From EuroNews
''The European Commission has approved a 37 billion euro bailout for
four Spanish banks in exchange for massive job cuts and branch closures.
The funds approved will be provided by the European Stability Mechanism, the eurozone bailout fund.
Spain has negotiated a banking bailout worth 100 billion euros but said it won’t claim the full amount.''
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Showing posts with label spain. Show all posts
Showing posts with label spain. Show all posts
Thursday, November 29, 2012
Wednesday, November 14, 2012
''Anti-austerity protestors take to streets across Spain leading to 81 arrests so far''
From Spain's Olive Press
''THOUSANDS of Spanish workers are holding a nationwide general strike in protest at government austerity measures.
Transport links and government services including schools and hospitals have been severely disrupted, while demonstrators have reportedly clashed with riot police in cities including Madrid and Malaga, leading to 81 arrests.''
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''THOUSANDS of Spanish workers are holding a nationwide general strike in protest at government austerity measures.
Transport links and government services including schools and hospitals have been severely disrupted, while demonstrators have reportedly clashed with riot police in cities including Madrid and Malaga, leading to 81 arrests.''
read more
Tuesday, November 13, 2012
''Spain’s banks suspend evictions''
From EuroNews
''Spain’s major banks have decided to suspend the evictions of the most financially vulnerable.
The leading political parties have also agreed to rethink eviction law after a homeowner jumped to her death while bailiffs were trying to kick her out, provoking national outrage.''
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''Spain’s major banks have decided to suspend the evictions of the most financially vulnerable.
The leading political parties have also agreed to rethink eviction law after a homeowner jumped to her death while bailiffs were trying to kick her out, provoking national outrage.''
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Thursday, September 27, 2012
Monday, September 24, 2012
''Spain is headed off a cliff''
Félix states that Spain is heading off a cliff with a fiscal gap of €150 billion a year. While government revenues declined after the pop of Spain's real estate bubble, government spending actually increased. He argues that must off the newly implemented "cuts" in reality are tax increases which will further slow the economy.''
Saturday, September 22, 2012
''Spain’s Catalonia Region Demands Independence''
From The New American
''Every September 11 the people of Catalonia, an independent region in northeast Spain, celebrate their “national day” — Diada — by taking the day off and parading through the streets of Barcelona. In past years the celebration was a festival used by some citizens as an excuse to get some fresh air, make some noise, and have some fun. This year, nearly one-quarter of the region’s seven million citizens used the celebration as an excuse to swarm into Barcelona to protest Spain’s austerity measures, which have raised unemployment in Catalonia — referred to locally as Catalan — to nearly 25 percent.''
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''Every September 11 the people of Catalonia, an independent region in northeast Spain, celebrate their “national day” — Diada — by taking the day off and parading through the streets of Barcelona. In past years the celebration was a festival used by some citizens as an excuse to get some fresh air, make some noise, and have some fun. This year, nearly one-quarter of the region’s seven million citizens used the celebration as an excuse to swarm into Barcelona to protest Spain’s austerity measures, which have raised unemployment in Catalonia — referred to locally as Catalan — to nearly 25 percent.''
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Wednesday, August 29, 2012
''Spain in wait-and-see mode as recession worsens''
From EU Observer
''Spanish Prime Minister Mariano Rajoy on Tuesday (28 August) said his government has not yet taken a decision on asking for European help in refinancing its debt, pending a key meeting of the European Central Bank next week.
Speaking alongside EU council chief Herman Van Rompuy, who interrupted his vacation in Spain to meet the Prime Minister, Rajoy re-stated his commitment to "take all necessary measures" to get the country out of the worsening crisis.''
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''Spanish Prime Minister Mariano Rajoy on Tuesday (28 August) said his government has not yet taken a decision on asking for European help in refinancing its debt, pending a key meeting of the European Central Bank next week.
Speaking alongside EU council chief Herman Van Rompuy, who interrupted his vacation in Spain to meet the Prime Minister, Rajoy re-stated his commitment to "take all necessary measures" to get the country out of the worsening crisis.''
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Tuesday, July 31, 2012
Spain: ''Unemployment tragedy, ''they robbed our future''
From Ansamed
''Spain's unemployed reached 5,693,100 in the second trimester, the highest figure since Franco's dictatorship, according to the national statistics bureau. One in 4 Spaniards, or 24.6% of the adult population, is out of work. In Andalusia, that rate is 33.9% and in the Canaries, 33.3%. The city of Ceuta, which is the Spanish enclave in Morocco, has the highest rate of unemployment in the EU-27, or 39%.''
