• New Anti-Fraud Law Will Help Spain Meet Deficit Target

    The Spanish Government’s State Secretary for the Treasury, Miguel Ferre, announced that the new anti-fraud law (7/2012) that came into force on Wednesday last week is “the most ambitious legislation in this field since the 1970s”. The content of this …

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  • Spain’s Income Tax Fifth Highest in the World

    Spain is the country which has the fifth highest marginal rate of income tax in the world, after climbing to 52% in 2012, seven points higher than a year earlier, according to KPMG consultants’ annual study on personal income tax …

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  • 72% of Spanish Think Bailout Inevitable

    According to a poll carried out by Metroscopia and published on Sunday by El Pais, nearly three out of four Spanish (72%) see it as inevitable that the country will get a bailout from the European Union. This is compared …

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  • BBVA Revises Forecast for Spanish Economy

    The Spanish economy will shrink by 1.4% both in 2012 and in 2013 because of persistent financial strains and lack of concrete solutions at the EU level, says the BBVA. They further predict that the unemployment rate will touch 26% …

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  • Government Has No Plans to Increase VAT in Tourism Sector

    At a luncheon organized by KPMG and Europa Press, the Spanish Minister of Industry, Energy and Tourism, José Manuel Soria, said that “there is no provision” on the table of the Government for a VAT increase for the tourism sector …

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  • Euro Zone Already in Recession, Says World Bank

    The Institute of International Finance (IIF) has said that the situation in the euro zone “has deteriorated” in the last month dropping “into a new recession,” which will shrink the European economy by one percent of its Gross Domestic Product …

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  • IMF Creates Emergency Credit Line to Protect Eurozone

    The International Monetary Fund (IMF) has finalised its ‘Preventive Liquidity Line’, a credit line agreed at the G-20 summit in Cannes to assist countries in the Eurozone who need emergency money. “These reforms will enable the Fund to be more …

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  • Eurozone Inflation Stable in October

    The rate of inflation in the eurozone in October remained at 3%, the same level as in the previous month, but well above the 1.9% recorded a year ago, according to data published by the European statistics office, Eurostat. El …

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  • CAM Bank to Close 122 Branches

    Caja Mediterráneo (CAM) is continuing with its cost reduction plans, to be implemented this year, which will result in the closure of a total of 122 branches, 27% of their total network. The bank are confident the implementation of its …

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  • IMF Chooses Christine Lagarde as New Chief

    The executive council of the International Monetary Fund (IMF) has chosen by consensus to elect French Finance Minister, Christine Lagarde, as the new managing director of the fund for the next five years, announced the IMF in a statement. Lagarde, …

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  • Spain’s Speed Restriction to be Scrapped

    From 1st of July, the maximum speed will return to 120 km/h. This was decided on Friday by the Council of Ministers, four months after the Board approved the reduction of the speed limit to 110 km/h to help cut …

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  • IMF Narrows Candidate List for Post of MD

    The Executive Board of the International Monetary Fund (IMF) has disqualified Bank of Israel Governor Stanley Fischer from running for the post of Managing Director of the Fund, due to his advanced age. As reported in Europa Press, referring to …

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  • Spanish Government Considers Extending Speed Restriction

    The Government says it is not ruling out the extension of the maximum speed limit restriction of 110 km/hr on motorways and main roads beyond the June 30 deadline, the date the Government set to assess the validity of continuing …

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  • Moody’s Warns Catalonia’s Fiscal Challenge May Harm Spain’s Solvency

    The ratings agency Moody’s has published an analysis of the impact of the budget of the Generalitat of Catalonia, which forecasts a deficit of 2.66%, double the target set by the Government. Moody’s believes that this Catalan fiscal challenge demonstrates …

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  • Trichet Says EU Should Have More Control Over Member States

    The President of the European Central Bank (ECB), Jean Claude Trichet, has proposed the creation of a Community Finance Minister to members of the European Union, and has proposed that the EU officials be given more authority over European countries …

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