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Spain in the banking crisis

Spain is to receive billions from the euro bailout fund to get its ailing banks back on their feet, although it won't have to fulfil comprehensive austerity requirements. How long can Europe afford these major rescue operations?

Der Standard - Austria | Tuesday, 17. December 2013

Spain's bank rescue still precarious

With just over a month to go before its bailout programme expires, Spain has overcome the main problems regarding the overhaul of its ailing banks, the troika composed of the EU Commission, ECB and the IMF concludes in its recent report published on Monday. Caution is nonetheless called for, the left-liberal daily Der Standard warns: » more

El País - Spain | Tuesday, 19. November 2013

Equal rights for all on bank stress tests

The planned stress test for Europe's banks is to be more stringent than the previous ones, European Banking Authority chief Andrea Enria announced on Monday. However the selection of the institutes that are to be subjected to the test is unfair and risky, the left-liberal daily El País complains: » more

Cinco Días - Spain | Friday, 15. November 2013

Model bailout for Spain's banks

Not even the most optimistic observers thought one and a half years ago that the Spanish bank bailout would be so successful, the left-liberal business paper Cinco Días writes in delight: » more

WOZ - Die Wochenzeitung - Switzerland | Thursday, 7. February 2013

Spaniards have had enough of corruption

Spain's Prime Minister Mariano Rajoy is under suspicion of corruption, adding one more to the list of over 300 Spanish politicians currently under investigation for corruption and abuse of office. Such crimes have been dealt with too leniently in the past, and in these times of harsh austerity measures the patience of the Spanish people is quite rightly at an end, the left-leaning weekly paper WOZ writes: » more

Expansión - Spain | Friday, 25. January 2013

Lower salaries only way to keep jobs in Spain

Spain's statistics institute presented new record unemployment figures for 2012 on Thursday, showing that almost six million people are without work in the country. Further government reforms and renunciation of pay by employees are the only way out of the crisis, the conservative business paper Expansión argues: » more

El País - Spain | Wednesday, 23. January 2013

Criticising Dijsselbloem won't help Spain

In a move aimed at highlighting Spain's lack of representation at EU institutions, the Spanish Minister for Economic Affairs, Luis de Guindos, abstained from voting for Jeroen Dijsselbloem to be appointed as the new leader of the Euro Group on Monday. But this isolated act of protest won't achieve anything, the left-liberal daily El País fears: » more

La Vanguardia - Spain | Monday, 21. January 2013

Trade unions put Spanish jobs at risk

Japanese carmaker Nissan announced on Friday that it will not produce its new model in Barcelona, as planned, because the trade unions there have rejected tougher working conditions. The unions must soften their stance for the sake of saving jobs, the liberal-conservative daily La Vanguardia urges: » more

Cinco Días - Spain | Wednesday, 9. January 2013

Ruling out bailout could be costly

Spain government plans to get through 2013 without becoming dependent on the European bailout fund, the Ministry of Finance announced on Tuesday. The improved financial situation in the country is above all thanks to the help of the ECB, the left-liberal business paper Cinco Días points out: » more

Cinco Días - Spain | Friday, 28. December 2012

Spaniards impoverished and losing civil rights

For the Spaniards the economic crisis has worsened in 2012. The conservative People's Party, which has been in power for just over a year, is increasing the potential for conflict in society, the left-liberal business paper Cinco Días warns: » more

Cinco Días - Spain | Tuesday, 4. December 2012

Spain must track down tax dodgers

The Spanish government's deadline for tax evaders to voluntarily declare any illicit funds they have in foreign accounts ran out at the end of November. The measure enabled Spain to retrieve 12 billion euros, as the government explained on Monday. Now the state must take tough action against those who failed to come clean about evading tax, the left-liberal business paper Cinco Días demands: » more

Gazeta Wyborcza - Poland | Tuesday, 4. December 2012

EU loans for Spain's banks no tragedy

Spain applied for 39.5 billion euros from the ESM bailout mechanism on Monday, to get its stricken banks back on their feet. Przemysław Kwiecień, chief economist of the Polish investment company XTB, takes a relaxed view of the move in the liberal daily Gazeta Wyborcza: » more

El Mundo - Spain | Thursday, 29. November 2012

Spain's economy benefits from bank bailout

The EU Commission on Wednesday approved restructuring plans for four Spanish banks, paving the way for the release of the funding from the ESM bailout mechanism promised last July. This is good news for the Spanish economy, the conservative daily El Mundo writes: » more