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''Spain's unemployed reached 5,693,100 in the second trimester, the highest figure since Franco's dictatorship, according to the national statistics bureau. One in 4 Spaniards, or 24.6% of the adult population, is out of work. In Andalusia, that rate is 33.9% and in the Canaries, 33.3%. The city of Ceuta, which is the Spanish enclave in Morocco, has the highest rate of unemployment in the EU-27, or 39%.''
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Wednesday, July 25, 2012
''Catalonia applies for Spanish aid like Murcia and Valencia''
From Ansamed
MADRID - ''Catalonia will seek aid from the government's 18 billion euro Liquidity Fund for ailing regions, Catalan government sources confirmed.
Murcia and Valencia have already applied for aid from the same fund. ''The current situation is that Catalonia has no other bank but the Spanish government,'' Catalan Economics Minister Andreu Mas Colell told the BBC on Tuesday. The news was confirmed by the regional government's spokesman Francesc Homs,even though he said there has not been a formal request, yet.''
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MADRID - ''Catalonia will seek aid from the government's 18 billion euro Liquidity Fund for ailing regions, Catalan government sources confirmed.
Murcia and Valencia have already applied for aid from the same fund. ''The current situation is that Catalonia has no other bank but the Spanish government,'' Catalan Economics Minister Andreu Mas Colell told the BBC on Tuesday. The news was confirmed by the regional government's spokesman Francesc Homs,even though he said there has not been a formal request, yet.''
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Thursday, July 12, 2012
''Over 70 injured as protesters clash with police in Madrid''
From RT
''At least 76 people have been injured in Madrid as clashes flared up between protesters and police, the latter using rubber bullets. Thousands of Spaniards turned out against new cuts introduced by the government.
Those injured include 33 police officers and 43 protesters – miners and their supporters.
Minor arrests have been made so far, with eight people being detained. Three of those arrested reportedly threw bricks at police, local El Pais newspaper reported. The police have confirmed that there were no miners among the arrested.''
pics/video/test
''At least 76 people have been injured in Madrid as clashes flared up between protesters and police, the latter using rubber bullets. Thousands of Spaniards turned out against new cuts introduced by the government.
Those injured include 33 police officers and 43 protesters – miners and their supporters.
Minor arrests have been made so far, with eight people being detained. Three of those arrested reportedly threw bricks at police, local El Pais newspaper reported. The police have confirmed that there were no miners among the arrested.''
pics/video/test
Saturday, July 7, 2012
''Spain back in the dangerzone as politicians wrangle''
From The Telegraph
''Spanish and Italian borrowing costs soared back into the danger zone as traders bet that the policy action by central banks was inadequate defence against the continued political and financial chaos in the eurozone.''
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Thursday, June 21, 2012
''The Spanish bank bailout: digging a deeper hole''
From Red Pepper
''Put simply, this part of the Spanish banking system risks collapse, which could leave millions of ordinary savers out of pocket and therefore knocking at the door of the Fondos de Garantía de Depósitos (FGD), the fund that guarantees savings up to €100,000. But the Spanish government doesn’t really have the money to underwrite this fund in the case of a run on the banks, which could become a self-fulfilling prophecy if enough savers lose faith that their money is secure and so remove it from the Spanish banking system. That’s already happening, in fact, with about €100 billion withdrawn from Spanish banks already this year. But with total deposits of $1.25 trillion, the situation could get a whole lot worse.''
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''Put simply, this part of the Spanish banking system risks collapse, which could leave millions of ordinary savers out of pocket and therefore knocking at the door of the Fondos de Garantía de Depósitos (FGD), the fund that guarantees savings up to €100,000. But the Spanish government doesn’t really have the money to underwrite this fund in the case of a run on the banks, which could become a self-fulfilling prophecy if enough savers lose faith that their money is secure and so remove it from the Spanish banking system. That’s already happening, in fact, with about €100 billion withdrawn from Spanish banks already this year. But with total deposits of $1.25 trillion, the situation could get a whole lot worse.''
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Wednesday, June 13, 2012
Crisis: ''Spain suffering, debts and thefts rising steadily''
From Ansamed
''The effects of the economic crisis are weighing ever more heavily on Spanish citizens. The high unemployment rate is only the most visible part of the situation in a country in which families have begun to lack liquidity. Payments are left unpaid, and many (159 cases every day) are losing the houses that they bought in the years of plenty through a mortgage that proved overly easy to get. A million people others have found themselves with their bank accounts dry after having invested unknowingly in ''high risk financial products''. In the capital, police are meeting with an alarming increase in petty theft: theft due to hunger.''
