eurozone
March 12th, 2012
The European Commission sent inspectors to Spain last week to discuss the situation of its public finances, after the new government announced that the deficit last year stood at 8.5% instead of the 6% agreed with the EU. "Experts from the European Commission have been in Madrid this week to ...
Continue reading Brussels Sends Inspectors to Examine Public Accounts of Spain
March 9th, 2012
The credit rating agency, Standard & Poor's, believes that the European macroeconomic crisis will not extend beyond 2012, which will result in a "significant recovery" of European real estate markets in 2013. "Standard & Poor's Ratings Services believes that the macroeconomic crisis may not extend beyond 2012. We still expect a ...
Continue reading S & P Predicts End to Economic Crisis in Europe in 2012
March 5th, 2012
On Friday, the leaders of the European Union (EU) renewed the mandate of the European Council President, Herman Van Rompuy, until the end of November 2014. In addition, Van Rompuy has been elected to preside over the summits of the seventeen countries of the eurozone, which will take place at ...
Continue reading EU Leaders Re-elect Van Rompuy as EC President
February 27th, 2012
According to economic forecasts published by the European Commission last week, the Spanish economy will shrink by 1% in 2012 and a mild recession will last until the end of the year due to the impact of the debt crisis, the cuts in the public sector and private consumption, due ...
Continue reading Brussels Forecasts Mild Recession for Spain in 2012
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
February 7th, 2012
Spain's public debt remained unchanged at 66.0% of gross domestic product (GDP), equivalent to 706,340 million euros, according to eurozone data for the third quarter of 2011 released yesterday by Eurostat, the European Union statistics office. The eurozone debt declined by three-tenths in the third quarter of 2011 to 87.4% of ...
Continue reading Spain’s Public Debt Stable at 66% of GDP
February 6th, 2012
In his speech at the Herzliya Conference held in Israel last week, the President of the World Bank, Robert B. Zoellick, warned that "the measures adopted in Europe for now only buy time. We are facing one of the key moments in the future of European construction". Zoellick addressed the ...
Continue reading World Bank: ‘The measures taken in Europe only buy time’
February 1st, 2012
The European Commission President, Jose Manuel Durao Barroso, sent the Spanish Government a letter yesterday announcing his intention to send EU employment experts to Spain in February in order to help fight youth unemployment. The initiative will also take in the other seven Member States whose youth unemployment rates exceed 30%: ...
Continue reading Brussels to Send Employment Experts to Spain in February
January 27th, 2012
According to the Institution’s updated 'Fiscal Monitor' report, the International Monetary Fund (IMF) has drastically worsened its deficit forecast for Spain in 2012 and 2013 to 6.8% and 6.3% respectively, figures which double the 3% deficit target the Spanish economy must achieve in the next year. The organisation, chaired by ...
Continue reading The IMF Forecasts Spain’s Deficit at 6.8% this Year
January 20th, 2012
The head of Fitch's sovereign risk analysis, Ed Parker, said in Madrid that the countries which the rating agency placed on negative review last December, including Spain, "have a high probability of seeing their note lowered one or two notches later this month." Parker went on to say that the ...
Continue reading Fitch Praises Adjustment but Warns of Spain Downgrade
January 18th, 2012
The President of the European Central Bank (ECB), Mario Draghi, has warned that the debt crisis in the eurozone is worsening and has called the situation "very serious", but wanted to downplay the assessments of the credit rating agencies. Diario Sur reported that in his first address to the Committee on ...
Continue reading Eurozone Situation “Very Serious”, says Draghi
January 9th, 2012
Unemployment in the eurozone during the month of November remained at the 10.3% it reached in October, with Spain again in the lead with an unemployment rate of 22.9%, which is two-tenths more than in the previous month, according to Eurostat. In the European Union (EU) as a whole, Cinco ...
Continue reading Eurozone Unemployment at 10.3% in November
January 3rd, 2012
German Chancellor Angela Merkel warned in her New Year message that Europe must "cooperate more than they have done" if they want to save the euro and the French President, Nicolas Sarkozy, promised that his country would carry out structural reforms in order to exit the crisis and ensured that ...
Continue reading Merkel Calls for Unity to Save the Euro
December 16th, 2011
The per capita wealth of the Spanish fell again in 2010 as a result of the economic crisis but is at the same level as the EU average, according to data released on Tuesday by the EU statistics office, Eurostat. The gross domestic product (GDP) per capita in Spain fell from ...
Continue reading Spanish Income Per Capita is the EU average
December 14th, 2011
The European Council President, Herman Van Rompuy, has admitted that restoring confidence in the euro is "more difficult" than expected and cannot be done "overnight", but said that agreements reached at the summit last week constitute an "important part" in helping stabilise the crisis. "It is a long road to restoring ...
Continue reading Van Rompuy: Restoring Confidence in Euro “More Difficult” Than Expected
