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Spanish economy 12th March 2020

The IMF Estimates Spain Growth Of Below 1.6% In 2020 Due To Coronavirus

The International Monetary Fund forecast that Spain’s economy will deepen its expected slowdown in 2020, with growth of less than the 1.6% estimated in January. This is due to the impact of the coronavirus outbreak, and especially to the drop in tourism demand. “Clearly the economy is already affected, the extent of this impact depends on the duration of the outbreak,” Andrea Schaechter, the IMF’s chief of mission, explained in a conference call.

pensiones playita

Spanish economy 6th March 2020

Spanish Pensions’ Replacement Rate Is Third Highest In Eurozone

The average replacement rate in Spain -which is defined as the average pension divided by the economy’s average salary – is 57.7%. This is the third highest in the Euro Zone, 13.6 points over the Euro Zone’s average and 7.2 and 15.7 points higher than that in France and Germany, respectively. Funcas’ experts agree that the replacement rate, one of the highest in Europe, will need to be reduced.

Euribor rises for fifth consecutive month

Spanish economy 5th March 2020

Respite For Spanish Banks: The European Court Of Justice Does Not Annul The IRPH Mortgage Index

The Mortgage Loan Reference Index (IRPH) represents approximately 10% of the loans granted in Spain and is the most used for Spanish mortgages after the Euribor, used in 90% of contracts. The Court of Justice of the European Union (CJEU) has left it to Spanish judges to analyze, on a case-by-case basis, whether the banks commercialized their mortgages referenced to IRPH in a transparent manner. They will be able to cancel them if it is found they have been abusive.

rural spain

Spanish economy 4th March 2020

Thirty Measures Against Depopulation In Spain

Last week, Spain’s Prime Minister Pedro Sánchez implemented a package of 30 measures to tackle the challenge of depopulation and demography in Spain. Sánchez is firmly commited to cohesion, equality between territories and the creation of opportunities “where they do not exist.” He has already appointed an executive commission to lead the project.

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Spanish economy 3rd March 2020

Spain will Finally Regulate Loyalty Shares

According to the newspaper Cinco Días, the vice-president of Economic Affairs, Nadia Calviño, continues her efforts to transfer the EU directives that have been on the shelf for months to the Spanish legislature. Tomorrow the Council of Ministers will approve a bill that should have come into force on June 10th. The most important new element is the possibility of giving double voting rights to long-term shareholders, which will eliminate the obligation, almost exclusive to Spain, of publishing the results of the first and third quarters.
 
 
Pedro Sánchez falls short of majority but will likely prevail tuesday

Spanish Politics 3rd March 2020

Madrid Closer to Striking a Budget Deal

J.P. Marín Arrese | Budgets stand as the paramount evidence for any government that it commands enough legislative backing. Especially when the governments in question cling to a fragile minority in order to stay in power. The Spanish Cabinet ranks high in this category, its survival is balancing on the thin rope the pro-independence ERC party is ready to offer. The price of this offer is engaging an open-ended dialogue on self-rule for Catalonia, plus an amnesty for the sentenced leaders of the derailed coup attempt. Both sides acknowledge that negotiations will lead nowhere. None the less, this offers political ammunition to ERC for quelling resistance at home in providing a life-jacket to PM Sánchez.

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Spanish economy 2nd March 2020

Spain Achieves A Partial Victory In The Largest Renewable Lawsuit

The arbitration proceedings started by a series of funds grouped under The PV Investors against Spain within Uncitral (a UN dependent body) have concluded. There was a minimum sentence of € 90M against the Spanish State, compared with the € 1.910 Bn claimed by the litigants. The ruling obliges the litigants to pay costs (of £13M) without any recourse, unless under very exceptional circumstances.