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spain coronavirus package

Spanish economy 18th March 2020

Spain Commits 20% Of Its GDP To Fighting The Ravages Of The Coronavirus; Shock Plans Multiply Around The World

The current scenario forces stimuli and, at last, the Eurogroup is beginning to propose some important measures such as the agreement to promote fiscal measures throughout the Eurozone worth 1% of GDP in 2020, or guarantee schemes and tax deferral equivalent to 10% of GDP. Furthermore, Spain’s Prime Minister, Pedro Sanchez, announced a much more ambitious plan, mobilising up to 200 Bn euros, of which 83 Bn euros will be private, mainly from banks. The shock plan is equivalent to 20% of the national wealth (11.7% taking into account the State’s share). 

pedro alertado 1

Spanish economy 16th March 2020

By The Way, Is There Anyone On Board Who Knows How To Fly A Plane?

State of emergency, general quarantine, these measures, which should have been taken in Madrid a week ago, are now imposed on Spain to avoid repeating mistakes. Sánchez at the controls has finally got it right. It will not be easy. “Heroism is also about washing your hands,” don’t forget. Courage!

Congreso

Spanish economy 12th March 2020

Spain: The Coronavirus Invades Everything

Joan Tapia (Barcelona) | We don’t really know where we stand with regard to this crisis, but it’s clear what we should do. The EU must act decisively to avoid an economic disaster that would affect all its members. Only God knows what will come next.

spain red light

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.