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Spanish economy 26th July 2012

Former governor of the Bank of Spain delivers a scathing blow to the government

MADRID | The Spanish government had good reasons to avoid Mr Ordóñez’s appearance in the parliamentary committee reviewing Bankia’s plight. His cold determined performance flatly exposed gross government failure in addressing the financial crisis. His indictment was based on the nagging fact Spain risk premium ranked last December markedly lower than Italy’s and now even Ireland shows a better record. He accused the government of leaving aside the Bank of…

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Spanish economy 25th July 2012

The chart of the Spanish regions’ debt

MADRID | The chain of default warnings is getting larger. If the regions of Murcia and Catalonia confirm they need help from the €18-billion central fund to repay its debt maturities, as Valencia explicitly did on July 20, the autonomous bailout would reach so far €7.7 billion. Of them, €6 billion could be made available with almost immediate effect, as Loterías del Estado would be the lender. The regions’ short-term…

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Spanish economy 25th July 2012

Europe goes on summer break leaving Spain stranded

MADRID | Irritation is high in Madrid for partners’ lack of support in enforcing a curfew, let alone a truce, in the raging battle it holds against overwhelming market forces. As leaders go on holiday they leave Spanish assets exposed to utter onslaught. The massive sell-out of sovereigns, securities and shares cannot continue for long without throttling any chance of survival by the time Brussels returns to normal business. Desperate attempts…

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Spanish economy 24th July 2012

It’s sunny over Spain’s hotel industry

MADRID | The hotel sector in Spain has released its June data. It’s mainly positive news, in line with the optimistic expectations of the financial City of Madrid and efforts of the industry to reactivate the domestic demand without missing foreign tourist interest. Year on year, tourist visit rate increased by 4.7 percent to six million. Accumulated growth in the first half of 2012 was of 2.9 percent to 25.1…

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Spanish economy 23rd July 2012

Where’s the ECB when Spain needs it?

MADRID | The financial City of Madrid was coming Monday to the conclusion that a rapid intervention from the European Central Bank would be the only effective barrier to support Spanish sovereign bonds in the markets. The alternative of using the assistance programmes of rescue funds European Financial Stability Facility and European Stability Mechanism to buy debt in the primary and secondary markets had pushed aside the ECB recourse. This…

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Spanish economy 23rd July 2012

Is there a way out for Spain?

MADRID | The extensive sell-out on Friday shows the desperate situation Spain is facing. Shattered confidence on the government ability to overcome a looming crash landing, is sending shivers down the spine of investors. People are starting to bet Spain will be forced to bailout one of these days. But, unlike other salvaged countries, its sheer size prevents a rescue package from providing a way out in soothing its woes….

Good Stocks To Invest In Dividend Stocks

Spanish economy 20th July 2012

A 10% dividend yield in Spain’s Ibex, highest among the developed markets

MADRID | www.consensodelmercado.com | Ibex listed companies have rewarded their shareholders, regarding dividends and other payments, with €16.082 billion in the first six months of this year. The figure represents a 8.5 percent rise over the amount paid in the same period in 2011. According to the report published by BME (Bolsas y Mercados), the operator of all stock markets and financial systems in Spain, the result also marks a…

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Spanish economy 20th July 2012

Is Spain doomed to be rescued?

MADRID | Most observers take for granted that the rescue seems the most likely scenario. They simply look at the rising trend risk premium shows. They may be right. But the right question to ask is why confidence on Spain is faltering so much.

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Spanish economy 20th July 2012

BNP Paribas to compensate Spanish client with €44,500 for insufficient information

By valenciaplaza.com, in Valencia | The tide might not yet be changing but there is a constant, if slow, thread of judicial instances shaming banks in Spain and elsewhere in Europe. A court in Valencia has condemned BNP Paribas Spain to pay €44,504.89 in compensation to a client who was sold preferred shares. Specifically, the bank transferred to the client, from a contract entered into on October 26 in 2006,…

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Spanish economy 19th July 2012

De-dramatising Spanish banking resolution

MADRID | Words containing the Latin suffix “tio” tend to raise passionate sentiments. Just think of “revolution” or even “Constitution”, a rather harmless expression nowadays that fuelled bloody rifts in the 19th century. Banking “resolution” is leading to similar high-pitched controversies. Not to mention “liquidation”, a reference readily subject to censorship as the Bank of Spain governor has recently discovered. The recommendation to ensure his full independence apparently will have to wait…