficit fell to 9.2% of GDP in 2010, while debt rose to 60.1% according to estimates released on Tuesday by Eurostat, which confirms deficit data announced by the Government of Spain. The published figures show an improvement in the deficit over the previous year, when it stood at 11.1%, ...
Continue reading Spanish Deficit Fell to 9.2% in 2010
April 19th, 2011
Telefonica SA may cut its workforce in Spain by about 20 percent within the next three years as the country’s former phone monopoly targets growth in Latin America to make up for declining sales in its home market. Telefonica, which employs about 35,000 people in Spain, faces a “difficult” macro-economic environment ...
Continue reading Telefonica May Cut 20% of Spanish Workforce
April 5th, 2011
Artur Mas, premier of the autonomous Spanish region of Catalonia, has committed his administration to severe austerity, but rejected as “destructive” and “mad” the spending cuts that would be needed to fulfil the central government’s 2011 deficit targets for the regions. Mr Mas, in a speech to business leaders in Madrid ...
Continue reading Catalonia Rejects 'Mad' Spending Cuts
