Sterling fell for the fifth straight day on Tuesday to hit a 11-month low against the euro, affected by the slightly negative outlook for the UK economy. Public sector borrowing data which is due to be released today, and show a weak set of figures, could add to an already gloomy pict
Spain’s Prime Minister Mariano Rajoy has said he will not accept outside conditions over a possible bailout. Mr Rajoy made the pledge in his first television interview since taking office. But he said no decision to request a bailout had been taken. Last week, the president of t
A superb BBC article about the secrets of German success. Basically boils down to an artificially weak exchange rate and very low levels of personal debt! http://www.bbc.co.uk/news/business-18868704
http://www.bbc.co.uk/news/magazine-18855961 The stories behind some of Spains’ largest infrastructure projects are unbelievable and are in no small part the cause of the huge levels of indebtedness which some of the regions now find themselves in. Follow the link and prepare to
German business confidence fell in July to its lowest level in 28 months, according to a closely watched survey. The Ifo think tank’s index stood at 103.3, down from 105.2 in June, citing a “significant deterioration” in the manufacturing business climate. It was the
Spain’s financial woes have deepened despite eurozone finance ministers approving a deal to lend up to 100bn euros (£78bn) to bolster its banks. The heavily-indebted Valencia region requested an undisclosed loan from a new rescue fund set up last Friday. Valencia famously spent
Spain’s banks had 155.84bn euros ($191bn; £122bn) of loans on their books in May that are at risk of not being repaid, the highest since 1994. The figure for “doubtful” loans is 8.95% of total lending extended by Spanish banks, the Bank of Spain said. Much of the po
Eurozone finance ministers have agreed to lend Spain 30bn euros (£24bn; $37bn) this month to help its troubled banks. It will be the first instalment of a bailout of up to 100bn euros, which was agreed in June. The ministers will need to get approval from their own parliaments and
The flaws in the inception of the Euro are now clear for all to see – the complete lack of fiscal integration and the fudging of financial rules which allowed ill-prepared countries to join and subsequently borrow at artificially low rates. This in turn led to a huge spike in bo
€100bn loan for the Spanish banks. It’s not yet clear whether the Spanish government will lend to the banks or seek equity stakes thereby effectively nationalising. I will watch developments on Monday! http://www.bbc.co.uk/news/world-europe-18384291
