Articles tagged as: financial times

July 19th, 2010

Spanish banks and cajas, frozen out of the international wholesale finance markets on which they once depended, increased their borrowing from the European Central Bank by nearly half to €126.3bn ($161.2bn) in June from €85.62bn in May, according to figures released by the Bank of Spain. Spanish borrowing from the ECB ...

Continue reading Spanish Data Shows 48% Rise in Loans from ECB

July 13th, 2010

Last week, I mentioned that I'd been asked some questions about the Spanish property market by the Norwegian Financial Times. You can read that article here if you speak Norwegian. Unfortunately, it renders as gobbledygook in all the auto translators I've tried. If anyone has any more success, please ...

Continue reading Spanish Property Prices – Clearly Bonkers

July 9th, 2010

International investors flocked to buy Spanish bonds on Tuesday amid rising hopes that Madrid had averted a financial crisis and would not have to use emergency bail-out loans. The Spanish raised €6bn ($7.6bn) in 10-year bonds, with orders rising to €14bn in the space of just a few hours, as many ...

Continue reading Spanish Bonds Attract Global Investors

July 6th, 2010

There seems to be renewed international interest in what's happening to the Spanish property market. Last week I spoke with a journalist from the Norwegian Financial Times who was trying to make sense of the official house price data and marry that with some market sentiment. Meanwhile, people are clearly ...

Continue reading International Interest in Spanish House Prices

May 13th, 2010

Spain and Portugal, bowing to intense pressure from their eurozone partners and the International Monetary Fund, promised yesterday to accelerate implementation of their austerity plans. The new pledges to cut national budget deficits are aimed at bolstering the credibility of the €750bn ($997bn, £651bn) stabilisation plan for the eurozone unveiled by ...

Continue reading Spain Pledge to Fast-Track Budget Cuts

May 12th, 2010

José Luis Rodríguez Zapatero, Spain's Socialist prime minister, and Mariano Rajoy, the Popular party opposition leader, yesterday agreed to hasten the restructuring of the country's troubled savings banks. Their move came amid dire warnings from economists about a possible financial collapse and further contagion from the Greek sovereign debt crisis. In their ...

Continue reading Spain's Party Leaders Agree on Bank Restructuring

May 11th, 2010

Spain successfully auctioned benchmark five-year bonds on Thursday, but paid a premium for doing so as investors continued to eye the sovereign debt of countries on the periphery of the eurozone with caution. The country’s treasury sold €2.35bn of the 2015 issue, within its target of between €2bn-€3bn. However, the yield ...

Continue reading Strong Demand for Spain’s 5-year Bond Auction

April 21st, 2010

Spain is unlikely to be punished by markets this year despite soaring debt levels, but risks being stung in later years if deficit goals are missed as growth falters. The country is sometimes seen as one of the peripheral euro zone members that could be hit by a funding crisis like ...

Continue reading Spain Must Tread Carefully to Maintain Growth

April 15th, 2010

A price war for deposits between Spanish lenders could be the catalyst for mass failure of the country's struggling savings bank system, according to bankers and analysts. Troubles for the regional savings banks, or cajas, may even trigger sovereign debt problems in the eurozone's fourth-biggest economy. BBVA, Spain's number two private ...

Continue reading Spanish Banks Face Price War

April 6th, 2010

Despite indications that the decline in Spanish house prices is slowing, most experts say there is room for further falls. With an estimated 1m unsold or unfinished residential Spanish properties when the housing bubble burst in 2007, many say the price adjustment could take another two or three years to play ...

Continue reading Spanish House Prices: More Room to Fall

February 25th, 2010

Jump in UK inflation is a 'temporary deviation'. Greek prime minister likens his economy to the Titanic. Having set off from €1.15 the pound fluctuated between €1.14 and €1.1550 until the middle of the week. On Thursday it took a dive, which was extended on Friday. It opened in London this ...

Continue reading January Spending Gap Hurts Sterling

February 5th, 2010

Elena Salgado, the normally sprightly Spanish finance minister, could not disguise her discomfort when she announced an austerity plan designed to slash successive budget deficits and restore the country's credibility on international markets. She had good reason to be uneasy. The table of figures she presented on Friday showing Spain's "fiscal ...

Continue reading Spain at Risk of Greek Problem

December 3rd, 2009

The tie-up of the two Catalan institutions, Caixa Penedes and Caixa Laietana, will create the country’s ninth-largest savings banks by assets. Plus, Unicaja and Cajasur of Andalusia are the latest two banks to merge in the midst of the nation’s worst recession. Two Spanish savings banks, Caixa Penedes and Caixa Laietana, ...

Continue reading Two Bank Mergers in Spain – Many More to Come

November 23rd, 2009

Once a star performer in Europe's 11-year old monetary union, Spain has become the wayward laggard. Growth data last week showed the Spanish economy - hit badly by a property market collapse and soaring unemployment - stuck firmly in recession in the third quarter, while the eurozone as a whole ...

Continue reading European Recovery is the Best News for Spain

October 22nd, 2009

An unusually good week for sterling. The coming week will be even more critical, bringing data for government borrowing, retail sales and third quarter GDP. For the first half of the week sterling remained below Monday's €1.0750 opening. On Tuesday it went as low as €1.06. A Wednesday bounce above ...

Continue reading Moneycorp: Euro Weekly Update