recession
December 2nd, 2011
The European Central Bank (ECB), Bank of Canada, Bank of England (BoE), Bank of Japan (BoJ), the U.S. Federal Reserve and the Swiss National Bank have announced a series of coordinated measures in order to ensure the provision of liquidity to the global financial system, reported Diario Sur. The central banks ...
Continue reading Central Banks to the Rescue
November 15th, 2011
The Spanish economy will continue to suffer job losses in the coming months, reaching a decline of 2.7% year-on-year in the month of January, and recording its lowest level since the second quarter of 2004, reported Cinco Dias. According to the Labour Market Developments data produced by International Financial Analysts ...
Continue reading Employment Forecast to Continue Falling Until January
November 10th, 2011
BBVA said this week that the Spanish economy may fall into a new recession as they have "significantly" increased risk factors, while maintaining GDP growth at 0.8% this year and 1% for 2012, reported Cinco Dias. According to Spain's Situation Report by BBVA Research, the unemployment rate is bordering on ...
Continue reading BBVA Warns of a New Spanish Economic Recession
November 3rd, 2011
Italy's Mario Draghi, 64, replaced Frenchman Jean-Claude Trichet on Tuesday as Chairman of the European Central Bank, with the guarantee of continuity in monetary policy decisions and in the extraordinary measures needed to tackle the crisis. Analysts expect that with Draghi at the helm, the ECB will continue buying the sovereign ...
Continue reading Draghi Takes the Reins of the ECB
October 10th, 2011
Opinion research firm TNS has conducted a study of 2,400 surveys carried out throughout Spain to see if, after more than three years of economic crisis, the recession and the bursting of the housing bubble, the habits of the Spanish have changed when it comes to housing - and the ...
Continue reading To Rent or To Buy?
October 7th, 2011
The ratings agency Standard & Poor's has revised downward, for the second time since 31st August, its economic growth forecasts for the euro zone, with a GDP growth estimate of 1.1% for 2012, compared to the previous projection of 1.5%, while leaving its forecast for Spain unchnaged, at ...
Continue reading S & P Maintains Growth Forecast for Spain
August 31st, 2011
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, warned on Saturday that the global economy risks falling into a recession and called for urgent policy coordination. "Events this summer have shown that we are in a dangerous new phase," said Lagarde, in a meeting at the headquarters of ...
Continue reading IMF’s Lagarde Warns of Recession in Global Economy
August 19th, 2011
Balearic Islands property is offering some resistance compared to other areas of Spain, though prices still tumbled according to a new report. The latest figures from the government show prices in June were down 4.5% year-on-year, whereas prices in mainland Malaga were down 4.8% over the same period. Valuation consultancy TINSA’s latest ...
Continue reading Balearic Property Prices Holding Up
August 1st, 2011
The latest survey by the Foundation of Savings Banks (FUNCAS), published in their Economic Information Journals, reveals that at least 48% of the Spanish population thinks they have a good chance of becoming unemployed and that the majority of Spanish citizens do not trust the growth forecasts for 2012. In addition, ...
Continue reading Nearly 50% of Spanish Fear Becoming Unemployed this Year
May 20th, 2011
Euro zone finance ministers have proposed that Italian Central Bank President, Mario Draghi, replace Jean-Claude Trichet as President of the European Central Bank (ECB), reported Euro Group Chairman Jean-Claude Juncker. Juncker said that "Mario Draghi will be the new president of the ECB" and that the Italian banker has "an excellent ...
Continue reading Italian Draghi Chosen as New Head of the ECB
May 17th, 2011
In their latest report the International Monetary Fund (IMF) discusses how the deterioration of the labour market in Europe has varied widely from one country to another during the last crisis. For example, where in northern European countries unemployment has scarcely increased and the time-reduction schemes have worked, in other ...
Continue reading IMF Puts Spain in Same Boat as Greece, Ireland and Portugal
May 13th, 2011
The Council of Ministers approved last week a new bill aimed at eradicating a black economy that accounts for up to 20 percent of the country's GDP. The bill is part of the Stability and National Reforms Program that the Government must submit to the European Commission before the end ...
Continue reading Spanish Government Approves New Bill Against Black Economy
May 6th, 2011
The credit rating agency Standard & Poor's (S&P) has said it will take several years to get back to a full balance between supply and demand in the Spanish housing market, but estimates that property prices will not fall dramatically in the next 12 or 18 months and sales will ...
Continue reading S&P Predicts Sales Will Rise for Spanish Property
May 3rd, 2011
Thousands of people took to the streets of Spain on Sunday in Labour Day protests against social cutbacks included in the Government’s labour reforms, to demand solutions to the unemployment problem and prevent the deterioration of public services. More than 8,000 protesters marched in the main May Day rally, which this ...
Continue reading Spanish Unions Unite in May Day Protests
April 6th, 2011
Sightseers come to Spain for the Alhambra, the Gaudis, the beaches. But Spaniards talk about a new set of landmarks, a kind of tourist anti-attraction. You can find them clustered on the outskirts of big cities and around holiday resorts, in Madrid and Valencia. They are half-completed housing estates, often ...
Continue reading The Nightmare of Spain's Ghost Towns
