Spanish Minister of Economy Luis de Guindos gave some hope on Tuesday to the 80,000 Bankia customers stuck on preferred shares and subordinated debt: an arbitration process will be in place in those cases where there had been bad practice. Two other nationalized banks (Novagalicia Banco and Catalunya Banc) are using the same procedure so their clients will be able to get back at least 60% of their money.
MADRID | Catalonia’s economy might head for rough times as investors flee from political uncertainty and the danger extremists might take over. CiU leader Artur Mas is heading for disaster.
MADRID | By Carlos Díaz Guell | There are more than 27 million homes in Spain and some 50 percent date back 30 years, and 50 years in a fifth of the housing stock.
MADRID | The Spanish government is still in negotiations with both CECA and AEB, and the housing industry, in order to fulfil an official decree whose aim is the protection of vulnerable insolvent mortgage debtors.
MADRID | By José Hervás, Capital Madrid | Basel III in Spain will close 10 bank offices a day over the next three years to have between 25,000 to 30,000 offices in total.
Exports of goods and services, which already account for 33% of GDP, have been one of the best surprises during the crisis. They are the only component of aggregate demand that has exceeded the pre-crisis level, becoming the real lever for exiting from the crisis, according to BBVA Research’s Economic Watch.
The IMF gave a pat on Spain’s back on Wednesday. Although recovery is not at full speed, the country has made “important progress” in reforming the financial sector and will come out of recession in 2014 with a 1 per cent growth.
The region is determined to be recognised, and treated, as a nation. Sadly, Catalans appear incapable of shouldering the bill that comes attached to it.
A recent study shows the internal correction over the industrial sector has accelerated, and it could be taken as proof that Spain is fast leaving its housing bubble behind.
MADRID | By Tania Suárez | Analysts in Madrid think Spain’s risk premium is too high for the government to escape the fate of Ireland or Portugal. “Some sort of bailout” will be necessary before the end of next year.