international monetary fund
February 11th, 2013
The European Commission and the European Central Bank (ECB) ruled last week that the financial reforms undertaken by Spain in exchange for the 40,000 billion euros bailout granted by the Eurogroup are maintaining a "good pace", but have called on the Government for "more progress" on fiscal consolidation and structural ...
Continue reading Brussels and ECB Call for “More Progress” on Fiscal Adjustment
January 21st, 2013
According to a recent report by Standard & Poor's, the Spanish housing market will lead the falling prices in Europe this year. They estimate that prices will drop by 7.8% in 2013, partly due to the creation of the bad bank (Sareb), and that the cumulative decline over the next ...
Continue reading Spain Will Lead Decline in House Prices in Europe
September 11th, 2012
In an interview published in the Italian newspaper Il Sole 24 Ore on Sunday, the financial vice-president of the European Commission (EC), Olli Rehn, said that it will not be necessary to review the projected deficit targets for Spain, as the country "will manage to fulfill them". The European ...
Continue reading Not Necessary to Review Spain’s Deficit Objectives, Says Rehn
August 16th, 2012
According to data released on Monday by the EU statistics office, Eurostat, the economy of the eurozone, and the European Union as a whole, shrank 0.2% in the second quarter compared with the first three months of 2012, when growth was zero in both zones. In annual terms, GDP in the ...
Continue reading EU and eurozone GDP Falls 0.2% in Second Quarter
July 19th, 2012
In its review of data global growth, the International Monetary Fund (IMF) reported that the Spanish economy fell back less than expected in 2012, but that it will not return to growth in 2013, and Spain’s GDP will contract by 0.6% in that year. The IMF has also revised global growth ...
Continue reading IMF Forecasts Two Years of Recession for Spain
June 26th, 2012
On behalf of the Government, Spain’s Minister of Economy and Competitiveness, Luis de Guindos, yesterday sent the president of the Eurogroup, Jean-Claude Juncker, a letter requesting financial assistance for the recapitalisation of financial institutions that require it. The letter begins "I have the honour to address you on behalf of ...
Continue reading Spain Formally Requests Bank Rescue
June 21st, 2012
Spain’s tax credit for home purchases may be in danger. The EU finance ministers (Ecofin) have indicated their backing to Brussels’ and the International Monetary Fund’s petition to have this tax incentive removed, and this body may call on Spain, at a meeting to be held on Friday in Luxembourg, ...
Continue reading Property Tax Relief Under Threat?
June 14th, 2012
We must save the euro "in less than three months", said the managing director of the International Monetary Fund, Christine Lagarde, in an interview on CNN. That's the length of time that the IMF have given for the measures implemented in the Eurozone to bear fruit and save the single ...
Continue reading Lagarde Stresses There is ‘Less Than Three Months’ to Save the Euro
June 13th, 2012
The German Federal Minister of Finance, Wolfgang Schäuble, has announced that the European Union Commission (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB), will monitor the restructuring of the banking sector in Spain. "They will be responsible for monitoring the program precisely to ensure it is fulfilled," ...
Continue reading Spanish Banks Restructuring Under Scrutiny
May 24th, 2012
The Spanish Secretary of State for Trade, Jaime García-Legaz, said yesterday that there is "light at the end of the tunnel" and that 2012 will be "the last year of crisis" in Spain. He also said that if the Government raises VAT then, at the same time, it will lower ...
Continue reading 2012 Will Be “Last of Crisis” for Spain, Says García-Legaz
April 11th, 2012
The agency directed by Christine Lagarde said on Thursday that Spain faces severe challenges in meeting the deficit targets to which it has committed to Brussels. In addition, the International Monetary Fund highlighted the need for sustained reform efforts, and pointed out that market sentiment toward the country is volatile, according ...
Continue reading IMF Urges Spain to Keep Up Reform Efforts
April 5th, 2012
The Spanish Minister of Economy, Luis de Guindos, said that the European Commission and the European Central Bank have welcomed the draft of Spain’s general state budget for 2012, which was approved on Tuesday by the Government of Mariano Rajoy. "The reactions of both the Commission and the European Central ...
Continue reading De Guindos says he has EU and ECB support
February 17th, 2012
The Eurogroup announced the postponement until Monday, of the meeting of finance ministers originally scheduled for Wednesday in order to make a decision on the second bailout of Greece, on the grounds that the government in Athens has not yet fulfilled all the conditions for receiving aid. Eurogroup Chairman, Jean-Claude Juncker, ...
Continue reading Eurogroup Postpones Decision Over Second Greek Bailout
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’
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
