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
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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