Expansión - Spain | Tuesday, 20. November 2012

Spain should lure rich immigrants

Spain's Economics Ministry on Monday presented a plan that gives non-EU citizens the right to residency in Spain if they buy real estate worth more than 160,000 euros. The conservative business paper Expansión approves of the idea but notes that the plans are still half-baked: » more

Corriere della Sera - Italy | Monday, 19. November 2012

Spain can seek bailout unhesitatingly

Spain has so far avoided applying for an EU bailout because it fears the uncertainties of the austerity terms this involves. But there is now no reason to continue hesitating, the liberal-conservative daily Corriere della Sera points out: » more

La Razón - Spain | Friday, 16. November 2012

Spain's banks need legal security

The Spanish government passed a moratorium on Thursday providing two-year protection for needy families - low-income families or those with many children - against forced evictions pursuant to mortgage payment defaults. While it is necessary to support needy families the stability of the banks must not be jeopardised, the conservative daily La Razón warns: » more

El Mundo - Spain | Monday, 12. November 2012

Spanish police must put orders before morals

A 53-year-old woman in the Basque town of Barakaldo died on Friday when she threw herself out of the window of her apartment as she was being evicted. Banks in Spain are putting a growing number of people on the street because they can't pay their mortgages. The police trade union SUP has now promised officers who don't want to take part in evictions for reasons of conscience legal and moral support. This goes too far, the conservative daily El Mundo writes: » more

El Mundo - Spain | Tuesday, 6. November 2012

Record unemployment imperils Spain's recovery

In Spain, the number of unemployed has reached a record 4.8 million, the Spanish Ministry of Employment announced on Monday. This quashes any hope of the country reaching its public deficit target, the conservative daily El Mundo points out: » more

El País - Spain | Thursday, 25. October 2012

No crisis-induced racism in Spain

Despite its high unemployment rate and many immigrants there is no sign of growing xenophobia in Spain, political scientist José Ignacio Torreblanca writes on his blog in the left-liberal daily El País: » more

La Razón - Spain | Monday, 22. October 2012

Galicians support Spanish government

In regional elections held on Sunday in Galicia the ruling People's Party was able to consolidate its absolute majority. This is a sign of support for the reform and austerity policy of Mariano Rajoy's ruling PP in Madrid, the conservative daily La Razón concludes: » more

Financial Times Deutschland - Germany | Tuesday, 16. October 2012

Europe's problems too much for small states

The desire for independence cannot provide an answer to the current crisis in Europe, the liberal business paper Financial Times Deutschland contends: » more

Il Sole 24 Ore - Italy | Friday, 12. October 2012

Germany delaying Spain's rescue

The financial markets barely reacted on Thursday to rating agency Standard & Poor's downgrading of Spain's credit status to BBB-, just one notch above junk status. While the markets are working on the assumption that Spain will receive assistance from the EU bailout fund, Berlin is delaying the step because of the national elections in Germany, the liberal-conservative business paper Il Sole 24 Ore complains: » more - Spain | Thursday, 4. October 2012

Police brutality still unexplained in Madrid

The Spanish Ministry of the Interior announced on Wednesday that it will launch an inquiry into the conduct of several police officers during a demonstration held before the parliamentary buildings on September 25. Video footage on the Internet shows that there were violent clashes between police officers and other citizens at the Atocha train station some distance from the demonstration. In the online newspaper Blogger Ignacio Escolar voices doubts that the investigation will be thorough: » more

Cinco Días - Spain | Tuesday, 2. October 2012

Disputes among regions too much for Spain

Spanish Prime Minister Mariano Rajoy will attend a meeting with the presidents of Spain's autonomous regions today, Tuesday. Vigorous disputes are pre-programmed, the left-liberal business paper Cinco Días predicts, adding that this is the last thing Spain needs now: » more

El Mundo - Spain | Friday, 28. September 2012

Spanish draft budget unrealistic

The Spanish government presented its draft budget for 2013 on Thursday. But according to the conservative daily El Mundo the government based the budget on too many optimistic assumptions: » more

El Mundo - Spain | Tuesday, 25. September 2012

Spaniards can't afford to go on holiday

While Spain is an increasingly popular destination for foreign tourists, considerably fewer Spaniards than in previous years went on holiday in their own country this summer. This proves that Spain needs more than austerity measures to overcome the crisis, the conservative daily El Mundo concludes: » more

