Articles tagged as: international monetary fund

February 10th, 2014

According to Government sources, in order to reassure millions of mortgage holders, the Ministry of Finance announced that it does not plan to eliminate the deduction in income tax for home purchase retroactively. The PP Government abolished the income tax deduction for home purchases, for new purchases made from 1st January ...

Continue reading Tax Deduction for Home Purchase Will Not be Eliminated Retroactively

October 14th, 2013

The Spanish Government stated in the 2014 Budget that Spain’s Gross Domestic Product (GDP) will grow by 0.7% - a figure that has been described as "prudent" by the Prime Minister, Mariano Rajoy. The International Monetary Fund (IMF), however, believes that these estimates are too optimistic. In their latest 'Global ...

Continue reading IMF Revises 2014 Forecasts for Spain

October 9th, 2013

The International Monetary Fund (IMF) stressed last week the need for "further appropriate measures" in order to stimulate the flow of credit in Spain, which is still being held back by the "excess debt" of banks, businesses and households. "More useful measures to alleviate the tightness of credit could include ...

Continue reading IMF Calls for More Measures to Stimulate Lending in Spain

July 22nd, 2013

According to projections by the Alliance for Tourism Excellence (Exceltur) in their tourism evaluation for the second quarter, tourist activity in Spain will rebound by 0.2% during the summer and break the negative trend of the past five quarters. In the full year, tourism will drop only 0.4%, which is ...

Continue reading Exceltur Forecasts Good Summer for Spanish Tourism

July 19th, 2013

According to the Organisation for Economic Cooperation and Development (OECD), the unemployment rate in Spain, which was 26.9% in May, will continue to rise and will stand at 27.8% in late 2014, when it will remain the second highest of the 34 countries in the OECD, lower only than the ...

Continue reading OECD Predicts Spain’s Unemployment Will Reach 27.8% in 2014

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 27th, 2012

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has urged politicians around the world to take advantage of the opportunities the latest political decisions offer, in order to implement actions which will achieve a decisive change in the global crisis. "This time we need a sustained recovery, ...

Continue reading IMF Says “Europe Still Needs Urgent Action”

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

August 2nd, 2012

In the last couple of years, Europe has moved forward in a series of complex situations in its debt crisis, but September is shaping up as the "moment of truth", while politicians are falling short in their actions and each time have fewer alternatives to save the common currency. Crisis or ...

Continue reading September will be Turning Point for Spain and the Eurozone

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

July 2nd, 2012

The Savings Banks Foundation (Funcas) has predicted that the revenue from VAT will increase by 3.57% if the Government decides to increase the standard rate by one point, from the current rate of 18% to 19%. Funcas has produced a report on the likely impact on households (which accounts for 75% ...

Continue reading VAT Increase ‘Imminent’ Says Funcas

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?