Spanish economy

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Weekend long read: Spain’s finance and economy ministers open their portfolios to Wall Street and Frankfurt

By Ana Fuentes in New York, and Julia Pastor in Madrid | Right before the three crucial meetings (Eurogroup, Ecofin and European Council) that will take place in the next 10 days, the Spanish government is deploying its best arguments in order to regain markets’ trust. Rajoy’s economic team, the Finance minister Luis de Guindos (left) as well as Cristóbal Montoro, minister of the Treasury, appear in the weekend edition of…


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Fitur 2012: in tourism Spain trusts

By Julia Pastor, in Madrid | On Wednesday, the International Tourism Fair Fitur 2012 was inagurated in Madrid. This anual event is the most important of the sector in Spain and it will be open until January 22. This year’s edition is marked by the crisis and the resulting financial adjustments made by the autonomic regions, but also by the widespread notion that the tourism sector is the only one…




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The UK crowns Spain as the favorite holiday destination in 2012

By Julia Pastor, in Madrid | Towards the end of 2011, the British press published a news item, that was finally denied, regarding an evacuation plan that the Foreign Office was supposedly preparing to evacuate British citizens resident in Spain in case of a financial crunch. A few days later, at the beginning of the New Year, that same publications crown Spain as the favourite holiday destination for British families…


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“Spain will do everything it needs to do,” says the minister of Industry to investors

By Julia Pastor, in Madrid | The second edition of the Spain Investor’s Day started on Wednesday. This event presents itself as “a unique project in Spain, the great personal encounter of the global investor with Spanish issuers and businesses. Its permanent objective is to present Spain at its highest level as the investors’ destination”. The meeting gathers major listed companies and major institutional investors in order to generate contacts,…


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Spain starts the year by placing €10bn: twice the expected, at lower rates

MADRID | Europa Press | The Spanish Treasury managed to successfully close the first auction of the year by placing almost €10bn in bonds, twice the expected amount and at lower than expected rates, thus continuing the good streak of the previous issuances. The agency’s expectations were far exceeded by the result as in the last auction. It had only expected to obtain between €4bn and €5bn. The demand was again…


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Rajoy to Spain’s banking sector: “be transparent and merge”

MADRID | In his the first interview granted to Spanish media as Prime Minister of the Spanish government and after a number of weeks of silence (which has been heavily criticised by the press), Mariano Rajoy explained to new agency Efe some details of his political and economic project for the country. Among many aspects, he spoke of the restructuring of the financial sector for which he announced a re-organisation plan,…


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Economic reforms could attract €3.2bn in venture capital to Spain

The Spanish Association of Venture Capital (ASCRI is the Spanish acronym) presented the results of the sector in 2011, when the investment of these firms in Spain reached €3.249 billion, 7% less than in 2010, but more than twice the amount invested in 2009. Venture capital  has 3,200 million euros to spend on new business investments in Spain, said on Tuesday Maite Ballester, president of ASCRI. Ballester believes that “the…


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Foreign tourists in Spain spend 8.1% more than in 2010

The amount of money spent by international tourists visiting Spain from January to November 2011 was €49.985 billion, that is 8.1% more than last year according to figures reported in the Survey of Tourist Expenditures (Egatur) of the Ministry of Industry, Tourism and Commerce. The average expenditure per tourist stood at €929 in the first eleven months, 0.2% more than during the same period in 2010, while average daily spending…