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Europarlament

Spanish economy, Spanish Politics 26th April 2023

Parliament committee asks Spain to disclose how much money has actually reached the economy

The European Parliament is urgently demanding information from the Spanish government and the European Commission. The long-awaited report of the European Parliament’s Committee on Budgetary Control, which visited Spain this past February to audit the use of EU funds in our country, is about to be published. The draft report details the main conclusions of this visit and describes the meetings held with the different agents and members of the…

Spanish renewables

Spanish economy, Spanish Politics 26th April 2023

Spanish government tells World Bank it will not pay €2-billion ICSID awards for renewable energy debts

The World Bank has sent a devastating letter to the Spanish government to demand payment of the awards that condemn our country to compensate the companies and investors affected by the retroactive withdrawal of the premiums granted to renewable energies. The ICSID, the World Bank’s international arbitration tribunal, reminded the PSOE and Podemos government that it cannot neglect its obligations and that it must compensate the companies that have suffered…

When the Supreme Court adds to the lack of confidence in Spanish politics

In Spain, Spanish economy, Spanish Politics 24th April 2023

Judges and Prosecutors to go on indefinite strike from 16 May

The Professional Association of the Judiciary, the Francisco de Vitoria Judicial Association, the Independent Judicial Forum, the Association of Prosecutors and the Professional and Independent Association of Prosecutors have announced in a joint communiqué their intention to call an indefinite strike in the judicial and prosecutorial careers from 16 May. For the moment, the association Judges and Judges for Democracy and the Progressive Union of Prosecutors have not joined the…

Spain ratings

In Spain, Spanish economy, Spanish Politics 22nd April 2023

Public debt rises to €1.52 trillion in February, 5.4% more than a year ago

CoM | Government debt according to the Excessive Deficit Protocol rose to €1.52 trillion in February, which represents a growth rate of 5.4% in year-on-year terms and an increase of 2% compared with the previous month, according to data released by the Bank of Spain. Specifically, public debt has added €30,208 million in one month and €78,436 million in the last year. The balance of government debt rose to €1.349…

house

In Spain, Spanish economy, Spanish Politics 21st April 2023

New Housing Law to cap rent rises at 2% this year and 3% next

Presented in Congress by the spokespersons of EH Bildu and ERC, the agreement on the future Housing Law maintains the 2% limit for this year on rent rises, a ceiling that will be increased to 3% in 2024 to create a new reference index applicable throughout the territory before the end of next year. The CPI will therefore be eliminated as the reference index for the annual updating of rent…

Over 90% of foreign companies in Spain expect to increase or maintain their investment in 2020

Spanish economy, Spanish Politics 18th April 2023

Spain to finally recover pre-Covid GDP by end of this year

Funcas expects the Spanish economy to reach the level of activity prior to the pandemic at the end of this year after growing by 1.5%, five tenths more than forecast in January, in a year that will go from strength to weakness and which represents a clear slowdown compared to the 5.5% recorded in 2022, according to the CEO of the Funcas think tank, Carlos Ocaña, and the director of…

sa alquila linda casita

Spanish economy, Spanish Politics 18th April 2023

Spanish Housing Law: end of CPI as reference index for annual update of rental contracts

Alphavalue / Divancons | On Friday, the Government reached an agreement with ERC and Bildu on the Housing Law which, among other measures, eliminates the CPI as a reference index for the annual update of rental contracts and sets a cap on rent increases of +3% in 2024 (which joins the +2% in 2023 already approved), extends the declaration of the so-called stressed areas and lowers the limit for being…

BOE

Spanish Politics 17th April 2023

Two laws – one on Labour another on Equality – change on the same day, but in a different way, another third law. State Gazette publishes two changes but warns it is impossible to know which is in force…

Legal uncertainty? In Spain? Not at all. It is just that the judge and the interested parties can choose which wording they prefer to apply to art 16.1 letter c. of the Law on Offences and Penalties in the Social Order (which typifies “the very serious offences faced by companies, recruitment agencies or training entities if they request vetted and personal data when recruiting personnel”). The Official State Gazette (BOE)…

Australiaok

Spanish economy, Spanish Politics 13th April 2023

Australia and UK authorise seizure of Spanish assets over non-payment to renewables investors

Spain is currently the second country in the world with the second highest number of unpaid awards – amounting to 645 million euros – after Venezuela and ahead of Russia. The High Court of Australia has unanimously dismissed an appeal filed by Spain in an international dispute over awards issued by the ICSID, the World Bank’s arbitration body, linked to cuts made to renewables. As a result, some of Spain’s…

Ferrovial

Spanish economy, Spanish Politics 12th April 2023

Government vs. Ferrovial, an asymmetrical equation

Fernando González Urbaneja | It is not often that a government directly confronts a business decision taken by a responsible collegiate body. And when it does happen, it is not often that the government ends up getting fleeced. The relationship of political power with any business, no matter how large, is usually asymmetrical, in favour of the executive. Businessmen avoid confrontation because even if they achieve their aims, they always…