Articles tagged as: budget deficit

November 6th, 2012

The Spanish Government’s State Secretary for the Treasury, Miguel Ferre, announced that the new anti-fraud law (7/2012) that came into force on Wednesday last week is "the most ambitious legislation in this field since the 1970s". The content of this law aims to provide the Spanish Tax Office with the ...

Continue reading New Anti-Fraud Law Will Help Spain Meet Deficit Target

October 24th, 2012

Spain is the country which has the fifth highest marginal rate of income tax in the world, after climbing to 52% in 2012, seven points higher than a year earlier, according to KPMG consultants’ annual study on personal income tax rates and contributions to Social Security. Only four countries, three of ...

Continue reading Spain’s Income Tax Fifth Highest in the World

September 11th, 2012

According to a poll carried out by Metroscopia and published on Sunday by El Pais, nearly three out of four Spanish (72%) see it as inevitable that the country will get a bailout from the European Union. This is compared to 62% who expressed that view last month, the survey ...

Continue reading 72% of Spanish Think Bailout Inevitable

August 9th, 2012

The Spanish economy will shrink by 1.4% both in 2012 and in 2013 because of persistent financial strains and lack of concrete solutions at the EU level, says the BBVA. They further predict that the unemployment rate will touch 26% next year and are calling for Europe to reduce the ...

Continue reading BBVA Revises Forecast for Spanish Economy

May 23rd, 2012

At a luncheon organized by KPMG and Europa Press, the Spanish Minister of Industry, Energy and Tourism, José Manuel Soria, said that "there is no provision" on the table of the Government for a VAT increase for the tourism sector next year. Soria explained that if a tax increase were to ...

Continue reading Government Has No Plans to Increase VAT in Tourism Sector

November 25th, 2011

The Institute of International Finance (IIF) has said that the situation in the euro zone "has deteriorated" in the last month dropping "into a new recession," which will shrink the European economy by one percent of its Gross Domestic Product (GDP ) in 2012. "The situation in the euro zone has ...

Continue reading Euro Zone Already in Recession, Says World Bank

November 24th, 2011

The International Monetary Fund (IMF) has finalised its ‘Preventive Liquidity Line’, a credit line agreed at the G-20 summit in Cannes to assist countries in the Eurozone who need emergency money. "These reforms will enable the Fund to be more responsive to the diverse needs of members with sound (economic) policies," ...

Continue reading IMF Creates Emergency Credit Line to Protect Eurozone

November 21st, 2011

The rate of inflation in the eurozone in October remained at 3%, the same level as in the previous month, but well above the 1.9% recorded a year ago, according to data published by the European statistics office, Eurostat. El Mundo reported that in the whole of the EU, prices registered ...

Continue reading Eurozone Inflation Stable in October

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 ...

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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 ...

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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

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

June 9th, 2011

The Government says it is not ruling out the extension of the maximum speed limit restriction of 110 km/hr on motorways and main roads beyond the June 30 deadline, the date the Government set to assess the validity of continuing with the measure. The Minister of Industry, Tourism and Trade, Miguel ...

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June 9th, 2011

The ratings agency Moody's has published an analysis of the impact of the budget of the Generalitat of Catalonia, which forecasts a deficit of 2.66%, double the target set by the Government. Moody's believes that this Catalan fiscal challenge demonstrates that the central Government has no effective tools to impose ...

Continue reading Moody’s Warns Catalonia’s Fiscal Challenge May Harm Spain’s Solvency

June 6th, 2011

The President of the European Central Bank (ECB), Jean Claude Trichet, has proposed the creation of a Community Finance Minister to members of the European Union, and has proposed that the EU officials be given more authority over European countries straying "down the wrong path", including the right to veto ...

Continue reading Trichet Says EU Should Have More Control Over Member States