Tag: Spain

Friday, May 11th 2012 - 21:10 UTC
Spain in another clean-up of its financial system hoping to restore confidence

Spain told its banks on Friday to set aside another 30 billion Euros to cover potential losses on real estate and ordered an independent audit of their debts, an effort to restore confidence in a sector that is at the heart of the country's financial crisis.
Friday, May 11th 2012 - 13:10 UTC
Irish experience advice on how to rid banks of toxic real estate assets

Spain’s plan to rid banks of toxic real estate assets is reviving the politically heated debate over how creditors and taxpayers should share the vast losses still being incurred by the Euro zone debt crisis. Nowhere is the issue in sharper relief than in Ireland.
Thursday, May 10th 2012 - 05:28 UTC
Spain takes over fourth largest bank to try and calm markets

Spain took over Bankia, the country's fourth biggest lender, on Wednesday, trying to dispel concerns over the government's ability to clean up the financial sector four years after the banks were hit by a property market crash.
Wednesday, May 9th 2012 - 21:09 UTC
Spanish government has abandoned the Trilateral Forum, claims Gibraltar

The Gibraltar Government issued a statement on Tuesday saying it took note of comments made by Foreign Minister Jose Manuel Garcia-Margallo indicating the Spanish government is abandoning the Trilateral Forum which involved three-side talks: Spain, UK and Gibraltar.
Wednesday, May 9th 2012 - 18:18 UTC
Spain to unveil on Friday plan to clean up exposed banks to the property crash

Spanish shares have fallen and the interest rate on the country's benchmark 10-year bond has risen amid fresh worries over the banking sector. The Ibex market fell by 3% and bond yields rose above 6%, a level seen as unsustainable.
Tuesday, May 8th 2012 - 01:58 UTC
Respsol warns its peers with legal actions if they team up with nationalized YPF

Spain-based energy group Repsol has sent letters to oil majors including Exxon-Mobil, Chevron and Conoco-Phillips warning it would sue them if they try to invest in YPF or its assets, reports the British newspaper The Financial Times.
Monday, May 7th 2012 - 17:33 UTC
Argentina takes official control of YPF; Rajoy asks: who can trust that country?

The Argentine decision to seize control of 51% of YPF oil and gas giant came into effect on Monday as a decree was published on the Official Gazette. From Spain a new barrage of criticisms in support of Repsol and condemning Argentina started the week.
Saturday, May 5th 2012 - 06:35 UTC
Spain says Argentina should follow Bolivia example and pay a ‘fair price’ for YPF

Toning down its initial strong reactions to the nationalization of Spanish controlled YPF Spain’s Foreign minister Jose Manuel Garcia Margallo said that Argentina should pay a “fair price” for the oil company citing a similar case in Bolivia this week.
Friday, May 4th 2012 - 06:01 UTC
Euphoric Argentine lawmakers celebrate final approval of YPF seizure

After a two-day session, Argentina’s Lower House voted late Thursday night 207-32 in favour of expropriating energy corporation YPF, clearing the way for President Cristina Fernandez to sign the controversial bill into law.
Thursday, May 3rd 2012 - 07:39 UTC
US and EU concerned with “investment climate” following Bolivia’s seizure of Spanish power company

Bolivian President Evo Morales Government’s decision to nationalize the main power transport company that was in hands of Red Eléctrica Española (REE) generated claims from Spain, while United States and the European Union showed their “concern.”