News Archive: economics

10, 2012 May:

Spain's bailout: Have we finally reached the bottom?

The chairman of Spain's third-largest bank, which holds €31.7bn of real estate, resigned this week, prompting speculation that the government will use €10bn to bail out the financial institution. But Spanish banks are also accused of over-valuing the property on their books. With property prices already thought to be lower than the official figures, how low can they go?

08, 2012 May:

Video - Spanish bank chairman steps down

The chairman of Spain's Bankia, Rodrigo Rato, announced his resignation on Monday. The Spanish government is on the verge of announcing a rescue plan for the troubled bank which will be part of a wider reform of the banking sector in Spain.

03, 2012 May:

Spanish banks are hopeful for investor interest

Spanish banks are hopeful that investors will show strong interest in the real estate portfolios they are selling, as long as the prices are right.

02, 2012 May:

Video - Spain left reeling as figures show a quarter unemployed

Spain has announced that its jobless rate surged to a record 24.4 percent at the end of March, pounding financial markets already reeling from a Spanish sovereign debt downgrade.

20, 2012 April:

Video - IMF sees ‘dark clouds’ over the recovery

The International Monetary Fund’s Christine Lagarde has again delivered a mixed message about the global economic recovery and warned "the eurozone is the epicentre of potential risk".

19, 2012 April:

"Full crisis" hits Spain as house prices plummet

Spain is back in "full crisis mode", according to one bank, as property prices continue to plummet.

13, 2012 April:

Spain says no to drug village

Spain has said no to plans to create a drug village to help pay off the country's mounting debt. The proposal, which would have seen seven hectares of the small village of Rasquera turned into a large marijuana farm, was ultimately rejected by the local council over fears of legal fines. But even in the current market conditions, Spain has hit financial highs without the aid of narcotics.

04, 2012 April:

Video - IMF chief: Recovery still fragile, despite improvement

The head of the International Monetary Fund, Christine Lagarde, is keeping up the pressure on world leaders and urging them not to become complacent.

23, 2012 March:

Spain Economy will fall 1.4% this year

According to latest forecasts from The Economist, reported in Diario Sur, the Spanish economy will fall 1.4% this year and register zero growth in 2013, while the unemployment rate will climb to 23.3% this year and prices will rise by 1.9%.

16, 2012 March:

Video - Spain under pressure from EU ministers

Spain is not yet the new Greece but it is raising some eyebrows in Brussels. Mariano Rajoy's new government has admitted it will miss a deficit goal agreed in the new fiscal pact to which Spain is a signatory.

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