• Spanish Housing Prices Have Already Bottomed Out, Says IMF

    According to the conclusions contained in the January Multi-Country Report published by the International Monetary Fund (IMF), housing prices appear to have bottomed out in Denmark, Ireland, the Netherlands and Spain. The report noted that “the metrics suggest that housing …

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  • Housing in Spain Still Expensive in Relation to Earnings

    The price of housing in Spain is still above the historical average, according to the House Price-to-Income ratio used by the International Monetary Fund in their quarterly Global Housing Watch report. According to this ratio (updated to the second quarter …

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  • Rajoy Reiterates Success of Structural Reforms and Commitment to SMEs

    Speaking at an event organised by the Chambers of Commerce of Andalusia, the President of the Spanish Government, Mariano Rajoy, maintained that the fiscal consolidation and structural reform policies implemented by the Government, together with the strengths of the Spanish …

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  • IMF Believes House Price Adjustments Nearing an End

    The International Monetary Fund (IMF) believes that the end of the adjustments in housing prices in Spain “is near”, although there is still a large surplus of unsold homes, explained the head of the IMF mission for Spain, James Daniel. …

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  • Tax Deduction for Home Purchase Will Not be Eliminated Retroactively

    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 …

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  • IMF Revises 2014 Forecasts for Spain

    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 …

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  • IMF Calls for More Measures to Stimulate Lending in Spain

    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 …

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  • Exceltur Forecasts Good Summer for Spanish Tourism

    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 …

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

    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 …

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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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  • Spain Will Lead Decline in House Prices in Europe

    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 …

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  • IMF Says “Europe Still Needs Urgent Action”

    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 …

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  • Not Necessary to Review Spain’s Deficit Objectives, Says Rehn

    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 …

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  • EU and eurozone GDP Falls 0.2% in Second Quarter

    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 …

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  • September will be Turning Point for Spain and the Eurozone

    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 …

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