The Banco de España has warned that 15,000 large companies, and a further 50,000 small companies, look likely to run out of cash by the middle of the year, forcing them to declare bankruptcy, after looking at the amounts of cash on loan from the banks for this year. The simple problem is that Spanish banks aren’t prepared to keep loaning out the money that the Spanish economy needs to keep ticking over. No extension Continue reading 65,000 companies could close by mid year, warns Bank of Spain
Hurrah! The Spanish economy grew 0,1% in the last quarter according to todays economic data. Meaning the recession has ended, and the champers can come out. Hang on….. Turns out the growth in the economy is because Spain is now one of the cheapest nations in the EU for labour costs, and all the growth is in things being built and shipped abroad for better performing nations. Internal growth is still flat-lining, consumer confidence continues Continue reading Hey, the recession is over!
Despite the EU demanding that Spain increases the level of IVA (VAT for the Brits!), President Rajoy has firmly refused to comtemplate the increase. However, the Minister for the Economy, De Guindos, has refused to rule out a possible increase in 2013. Spain is currently about 0,5% off the budget reduction target demanded by the EU, and the Eurozone had suggested that increasing IVA would be the quickest way to make up the shortfall. But Continue reading IVA won’t go up, promises government, despite EU demands
The Junta de Andalucia has announced a scheme to get SL companies up and running within 24 hours -as opposed to the normal 35-40 working days it currently takes. The scheme consists of, believe it or not, some 500 preset up companies, complete with CIF and social capital of 3006€. In theory, all you have to do is ask the Junta for one, roll up to the notary with your 3006€ and sign a Subsanacion Continue reading Junta to start scheme to start SL companies in 24 hours