EXCLUSIVE-Spain’s incoming govt may seek outside aid -sources

Spain’s People’s Party (PP), due to form a new government by mid-December, is considering applying for international aid as one option for shoring up its finances, sources close to the party say. The PP inherits an economy on the verge of recession, a tough 2012 public deficit target, financing costs driven to near unsustainable levels by nervous debt markets and a battered bank sector with billions of euros of troubled assets on its books. But Continue reading EXCLUSIVE-Spain’s incoming govt may seek outside aid -sources

Ex-mayor of Valverde spent thousands of public money in a brothel

The ex-mayor of Valverde (Huelva) has been denounced by the current administration for spending 3,685€ of public money in a local brothel. Miguel Ángel, who after losing his seat at the municipal elections was given the cushy job of regional Public Works & Housing director denies spending up to 765€ a night in “Los Daneses” brothel. However, since he used his official credit card, and the current lot have the receipts….

Pepe Blanco quits politics – needs time to concentrate on his defense

The Minister of Public Works, and Vice-Sec of the PSOE party, José Blanco, quit politics this morning amidst an ever rising corruption scandal. A builder who is being investigated for a number of, ah-hem, irregularities, turned King’s Evidence and handed over a large number of documents implicating Pepe in receiving kickbacks in exchange for the awarding of large government contracts to the Judge. It also turned out that the cops had their eye on him, Continue reading Pepe Blanco quits politics – needs time to concentrate on his defense

AFP: Families evicted as Spain debt pain hits home

Grim-faced and flanked by riot cops, two bailiffs arrive on Consuelo Lozano’s doorstep in Madrid to evict the latest victim of Spain’s burst property bubble. Police shove away a crowd of her friends and neighbours, dragging off several by the arms and legs. “Sons of bitches! Bastards!” yells the 60-strong crowd, pinned back by a line of riot shields. “Shame! Injustice! Banks are robbers!” A 40-year-old unemployed cleaning lady, Consuelo is the last of her Continue reading AFP: Families evicted as Spain debt pain hits home

More bank bail-outs loom for new Spanish government

A crippling squeeze on funding for Spain’s banks has pushed them to the brink and the new centre-right government has nowhere to turn to finance more expensive bail-outs or the creation of a bad bank. The Bank of Spain took over small bank Banco de Valencia on Monday, the day after an election in which the People’s Party (PP) swept to power, to inject 1 billion euros ($1.4 billion) of capital after the lender ran Continue reading More bank bail-outs loom for new Spanish government

Spain’s next PM seeks financial info before acting

Spain’s leader-in-waiting will resist international pressure to reveal detailed economic plans while he searches for financial skeletons in the closet and courts the opposition, party officials and analysts said on Wednesday. Mariano Rajoy, known as a cautious public administrator, won Sunday’s election by a landslide as voters threw out a seven-year-old Socialist government blamed for sky-high unemployment and economic malaise. The Centre-right People’s Party (PP) leader campaigned on promises to restore confidence on financial markets Continue reading Spain’s next PM seeks financial info before acting

Spain’s King left with black eye after walking into a door – Telegraph

King Juan Carlos of Spain appeared in public sporting a black eye after “walking into a door” at his royal residence. The 73-year-old monarch was pictured with the shiner on his left eye and a small sticking plaster on the bridge of his nose at a reception for new ambassadors to Spain on Tuesday. Royal aides said the King had received the injuries earlier in the day but they were not serious enough to alter Continue reading Spain’s King left with black eye after walking into a door – Telegraph

Spain in race against time to avert bail-out – Telegraph

Markets have dashed any lingering hopes of an investor honeymoon for Spain’s incoming leader Mariano Rajoy, sending the IBEX index in Madrid crashing through the 8,000 level and pushing borrowing costs to toxic levels. Yields on three-month Spanish notes jumped to 5.11pc at a sale on Tuesday, higher than rates paid by Greece last week. Mr Rajoy’s team is scrambling to find ways to shorten the paralysing hiatus until mid-December when the new government is Continue reading Spain in race against time to avert bail-out – Telegraph

Spain’s Catalonia Considers Cutting Public Wages, Tax Increases- Bloomberg

Catalonia, the wealthiest of Spain’s 17 semi-autonomous regions with an economy the size of Portugal’s, may cut public wages and raise taxes and tariffs in 2012 as it tries to meet the nation’s budget deficit target. Catalan President Artur Mas announced possible cost-cutting measures today before the presentation of the region’s 2012 budget in the coming weeks, according to a spokeswoman for the finance department, who declined to be named in line with the region’s Continue reading Spain’s Catalonia Considers Cutting Public Wages, Tax Increases- Bloomberg

Greece, Spain Face New Debt Pressures | Europe | English

Greece and Spain faced new pressure Tuesday from the European debt crisis. The European Union bluntly told the Athens government it would not receive its next $11 billion installment from last year’s bailout unless its fractious political leaders sign a written statement committing to new austerity measures to cut the country’s debt. Greece needs the money to avoid a default next month, but conservative leader Antonis Samaras says his verbal consent to the unpopular austerity Continue reading Greece, Spain Face New Debt Pressures | Europe | English