• Government to Lower Taxes in 2014, Says Economy Minister

    The Spanish Economy Minister, Luis de Guindos, has reiterated the Government’s intention to cut taxes in 2014, combining efforts to reduce the deficit with measures to boost growth and get Spain out of recession. In an interview with Reuters earlier …

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  • Brussels and ECB Call for “More Progress” on Fiscal Adjustment

    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 …

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  • Financial Institutions Rush to Sell Homes Ahead of ‘Bad Bank’

    In a race to reduce their real estate portfolios, containing the bulk of their toxic assets, before the ‘bad bank’ starts operating in December, Spanish banks are boosting incentives for home purchases, offering discounts in some cases of over 50%. …

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  • Spanish Investors Most Optimistic Over Future of Euro

    According to a study published on by JP Morgan, large private Spanish investors are the most optimistic in all of Europe about the future of the European Union. The study, based on 325 surveys, revealed that 92% of the Spanish …

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  • Cajas Closures Will Leave 4.8 Million Spanish Without Local Branch

    The General Workers’ Union (UGT) has complained that the restructuring of the savings banks will leave 4.8 million people with no bank branch in their area. The union estimates that 2,656 villages, which at present only have savings banks, will …

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  • EU Proposes Limiting Defaulting Countries’ Issuance of Debt

    The Heads of State and Government of the eurozone will discuss this Thursday and Friday, at the European Summit in Brussels, moving towards greater banking and fiscal integration in the monetary union, which will mean a loss of sovereignty of …

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  • Spanish Banks Restructuring Under Scrutiny

    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 …

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  • Fitch Lowers Spain Rating to BBB

    The credit rating agency, Fitch, has downgraded Spain’s rating three notches from A to BBB with a negative outlook, because of the fiscal cost needed to recapitalise its banking sector, the forecast worsening in its economic conditions, the increasing vulnerability …

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  • BBVA and Santander Among the Most Creditworthy in Europe

    Despite the collapse of the housing sector, the decline in the profitability of Spanish debt and lack of credibility on the economy, the BBVA and Santander banks rank in the top four most creditworthy of the 50 largest banks in …

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  • Spanish Deficit Fell to 9.2% in 2010

    Spanish public deficit fell to 9.2% of GDP in 2010, while debt rose to 60.1% according to estimates released on Tuesday by Eurostat, which confirms deficit data announced by the Government of Spain. The published figures show an improvement in …

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  • Getting Wise to the ‘Ground Clause’ – ‘Cláusula Suelo’ in English

    The infamous “ground clause” or “cláusula suelo” – a minimum interest rate that financial institutions applied to many mortgages in order to insulate themselves from possible declines in the Euribor – has caused loans taken before the crisis to increase, …

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