Day: June 7, 2012

Spain credit downgraded again ahead of 100 billion bailout

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Fitch has downgraded Spain’s credit rating again, ahead of a suggested 100 billion euro bailout by the EU of its banks. Fitch put Spain’s creditworthiness at BBB, two notches above junk in its ranking scheme. It also estimated the country’s banks would need at least 60bn euros (£49bn, $75bn), or as much as 100bn euros, a figure also mentioned by the head of Spain’s PP MEP group, who today said his figure was 100 billion Continue reading Spain credit downgraded again ahead of 100 billion bailout→

Mass firing of politicians announced in Balearic Islands

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“It’s what the people want” declared the President of the Balearic Islands federal region, José Ramón Bauzá, who announced today that his government (PP) is planning a “mass cull” of politicians in the islands. OK, he used the word mass redundancy, “ERE”, but given the connotations of the word ERE at the moment here in Andalucia….. Although specific details were lacking during the press conference, José said his government was in the advanced stages of Continue reading Mass firing of politicians announced in Balearic Islands→

Can we please have 100,000,000,000€ please Europe

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Antonio López-Istúriz, the sec gen of the European PP party party (the MEP lot) has said that he reckons Spain’s banks need at least 100 billion euros. He was quick to add that this is not a “bail out” but simply a “loan”. He told TVE that since the European bank fund has some 240 billion euros, 100 billion shouldn’t be too much of a shock, which is one way of looking at things. The Continue reading Can we please have 100,000,000,000€ please Europe→

Spain will pay for your first bankruptcy

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Soraya Sáenz de Santamaría, our delightful VicePresident, has announced that a new Law for small businesses will include a state fund to pay off your first bankruptcy. The plan, if I understand it correctly, is to take away some of the risk of setting up your first business. In certain cases, if it all goes belly up, the state will step in and wipe your slate clean, allowing you to continue with your life with Continue reading Spain will pay for your first bankruptcy→