Tag: Spain

• Friday, October 28th 2011 - 16:19 UTC

  Record unemployment in Spain hits 21.5% with five million out of a job

  

  Spain's unemployment hit a 15-year high in the third quarter with little hope new jobs will be created any time soon by a battered economy that remains at the forefront of investor concerns about Europe's debt commitments.

• Thursday, October 27th 2011 - 23:34 UTC

  Euro zone largest bank profits down as bad loans in Spain keep growing

  

  The Euro zone's biggest bank Santander said it expected bad loans in Spain to keep on growing as Spaniards, blighted by unemployment and heavy mortgage debt, fall into arrears on payments.

• Thursday, October 20th 2011 - 21:25 UTC

  Basque ETA group calls a “definitive cessation” of hostilities, reports BBC

  

  The Basque separatist group ETA says it has called a “definitive cessation” to its campaign of bombings and shootings. In a statement provided to the BBC, Eta called on the Spanish and French governments to respond with “a process of direct dialogue”.

• Wednesday, October 19th 2011 - 06:55 UTC

  Spain’s leading banker says “obligatory” recapitalization could further weaken banking system

  

  Spain’s Banco Santander SA Chairman Emilio Botin warned of the risks of an “obligatory, indiscriminate” recapitalization of European banks without a final resolution of the sovereign debt crisis.

• Wednesday, October 19th 2011 - 06:22 UTC

  “Vulnerable to funding stress” Moody’s downgrades Spain’s sovereign rating

  

  Moody's Investors Service cut Spain's sovereign ratings by two notches, saying high levels of debt in the banking and corporate sectors leave the country vulnerable to funding stress.

• Monday, October 17th 2011 - 21:46 UTC

  Spanish corporation will construct 70ml bio-ethanol plant in Uruguay

  

  Spain’s Abengoa has announced that it will construct a bio-ethanol plant in the department of Paysandu, Uruguay, for Alcoholes de Uruguay, or ALUR. The contract, which includes the construction of an adjoining power cogeneration plant, is worth 120 million dollars.

• Friday, October 14th 2011 - 02:58 UTC

  S&P downgrades Spain’s credit rating on incomplete labour market reforms

  

  Ratings agency Standard and Poor's downgraded the long-term credit rating of Spain by one notch, knocking the Euro down by a third of US cent as it followed hard on the heels of a similar downgrade by Fitch last week.

• Saturday, October 8th 2011 - 08:20 UTC

  Chronicle of a foretold cut: Fitch downgrades Italy and Spain’s credit rating

  

  Fitch cut on Friday Italy's sovereign credit rating by one notch and Spain's by two, citing a worsening of the Euro zone debt crisis and a risk of fiscal slippage in both countries. Fitch cut Italy's rating to A+ from AA- and lowered Spain to AA- from AA+.

• Wednesday, October 5th 2011 - 21:39 UTC

  Operation Fire Wall: IMF will also chip in funds to protect Spain and Italy

  

  The International Monetary Fund could buy Spanish or Italian bonds alongside the Euro zone bailout fund if needed, to help boost investor confidence in those countries, the IMF Europe head Antonio Borges said on Wednesday.

• Wednesday, October 5th 2011 - 08:26 UTC

  Anaemic Spain: no end in sight for soaring unemployment

  

  The number of people filing for unemployment benefits in Spain shot up by nearly 100,000 in September, a surprisingly big increase even in a month that tends to be bad for workers as vacation season contracts expires.