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In Europe 1st August 2012

Jobseeker numbers in France increase for the 14th consecutive month

President François Hollande made as many promises as European politicians accustom to lure their voters with during election campaigns. In one occasion, the French leader vowed to create up to 80,000 jobs in the private sector and hire 60,000 more workers in the education department alone. Right now, this would come handy to tackle the country’s rising unemployment. Last June, the headline number of jobseekers in France jumped significantly for…

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Markets 17th July 2012

French hotel group Accor dips further in LatAm with Posadas deal

Spanish companies aren’t alone in extending their links to the Latin American markets in a bet to withdraw from the volatile European economies. France’s group Accor this week announced its plan to set itself as a sector leader in the area with the acquisition of the South American hotel portfolio of Grupo Posadas. The transaction, which adds to the external growth strategy of the company, includes 2,600 rooms and a secured…

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Markets 2nd July 2012

The EMU still needs fixing

MADRID | The Summit has just avoided the worst from happening. Super-Mario and an unexpectedly bold Mariano Rajoy achieved a coup d’état toppling Ms Merkel from her undisputed pedestal. Hollande’s support was vital in depriving her of her hitherto boundless power. Yet one has the impression we assisted to a rehearsed show meant to provide an excuse for Germany to cave in to pressure. Everyone was afraid of having to confront the…

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Markets 29th June 2012

After stagnation, a change of scene for French economic policy?

By CaixaBank research team, in Barcelona | France's statistics institute confirmed the French economy's stagnation in the first quarter and the year-on-year rate of change stood at 0.3%. In April, the economic climate indicator worsened and, in May, most leading indicators showed this decline getting worse, affected by the economic uncertainty, particularly due to the euro area crisis. The economy is therefore likely to continue slowing down in the second…

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In Europe 26th June 2012

Fiscal compact is the key

MADRID | Germany will not move unless it firmly secures the fiscal compact goal. The growth strategy, the financial transactions tax and even banking union will only thrive so long discipline in public accounts is agreed. You can sulk at the stubborn obstinacy shown by Ms Merkel on this issue but trying to ignore it would not help Europe to overcome current problems. Brussels is proposing an enhanced budgetary control that…

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In Europe 25th June 2012

Rome mini-Summit delivers mini-results

MADRID | No one expected the Rome gathering to produce a comprehensive answer to the euro’s acute problems. Divergences still run high between Germany and France on the right approach to take. Avoiding the impression other partners might be faced with a ready cooked solution in the forthcoming Summit, also invited to adopt a self-restrained attitude. So leaders from the four leading economies in the euro area choose to come…

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Interviews 18th June 2012

Berlin is growing weary of saving the euro

text your ex back MADRID | For the first time since the crisis unfolded, Germany is starting to cast serious doubts on the euro zone sustainability. Acting as paymaster general involves such a woeful toll as to think twice before continuing to foot a growing bill likely to snowball out of control. It is under the uneasy impression that money spent on saving others is simply burned off. The temporary…

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Markets 12th June 2012

My bailout, your bailout, her bailout

MADRID | elconfidencial.com | The rescue operation of the Spanish banks is rather a foreign banks' bailout, the online daily El Confidencial reported Tuesday. Check the International Monetary Fund's recent study on Spanish banks and a graph shows up with an eloquent figure. The exposure of foreign banks to Spain is moving towards a colossal number: €1.2 trillion. What is surprising is not just the sheer volume of it but also its…

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In Europe 11th June 2012

Don’t cry for me, Germany

By Luis Arroyo, in Madrid | The European common currency has become poisonous for almost everyone else but Germany. Check below a chart coming from the International Monetary Fund, which shows that not even other core euro economies (that is France) have been able to profit as much as Germany. It also renders perfectly understandable why Nicolas Sarkozy lost the general elections and why he did so amid angry voters….

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Spanish economy 6th June 2012

Spanish proposal to inject capital directly into troubled entities wins support

By Julia Pastor, in Madrid | The solution proposed by the Spanish president Mariano Rajoy to inject capital directly into troubled entities, with no need of intervening the whole of the countries' economy is gaining momentum. It was the International Monetary Fund the first organisation which gave a boost to the idea when its managing director, Christine Lagarde, assured that Spain did not require a rescue. Last week, Mario Draghi’s…