MADRID | In the dialectics of the confrontation about how much of a national rescue is the aid package being draft by Brussels for Madrid and Rome, politics has so far played the upper hand. Apparently, governments in Spain and Italy would attempt to depict any coming bailout under a different light than that of Greece, Ireland and Portugal so their parties can avoid the stigma of having failed their…
By Tania Suárez, in Madrid | Alberto Matellán is director of strategy and macroeconomics at Inverseguros SVB. In a conversation with The Corner, he said that even if Spain doesn’t formally request a bailout, “it will be necessary some kind of intervention.” However, he points out that the possible Spailout would be met via different instruments, and that there is a high probability that a bailout for Italy comes in…
By Tania Suárez, in Madrid | Víctor Rodríguez is an economist at CMC Markets Spain. In an interview for The Corner, he said that Mario Draghi’s role is not so decisive in the debt crisis, although we could see important measures being applied by the European Central Bank. Regarding a possible bailout for Spain, Rodríguez considers that “if the country asks openly for it, the most likely reaction will be…
MADRID | Habitat Bankia, BFA Group-Bankia’s property company, announced it has sold over 2,400 real estate assets between January and June of this year. The value of these operations amounts to €230 million. These units from foreclosed assets and the pace of divestment reflects an increase of 17% year on year. In a market environment characterised by continued declines in sales and purchases, the decision of downsizing its real estate…
There is no denying that the talk of an eventual Spanish national rescue by euro funds has now become a feature in any serious discussion about what’s next for the global economy. Even though always ready to confront but not conform to the most realistic conclusion market analysts find for Spain, the country’s president Mariano Rajoy admitted last week that a complete bailout appears on the table next to all…
By economist Jordi Paniagua, in Valencia | In principle, whether managing a company or the economy of a country, the message of do not spend more than earnings seems perfectly reasonable. Indeed, it has found a comfortable place in the collective mind. Even governments nowadays express themselves and their policies as though it were the stuff of domestic accounting. But enterprise and economy are quite different concepts. The manner in which…
By Luis Arroyo, in Madrid | Ireland has began to get out of the pit of its crisis and the usual suspects have wasted no time in coming back to tell Spain that it can be done, austerity only is the key. Ireland has gone through a fair amount of pain just to get its head above the water line. A bad bank with the wrong estimations and a bailout…
By CaixaBank research team, in Madrid | According to the Spanish Royal Academy, «rescatar» or bail out in Spanish is to release from danger, harm, trouble or oppression. Given the misgivings that the outcome of the Greek elections might lead to the country leaving the euro, something that would have hindered the considerable financing needs of Spain and Italy over the coming months, the Eurogroup welcomed the Spanish request and…
MADRID | European Commission vice-president Viviane Reding, who is also the EU’s Justice commissioner, highlighted Friday an announcement by the Spanish government that it intends to improve legal certainty for property owners along the country’s coast. Homes have been affected by the Coastal Law for several years now and buyers involved have repeatedly brought their case to Brussels, under the impression that Spanish authorities were not sufficiently active in tackling abuses. The…
By Luis A. Torralba, in Valencia | valenciaplaza.com | Once the technology system integration will be completed in October 12, Cajas Rurales Unidas will become the largest group of rural credit unions in Spain. CRU reached at the beginning of this year a business management volume of €69.8 billion, with €39.6 billion in assets and a healthy core capital rate of 12.62 percent. Two of the entities leading the agreement,…