Spain

Markets 26th March 2012

Spanish banks safe thanks to liquidity provided by the ECB, Barclays says

MADRID | Barclays analysts said in an investor note on Monday that further worsening in Spain’s case should be very limited, as government policies tackle the key problems with the right solutions, in spite of mistakes being made. Experts remained confident the financial sector has gained sufficient funding at least until 2015 after having taken advantage of the latest liquidity operation carried out by the European Central Bank. The report…

In Europe 26th March 2012

Until Spain’s new budget shows austerity muscle, Brussels must tread carefully

By Juan Pedro Marín Arrese, in Madrid | Once again Spain is riding the storm. The sharp reduction witnessed in risk premium over the last months is vanishing. A sharp budget deficit coupled with gloomy growth prospects and soaring unemployment rates are melting confidence down. Claims on a rather subdued debt position fail to impress markets. Fear that financial situation might end up in a plight is deeply ingrained. Worries…

Spanish economy 26th March 2012

AXA Real Estate: growth in lettings in Spain fuels plans for property buys

LONDON | Asset manager company AXA Real Estate said Monday it signed 68 leases on behalf of its clients representing a total of 113,350 sqm of space across its Spanish portfolio in 2011. This marks an increase of around 90% compared to 2010, when 60,855 sqm of space was let across 42 leases. Of the 68 lettings, 23 representing 10,707 sqm, were new leases, while the remaining 45, accounting for 102,643 sq m of space, comprised lease…

Spanish economy 26th March 2012

Madrid crackdown on misuse of public resources

By Juan Pedro Marín Arrese | Day after day, political scandals over public funds mishandling and utter corruption hold the front page. They severely undermine Spain’s reputation and call into question its ability to enforce a proper control of resources. Squandering taxpayers’ money in profligate and inefficient expenditure has become a firmly entrenched habit. Regional and local authorities openly challenge debt limits by piling up unpaid bills. Even early retirement benefits…

Spanish economy 23rd March 2012

Friday’s Spanish graph: hopeful Easter

The slowdown in the European cycle begins to appear on the figures about tourism in Spain. The drop in flow of foreign tourists from Germany and the UK, with a share of above 35% of the total, weighs down in part the evolution of total inflow of tourists during the first two months of the year. Yet, until now, we are only witnessing a containment in the growth rate after a exceptionally good 2011, considering it is a period of crisis, analysts…

Spanish economy 23rd March 2012

Spanish savings banks’ puzzle must be completed

By Carlos Díaz Guell, in Madrid | The second stage of Spain’s financial reform is going through a foggy tunnel in which stable entities have been left in a state of perplexity and confusion. The entities that aspire to be absorbed are too weak even to attract deals, the governor of the Bank of Spain is about to end his mandate and does not have the government’s trust, and the road…

World economy 21st March 2012

Wednesday’s Spanish graph: late payments rate will approach 9.8pc by 2013

From Renta 4 analysts, a confirmation that late payments rate was 7.91pc in January, the maximum level seen by the Spanish financial sector since December 1994. And it was 8pc for the depositary entities. The increase in both cases has been the highest since February 2009, but the experts said today that they discard further acceleration. “During the next months, the situation should be stable and late payments rate is…

Markets 21st March 2012

Behind deposit outflows in Spain: don’t believe the hype about distrust

By Carlos Díaz Guell, in Madrid | The volume of deposits of households and non-financial corporations suffered outflows of €120 billion in 2011 in Spain and Italy, adding even more pressure on both countries’ banks. The data come from the last quarterly report of the Bank for International Settlements (BIS), which analyses European banks’ response to higher capital requirements that the European Banking Authority (EBA) set in October last year…

In Europe 20th March 2012

UK roads’ privatisation would attract bids from Spanish companies

LONDON/MADRID | Financial analysts in Madrid agreed in their notes to investors on Tuesday that the UK Coalition government’s intention of privatising part of the road network of the country is a subject of major interest for Spanish infrastructure and construction companies. Banesto Bolsa experts described the decision as a clear ‘opportunity’ for Spanish firms, some of which already have a vast presence in the British transport services sector, namely…

Spanish economy 20th March 2012

Balearic Islands’ former president found guilty in anti-corruption trial

Jaume Matas, who was regional president of Balearic Islands, became Tuesday the first former autonomic premier and the second former national minister to face a prison sentence. The Provincial Court of Majorca condemned him to 6 years in prison for an offence of management fraud, a crime of falsifying an official document, a crime of commercial document forgery, a crime of malfeasance in competition with an offence of embezzlement and…

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