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''The effects of the economic crisis are weighing ever more heavily on Spanish citizens. The high unemployment rate is only the most visible part of the situation in a country in which families have begun to lack liquidity. Payments are left unpaid, and many (159 cases every day) are losing the houses that they bought in the years of plenty through a mortgage that proved overly easy to get. A million people others have found themselves with their bank accounts dry after having invested unknowingly in ''high risk financial products''. In the capital, police are meeting with an alarming increase in petty theft: theft due to hunger.''
read more
Saturday, June 9, 2012
Friday, June 8, 2012
''Spain poised to request EU bank aid on Saturday''
Wednesday, June 6, 2012
''Spain warns euro 'finished in months' without banking and fiscal union''
From The Guardian
''Spain is warning that Europe's single currency will unravel unless its leaders decide within weeks to centralise budget and tax policies in the eurozone and agree on a strategy to pool responsibility for failing banks.
As Spain's prime minister, Mariano Rajoy, came under mounting international pressure to accept the eurozone's fourth national bailout in two years, the government in Madrid angrily rejected the demands, insisting that it did not need rescuing. With fears of a euro meltdown having rapidly shifted from Greece to Spain, Rajoy is pleading for a direct eurozone rescue of his country's banks, to avoid the humiliation attached to requesting a national bailout.''
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''Spain is warning that Europe's single currency will unravel unless its leaders decide within weeks to centralise budget and tax policies in the eurozone and agree on a strategy to pool responsibility for failing banks.
As Spain's prime minister, Mariano Rajoy, came under mounting international pressure to accept the eurozone's fourth national bailout in two years, the government in Madrid angrily rejected the demands, insisting that it did not need rescuing. With fears of a euro meltdown having rapidly shifted from Greece to Spain, Rajoy is pleading for a direct eurozone rescue of his country's banks, to avoid the humiliation attached to requesting a national bailout.''
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Sunday, May 20, 2012
''Spain’s Intelligence Services Investigating Role of British and American Media in Fomenting Financial Turmoil''
From Cryptogon
''The newspaper said the country’s National Intelligence Centre (CNI) was investigating a series of “speculative attacks” against the Spanish economy amid bond market jitters about the country’s growing national debt.
“The (CNI’s) economic intelligence division … is investigating whether investors’ attacks and the aggressiveness of some Anglo-Saxon media are driven by market forces and challenges facing the Spanish economy – or whether there is something more behind this campaign,” El País said.''
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''The newspaper said the country’s National Intelligence Centre (CNI) was investigating a series of “speculative attacks” against the Spanish economy amid bond market jitters about the country’s growing national debt.
“The (CNI’s) economic intelligence division … is investigating whether investors’ attacks and the aggressiveness of some Anglo-Saxon media are driven by market forces and challenges facing the Spanish economy – or whether there is something more behind this campaign,” El País said.''
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Thursday, May 17, 2012
Euro Crisis: 'Spain 'Is The Real Concern'
From Sky News
''While Greece teeters on a possible exit from the euro there is a growing market focus on debt-laden Spain's ability to avoid a financial abyss.
There is a wealth of pressure on the Spanish economy - largely stemming from the collapse of its property bubble four years ago.
Its recession was confirmed this morning by the latest estimate of GDP, which measured negative growth of 0.3% following a similar contraction in the final three months of 2011.''
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''While Greece teeters on a possible exit from the euro there is a growing market focus on debt-laden Spain's ability to avoid a financial abyss.
There is a wealth of pressure on the Spanish economy - largely stemming from the collapse of its property bubble four years ago.Its recession was confirmed this morning by the latest estimate of GDP, which measured negative growth of 0.3% following a similar contraction in the final three months of 2011.''
read more
''Spanish borrowing costs soar as FTSE losing streak continues''
Debt Crisis Live From The Telegraph
"Spain sells bonds at almost twice the yield of last comparable auction, while FTSE on course for fourth day of losses, as Cameron warns eurozone leaders it's "make or break" time."
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"Spain sells bonds at almost twice the yield of last comparable auction, while FTSE on course for fourth day of losses, as Cameron warns eurozone leaders it's "make or break" time."
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