Anticipating the Euro area banking sector is resilient, with strong capital and liquidity positions, and that inflation is projected to remain too high for too long, the European Central Bank announced on Thursday that the ECB Governing Council decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target.
Spain’s government has approved a decree that would make it easier for companies in Catalonia to move the location of their official registration out of the region. The move will allow the relocation of Caixabank, Spain’s third largest bank by assets, before next week, when separatist authorities in Catalonia want to declare independence.
Brazil is well prepared to cope with any market volatility resulting from a U.S. interest rate rise, Finance Minister Joaquim Levy said on Monday. The minister told a meeting in Madrid that Brazil's banks were well capitalized and the country has large foreign exchange reserves.
UK joined the group of countries that vote against granting multilateral organizations’ loans to Argentina as a form of protesting the mistrust generated by the government of President Cristina Fernandez recurrent international misconduct, reports the Buenos Aires media.
Spanish banks are suspending evictions for the next two years for the most vulnerable people. An estimated 350,000 families have been evicted from their homes since Spain's property market crashed in 2008.
Tens of thousands of Spaniards rallied in Madrid to protest against spending cuts and tax rises in a country reeling from high unemployment and a gruelling recession. Teachers, nurses and social services workers thronged the capital's central Plaza Colon a day after Spain said it would present new economic reforms at the end of September likely to contain more austerity measures.
German Finance Minister Wolfgang Schaeuble and his counterpart from Madrid said Spain’s borrowing costs don’t reflect the strength of its economy as they pledged to work toward deeper integration to fight the debt crisis.
Spain's economy sank deeper into recession in the second quarter, its central bank said as investors spooked by an undeclared funding crisis in its regions pushed the country ever closer to a full bailout
Spain's economy shrank further in the second quarter but looks set to stabilise over the rest of the year while the government continues to push structural reforms and budget austerity, Economy Minister Luis de Guindos said.
Spain on Monday formally requested Euro zone rescue loans to recapitalise its debt-laden banks as the Euro and shares fell on investor scepticism about this week's EU summit.