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Spanish economy 29th November 2011

Spain’s regions obtained a “small surplus” in 3Q11, says finance minister Salgado

With a public deficit of €12.87 billion, 1.19% of GDP in the third quarter, the regional governments in Spain would have recorded a small surplus of €192.72 million, according to what the finance vice president Elena Salgado said on Tuesday. More details were reported by the Spanish press. “… The Spanish regions are on the path of deficit reduction,” said Elena Salgado, finance vice president. Her forecast for the full year…

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Spanish economy 28th November 2011

Distressed assets investors head to Spain for restructuring plans

Rumours of a super-toxic bank have been building up in Spain ever since the conservative People’s Party won the country’s general election by landslide. According to last weekend’s Bloomberg reports, “Spanish Prime Minister-elect Mariano Rajoy has asked for at least two papers from academics on how to create a so-called bad bank, according to two people with knowledge of the matter. “Both proposals outline mechanisms for a state-backed agency to buy soured assets…

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Spanish economy 21st November 2011

The PP will control €7 out of €10 of Spain’s public spending

By Julia Pastor, in Madrid | Mariano Rajoy’s People’s Party has won the most crushing absolute majority of its history, with 186 seats out of the total 350 of the Spanish Parliament (in 2000, former president José María Aznar achieved 183). On Monday, analysts of the financial City of Madrid expressed their opinions about this shift in the political scene. “The elections results were already expected by the markets, since…

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Spanish economy 14th November 2011

The Ibex 35 ‘blue chips’ according to Expansión

The Spanish finance newspaper Expansión reviewed in its Monday’s edition some of the Ibex 35’s ‘blue chips’. The leading companies of the index have fallen 25% on average since early 2007, more than their European counterparts. Investment advisers claim many big funds have removed them from their portfolios due ​​to the peripheral tensions, but their managers have not taken into account that Spain’s ‘blue chips’ stand out against their competitors because…

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Spanish economy 14th November 2011

The Ibex 35 'blue chips' according to Expansión

The Spanish finance newspaper Expansión reviewed in its Monday’s edition some of the Ibex 35’s ‘blue chips’. The leading companies of the index have fallen 25% on average since early 2007, more than their European counterparts. Investment advisers claim many big funds have removed them from their portfolios due ​​to the peripheral tensions, but their managers have not taken into account that Spain’s ‘blue chips’ stand out against their competitors because…

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Spanish economy 10th November 2011

Spanish tourism industry generates more revenue than in 2007

MADRID | Tourism in Spain has overcome the crisis and is experiencing its fourth best year. The sector is expected to close with 57 million foreign tourists and an 8% increase in spending. Its revenues now exceed the €1.5bn obtained in 2010: 14% more than in 2007 and 2008. Secretary general of domestic trade and tourism, Joan Mesquida, said in an interview with Europe Press: “We are quite far from the…

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Spanish economy 4th November 2011

Enel Green Power’s Francesco Starace: “Spain is five years ahead in renewables”

Since its inception in 2008, Francesco Starace is Enel Green Power or EGP's CEO. On Thursday, the holding company, which has a Spanish branch with Endesa's renewable assets integrated,  celebrated its first anniversary on the stock market. Francesco Starace's comments about the sector in Spain are, to say the least, jarring, so we have selected (and highlighted) a few of his answers to an interview published in the financial newspaper…