• Record Post-Summer Unemployment Rise

    September is traditionally a time when summer contracts are terminated, and unemployment figures in Spain rose by 95,817, making a total of 4,226,744 people unemployed, an increase of 2.32%, according to Labour Ministry data and reported in El Mundo. Its …

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  • Spanish Lottery Sale Called Off

    Pressure from other political parties and major banks has led to the abandonment of the part privatisation of the national lottery. The government has been under pressure not to float the company and Esteban González Pons, the main opposition spokesman, …

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  • Spanish Economy Targets “Are Not Changing”

    Spain’s economy is expanding slower than expected but the government is battling to boost activity and is not changing its 2011 targets, said Finance Minister Elena Salgado. The economy steadied in 2010 and grew 0.2 percent in the second quarter …

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  • Spanish Government Lowers VAT on New Homes

    Following the Extraordinary Meeting of the Council of Ministers held on Friday, Government Spokesman and Minister of Development, José Blanco, announced that the Spanish Government has decided to reduce VAT from 8% to 4% on the purchase of new housing, …

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  • ECB Purchases Debt from Spain and Italy

    The leaders of the euro zone central banks agreed on Sunday to intervene decisively in the markets in response to the escalating crisis, sparked off by debt problems in the USA. The European Central Bank (ECB) has already moved into …

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  • Salgado Calls for Spanish Banks’ Help in Greek Rescue

    European countries coordinated their efforts on Wednesday to ask the big banks and insurance companies, who are holders of Greek debt, to become involved in the second bailout of the country. As main creditors, France and Germany led the concerted …

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  • Salgado Says Spanish Government Will Not Raise VAT

    The Government’s financial vice president, Elena Salgado, has responded to the suggestion of the Bank of Spain to raise VAT in order to generate more revenue, by saying that the Government “will not increase VAT, since it would have a …

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  • Loterías to Launch Biggest IPO in Spanish History

    Loterías y Apuestas del Estados (LAE) Chairman, Aurelio Martinez announced the proposed privatisation at a conference in Madrid. The public company will begin trading in November and plans to privatise 30% of its capital hoping to raise up to €7.5 …

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  • Spanish Employment Update

    Concern over whether the Spanish economy will return to the employment levels of before the crisis is being felt even in the latest Government forecasts. Three years of job destruction will take time to heal, and according to the official …

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  • Spanish Government to Increase Tax Relief on House Reforms

    The Spanish Government has taken a step forward and intensified its efforts to offer incentives to those who wish to renovate their homes. In a bold move, the Government Executive announced that tax relief for restorations is to be doubled, …

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  • Spanish Reform Measures Beating Targets

    Spain is beating its own deficit-reduction targets in the clearest sign to date that its reform efforts are paying off, the government said today. According to advance data from the finance ministry, the central government’s 2010 budget deficit was equal …

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  • Spain Prepares for Strike Action

    Forced to impose unpopular measures to fix the economy, Spain’s Socialist government faces a general strike tomorrow amid union anger over what they see as a policy U-turn. But many view the government’s tough labour reforms and belt-tightening measures as …

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  • Spain Pledges 500m Euros to Public Work Projects

    Spain says it will spend an additional 500 million euros on public work projects stalled by its economic austerity plan but ruled out any increase in taxes. Finance Minister Elena Salgado said today that the extra money would not affect …

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