By Tania Suárez, in Madrid | German and British banks are trying to woo the economic elite of the Spanish society, “la crème de la crème” of wealthy Spaniards. Or, in plain English: the ones with the big bucks. The uncertainty over the Spanish future is making the depositors nervous, and banks from the UK and Germany are trying to take advantage. According to this article of the online daily El Confidencial Digital, foreign…
The electricity bill in Spain rose by 3.95 percent on July 1, as a consequence of a transfer of higher generation costs. The natural gas bill went up, too, by 2.26 percent. But demand in both cases fell last month, by -1.8 percent and -1.8 percent, respectively.
MADRID | University students in Spain who fail more than half of the subjects they enrolled for will have to return the full amount of their awarded scholarship. A royal decree that sets the thresholds of income and family assets and the amounts of grants and financial support for the 2012-2013 academic year came into effect Monday after its approval by the Spanish cabinet. Before the changes, it was required that…
By www.valenciaplaza.com | The Spanish industry of capital goods (machinery and equipment that integrates the production process) increased by 1% its turnover in 2011 to €39 billion. The sector has some 2,000 companies, the vast majority of which are small and medium-sized firms. According to the National Association of Manufacturers of Capital Goods (Sercobe) last year, SMEs increased their revenues in €404 million to €26.13 billion, with a growth rate of 1.5% compared to…
free credit help online By Julia Pastor, in Madrid | The Spanish minister for the Economy Luis de Guindos finally released Monday the letter addressed to the Eurogroup president Jean-Claude Juncker with the aim of officially requiring financial assistance to recapitalise troubled national banks. His words have taken the front pages of all the Spanish media. According to Europa Press, the letter begins with this paragraph: “I have the honour…
MADRID | Estimates from consultants Oliver Wyman and Roland Berger show Spanish banks would need capital up to a maximum figure of €62 billion to offset a stressed scenario. The results of the €2-million independent evaluation of the sector were reported in a joint press conference by the deputy governor of the Bank of Spain Fernando Restoy, and secretary of State for more the Economy Fernando Jiménez Latorre. These sums derived…
By Álvaro Mohorte, in Valencia | www.valenciaplaza.com | Spanish banks have had enough of bricks and mortar, and urgently need to sell properties. Up until now, prices of many of the properties coming from developers as well as individuals have been kept over the market’s in order to protect the entitities’ balances, but requirements of further provisions have forced a strategy change. The goal is to get rid of thousands of flats, apartments…
NEW YORK | In the debate over austerity and government spending some throw the question of 'oversized administrations'. Are there too many government workers in Europe? And in the U.S.? Should the numbers be reduced? The Spanish Secretary of State for public administration Antonio Beteta has apologized to the unions for suggesting last week that workers should “forget about having their morning coffee break and reading the newspaper.” It has…
how to get a ex back By Kike Vázquez | www.cotizalia.com | The crisis in Spain is not the consequence of unemployment or of the State deficit. It isn’t even due to the banking sector. These are just symptoms of the real cause. What is the underlying problem, then? In my opinion, it is one single variable: competitiveness. The fact of joining the euro meant a higher effort than expected…
MADRID | “It is time to resort to the International Monetary Fund or the European rescue fund,” wrote in the January edition of Revista Consejeros Aristóbulo de Juan, former Bank of Spain's director general of inspection. Even Banco Santander's chairman Emilio Botín, who's always shown his antipathy to salvage competitors with his money or the taxpayers', acknowledged that the Spanish banking sector needed some €40 billion in European aid to…