elena salgado
December 23rd, 2010
Local banks in Spain are responsible for a flood of foreclosed properties set to hit the Spanish real estate market in 2011, it is claimed. There are now around 100,000 foreclosed homes on the market in Spain according to Madrid based Pisos Embargados de Bancos, a company that lists a quarter ...
Continue reading Spain's Cajas Storing Up Problems for Property Market
December 8th, 2010
Spain has raised tobacco tax, reduced windpower subsidies and brought forward pension reform in the latest measures to reduce the budget deficit and convince financial markets it has embarked on fundamental economic improvements. Prices of sovereign bonds issued by Spain, Portugal and other “peripheral” eurozone economies fell sharply early in the ...
Continue reading Spain Steps Up Fiscal Consolidation
December 6th, 2010
Spain’s bank restructuring fund plans to raise a further €2bn ($2.66bn) by issuing bonds in the next few months as mergers and cost-cutting among savings banks gather pace, the Financial Times has learnt from bankers in Madrid. Some bank analysts argue that unlisted cajas and commercial banks are so heavily exposed ...
Continue reading Bank Restructuring Fund Plans Further Bond Issues
November 22nd, 2010
Spain and Portugal have hurried to disassociate themselves from Ireland’s debt crisis, saying their own fiscal problems can be solved without the kind of rescue package mooted for Ireland by the European Union and the International Monetary Fund. José Luis Rodríguez Zapatero, Spain’s socialist prime minister, said in parliament on Thursday ...
Continue reading Spain and Portugal Rule Out Bailout Deals
October 8th, 2010
If you strip away the political correctness, Chapter Three of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time. The IMF report – "Will ...
Continue reading IMF's Outlook Gloomy Over Europe's Austerity Measures
October 7th, 2010
Last Thursday Moody’s Investor Service cut Spain’s Sovereign credit – to Aa1 from AAA – thus removing the last of the country’s highly-valued triple-A ratings. The move really surprised no one – in this case the Moody’s rating could be regarded as a lagging indicator on the health of Spain’s ...
Continue reading Can Spain Achieve a 6% 2011 Deficit?
October 5th, 2010
Spain will sell 43.3 billion euros ($59 billion) of net debt next year as the government aims to cut its budget gap by almost half in two years. Bonds rose as the issuance figure was less than investors expected. Spain’s Treasury has redemptions of 148.7 billion euros in 2011, making for ...
Continue reading Spain Plans Bond Sale to Cut Budget Gap
October 4th, 2010
Spain's economy will be weak for the rest of 2010 but should slowly improve next year, Prime Minister Jose Luis Rodriguez Zapatero said on Friday, as data pointed to a renewed slide in manufacturing. A day after presenting Spain's most austere budget in decades, and two days after a general strike ...
Continue reading Zapatero Predicts Slow Recovery for Spanish Economy
September 28th, 2010
Elena Salgado, Spanish finance minister, unveiled what she called an austere 2011 budget that will increase income tax for the rich and cut ministerial expenditure by an “extraordinarily large” 16 per cent. Spain’s Socialist government says it is determined to stick to its deficit reduction plans. Ministers want to distinguish their ...
Continue reading Spain Unveils ‘Austere’ 2011 Budget
August 23rd, 2010
Spain said on Wednesday it would restore €500m cut from the state infrastructure investment budget for next year in a slight easing of its austerity plans, but would fulfil its promises to keep cutting the annual budget deficit in line with agreed targets. Elena Salgado, finance minister, made the announcement in ...
Continue reading Spain to Restore €500M of Spending
August 18th, 2010
Spain maintained a feeble pace of growth in the second quarter, data showed on Friday, but analysts warned even that may be hard to repeat in the final half of the year as austerity measures take effect. The economy grew by 0.2 percent quarter on quarter between April and July, as ...
Continue reading Spain Economy Grows in Q2 But Outlook Still Cautious
July 5th, 2010
A crucial indication of whether European banks can be taken off "life support" from central banks will come this morning as the European Central Bank (ECB) offers refinancing for a €442bn loan that has kept the system afloat for the past year. Analysts reckon that if the ECB admits that banks ...
Continue reading European Banks Await News on Refinancing Package
June 30th, 2010
Treasury inspectors are probing some 3,000 accounts held by Spaniards at HSBC bank in Switzerland for possible tax fraud, the finance minister said Thursday — accounts that media reports said could involve more than euro6 billion ($7.36 billion). Finance Minister Elena Salgado said the owners of the accounts had been notified ...
Continue reading Spain Probes Swiss Bank Accounts in Tax Fraud Crackdown
June 3rd, 2010
Spain aims to pass a long-awaited labour market reform before the end of June, with or without an agreement with unions and business leaders, Economy Minister Elena Salgado said on Monday. Negotiations on thrashing out a deal were held on Monday after the labour ministry said it would extend a deadline ...
Continue reading Spain Aim to Pass Labour Reforms Before Month End
May 31st, 2010
The Spanish parliament has backed a 15bn-euro ($18.4bn; £13bn) austerity package by one vote as the country strives to cut its budget deficit. The vote saw 169 in favour of the Socialist government's austerity plan and 168 against, with 13 abstentions. Spain announced the austerity package earlier this month. It includes wage ...
Continue reading €15 Billion Austerity Plan Approved for Spain
