Hey, the recession is over!

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!

Yup, it’s a recession all right

Spain is officially in a recession after the latest economic data shows that the economy contracted 0.4% last quarter, the second quarter in a row. Which is the official definition of a recession. And the government is expecting a further contraction of 0.5% for this quarter. All this, ontop of the unemployment – now 24% of the active population – after another 290,000 people lost their jobs in the first three months of the year. Continue reading Yup, it’s a recession all right

AFP: Spain’s economy ‘to worsen in first quarter’

Spain warned Thursday its jobs-starved economy will shrink at an even faster rate in the first quarter of 2012, plunging the country back into recession. Economy Minister Luis de Guindos gave the grim forecast, piling on the agony after the economy shrank 0.3 percent in the final quarter of 2011 with a soaring unemployment rate of nearly 23 percent. “The first quarter will be tough, very tough, this quarter could probably be the worst, worse Continue reading AFP: Spain’s economy ‘to worsen in first quarter’

Spain “is in a new recession” admits new government

The new Minister for the Economy, Luis de Guindos, has said today that Spain is currently in a recession, and is likely to continue with negative growth at least until the middle of 2012. The shocking admission from the new government comes as it prepares the nation for a massive, sweeping round of cuts this Friday 30th. Rajoy has said he will cut some 16,5 billion euros from the budget for next year, freeze salaries Continue reading Spain “is in a new recession” admits new government

INEM offices to open during the afternoons

In order to keep giving the excellent service the Spanish expect of their Public Administration, ZP has announced that unemployment offices across the nation (well, almost all of them) will be open extra hours (no siesta, open till late). The plan has been approved in principle by the unions. Extra hours will be covered by making the staff work overtime and no extra staff will be hired. The project wil cost €4,5 million and last Continue reading INEM offices to open during the afternoons

Ponzi schemes and the last 10 years

I’ve been fascinated by the collapse of Bernard L. Madoff and his Ponzi “investment” scheme. It was a wonderful, runaway tale, and the way he pulled the wool over everybodies eyes was amazing. Sadly, he didn’t learn from the master of all Ponzi schemes, and failed to manage to convince everybody that the collapse, burn and total destruction of his scheme was somebody elses fault. After all, he’s the one under bail and investigation, whereas Continue reading Ponzi schemes and the last 10 years