In Spain

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Spain’s Underground Economy Almost 29% of GDP (Survey)

MADRID | Spain is one of the European countries with the highest black economy and tax loss revenue since the current crisis began. This was revealed by a survey conducted by two Spanish tax inspectors, who estimate the undeclared economy was of 28.7% of GDP this year. To prevent loss of tax revenue they praise for limiting the 500 and 200 euro-banknotes and promoting incentives on electronic payments avoiding European regulations that unbalance the system.

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Spain Orders ETA prisoner’s Release After Strasbourg Ruling

MADRID | By The Corner Team | Spanish judges have ordered the release of convicted ETA militant Inés del Río, serving a 30-year sentence for bomb attacks in the 1980s, after the European Court of Human Rights ruled against her detention. Dozens of prisoners from the terrorist group could now be eligible for release.


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Spain Not That Interesting For the NSA

MADRID | By The Corner Team | Has Spain joined the club of spied countries by the American National Security Agency, like Germany and France? The Spanish intelligence believes communications via SMS, e-mails and phone calls have been monitored, although Spanish minister José Manuel García-Margallo denied it on Tuesday.

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FCC, Bill Gates and Spanish Companies’ New Sex-appeal

MADRID | By Javier Flores and Tania Suárez | Major foreign investment operations in Spain are essentially financial and take place in strategic sectors. Bill Gates’ purchase of 6% of Spanish construction company FCC for €113.5 million is a good example. And the trend will continue and speed up in the coming months.

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Spanish Ibex 35 Receives €4bn Daily

MADRID | By Tania Suárez | European markets seem more optimistic lately, their benchmarks being on green numbers, especially the Ibex 35. The Spanish Index benefited from the US administration fuss (painful shutdown, possible delay of the FED’s plans…) and has performed better than its European colleagues. But not only the Ibex is on the rise: Spanish turnover keeps well above maximum levels.

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Market Pledges for Spanish Banks Passing Stress Tests

MADRID | By Francisco López | If the efficient markets hypothesis is true, it’s almost sure that Spanish banks will pass next year stress tests. The stock market is clearly betting on the strength of the country’s banking sector, as the rise in its market capitalization by 40 billion euro in just four months shows. Also, its price rose an average of 40% in 2013 and most of them are trading above their book value.

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Spanish Treasury takes advantage of investors’ optimism

MADRID | By Francisco López | Markets have positively changed their perception on the Spanish economy, as we saw in Tuesday’s Ibex bullish rally. The index surpassed the 9,800 points barrier. Also, the latest Treasury auctions have been successful and the risk premium is stable.

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Ibex 35 (and all Southern stock exchanges) goes upwards

MADRID | By Fernando G Urbaneja | The Spanish stock exchange has regained interest for both domestic and international investors. Despite the uncertainties, the South European markets look now more attractive and have shown a positive behaviour in the last months.

Spain’s debt trap

MADRID | By JP Marin Arrese | The IMF’s warning on the hefty pile-up of corporate debt has triggered angry comments from top Spanish companies. The Washington-based institution has voiced concern about its destabilizing effect on financial solvency. A lingering recovery is likely to turn liabilities into soaring non-performing assets in banking balance sheets.

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Spanish CPI plummets to 45-month low

MADRID | By Tania Suárez | The Spanish consumer prices index (CPI) dropped to +0.3% from August to September, its lowest level in 45 months, due to the statistical effect of the increase in VAT of the same month of 2012.