Spanish Economy News | The Corner .eu

Spanish economy 14th June 2014

Morgan Stanley: “Is already Spain the new Germany?”

MADRID | By The Corner | Spain’s public debt grew 7.12 percent in 1Q14 to 989.9 billion euros, which is 96.8 percent of its GDP. The government’s debt went up 8.4 percent from the first three months of 2013 to 864 billion euros, accounting for by far the largest share of the total, according to Bank of Spain figures published Friday. Morgan Stanley analysts emphasize the changes of macroeconomic prospects and the increase of forecasts in peripheral countries. From its analytics department, growth levels for Spain, Portugal and Ireland were raised on Monday.

Spanish economy 13th June 2014

Spain to start repaying banking bailout loan

MADRID | The Corner | Spain will complete a first payment of the EU loan for the rescue of its financial system amounting to 1.3 billion euros, even if the first payment of interests was scheduled for 2022. Severely hit by the economic crisis, in 2012 the country took a nearly €42 bn loan of the €100 bn line arranged by the EU to bail its banks.

Spanish economy 3rd June 2014

Spain’s Social Security blossoms with 200,000 new contributors

MADRID | By Fernando G. Urbaneja | May unemployment and social security registration data in Spain are the best monthly as well as yearly, and even regarding the end of current year since 2007. Although jobless rate is still painfully high, more than 26%, the trend is changing.

Spanish economy 3rd June 2014

Spanish Stock Exchange’s trading volume grows by 49.8%

MADRID | By Julia Pastor | The operator of all Spain’s stock markets and financial systems BME has a couple of good reasons to celebrate. The company’s trading volume increased by 49.8% on a y-o-y basis to €72.2 bn in May, as the so-called Tobin tax on foreign exchange transactions has recently been postponed by 2016. This tax could cut BME’s volume by near 10%.

Spanish economy 27th May 2014

Spanish socialist leader to resign after worst-ever results

MADRID | The Corner | After their sweeping defeat at the European polls, both Spanish ruling conservative Popular Party and the Socialists have switched to a crisis management mood. The first prominent victim was Socialists’ leader Alfredo Pérez Rubalcaba, who announced his resignation on Monday. The party will choose new leaders at an extraordinary meeting on July 19 and 20.

Spanish economy 16th May 2014

Spain’s public debt nears €Tr record- but still attracts investors

MADRID | By Francisco López | In the midst of the euro crisis, Spanish political leaders and some economists showed off about good figures of Spain’s public debt compared to Italy’s. Then, this indicator was a good example that reflected the strengh of national public finances. Now it has turned into a constraint, although fortunately investors do not doubt on the country’s ability to pay back.

Spanish economy 14th May 2014

75% of Spanish debt goes to foreign hands

MADRID| By Julia Pastor | Spain rocked in debt markets on Tuesday, raising more than €40bn in public and corporate bonds, something that will hopefully underpin the excellent moment of peripheral sovereign debt. In fact, Italy announced a future issuance of 30-year syndicated bonds following the Spanish lead. International investors bought 73% of the Spanish indexed-inflation bonds and 90% and 83% of Telefonica and Bankia’s securities, respectively.

Spanish economy 13th May 2014

Spanish Ferrovial gets €945m-worth projects in UK

MADRID | By Julia Pastor | British Ferrovial’s subsidiary Amey was granted with two contracts in the UK on Monday: a 5-year project for maintaining houses and facilities of the Ministry of Defence, and a second one for partly refurbishing the main country’s rail operator.

Spanish economy 5th May 2014

Credit lending in Spain: the decrease that doesn’t cease

MADRID | By Julia Pastor | Spanish entities credit portfolio amounted €746 bn at the beginning of the year, a 5.99% fall against same month last year, while holding deposits at €687 bn, which meant a yearly growth of 0.53%. March figures suggested a new reduction of credit lending to SMEs and families. As long as banks do not have their balances adjusted by 2015 after the ECB’s stress tests, credit and deposits will not tip towards loans.

Spanish economy 5th May 2014

Spanish debt doesn’t have a long projection, Bankinter analysts forecast

MADRID | By The Corner | When the nominal yield of Spanish 10-year-bonds stands under 3% despite the increase of interest rates in core countries such as the US, Spanish analysts at Bankinter depart from the script and recommend to give up the idea of buying the country’s sovereign debt. Since they introduced this strategy at the end of 2012, Spain’s benchmark securities went down from more than 5.5% to current less than 3%.“We estimate bond returns of 2.7% by 2015, so public debt would have not room to decrease yet,” they explain.