ABC - Spain | Monday, 17. September 2012

Finns give Spanish a lesson in thrift

The Finnish Prime Minister Jyrki Katainen flew to Madrid last Tuesday in the tourist class of a regular scheduled flight. The conservative daily ABC sees this as an example for Spanish politicians to follow: » more

El Mundo - Spain | Tuesday, 11. September 2012

Rajoy talks but doesn't say anything

Spanish Prime Minister Mariano Rajoy on Monday gave his first televised interview since taking office. The conservative daily El Mundo describes his vague answers as an evasive tactic: » more

Blog Gavin Hewitt's Europe - United Kingdom | Sunday, 9. September 2012

ECB buys Spain valuable time

The ECB's decision to purchase government bonds of ailing euro states gives Spain some much needed extra time, Europe editor Gavin Hewitt writes on his blog for the BBC: » more

El Mundo - Spain | Thursday, 6. September 2012

Merkel should not abuse her power in Madrid

German Chancellor Angela Merkel will meet her Spanish counterpart Marian Rajoy for talks in Madrid today. She shouldn't abuse her vast power, the conservative daily El Mundo advises: » more

ABC - Spain | Wednesday, 5. September 2012

A decisive day or just empty phrases?

The ECB is due to state its position on the purchase of government bonds on Thursday while on the same day German Chancellor Angela Merkel travels to Madrid. This will be a crucial day for Europe's future, the conservative daily ABC notes, but doubts that any truly important decisions will be made: » more

Cinco Días - Spain | Friday, 17. August 2012

Investors believe in Spanish bailout in near future

The Spanish share index, the Ibex, rose to 7.417 points on Thursday while the yields on Spanish bonds dropped considerably. The markets are clearly acting on the assumption that Spain will soon seek a bailout, the business paper Cinco Días concludes: » more

ABC - Spain | Friday, 10. August 2012

Five years of crisis sully politicians' image

Five years after the outbreak of the international financial crisis the politicians still haven't got the situation under control, the conservative daily ABC writes, recalling August 9, 2007, the day the crisis began with the announcement that the French bank BNP Paribas was in trouble: » more

El Mundo - Spain | Thursday, 9. August 2012

Protest stealing dangerous for Spain

The left-wing member of the Andalusian parliament Juan Manuel Sánchez Gordillo along with roughly 400 members of the Andalusian trade union SAT organised a protest shop-lifting operation at two supermarkets in southern Spain. The stolen staple foods were to be donated to an NGO in Seville that supplies poor people with food. The conservative daily El Mundo sees such protests as useless and dangerous: » more

Expansión - Spain | Monday, 6. August 2012

Systemic error in Spain's federalism

After the insolvency of several Spanish autonomous communities a debate has broken out about reforming the country's federalism. The varying level of autonomy among the regions is a serious birth defect of the present system that will be difficult to remedy, Francism Cabrillo of the think tank Civismo writes in the conservative business paper Expansión: » more

Ependytis - Greece | Sunday, 5. August 2012

Europe takes a break from the crisis

The business paper Ependytis is surprised to see how passively the leaders of the Eurozone are behaving this month even though the future of the Monetary Union is at stake: » more

De Tijd - Belgium | Friday, 3. August 2012

Drahi makes a major blunder

With his catastrophic communication policy Draghi has gambled away the ECB's credibility, the liberal daily De Tijd criticises: » more

Corriere della Sera - Italy | Friday, 3. August 2012

Euro bailout is the task of politics

ECB chief Draghi does well to make countries take their fate into their own hands, writes the liberal-conservative daily Corriere della Sera: » more

El País - Spain | Friday, 3. August 2012

ECB forcing Spain to seek bailout

The ECB has indicated that it is willing to buy massive amounts of government bonds of crisis countries - but only once they have officially applied for help. This decision will have major repercussions for Spanish society, the left-liberal daily El País fears: » more

La Vanguardia - Spain | Thursday, 2. August 2012

Draghi must keep his word

ECB chief Mario Draghi must live up to the high expectations he fuelled last week at the meeting of the governing council today, warns the liberal daily La Vanguardia: » more

La Repubblica - Italy | Wednesday, 1. August 2012

Paul Krugman hopes Germans will see the light

The European Central Bank is expected to take an important step in saving the euro on Thursday. Economic Nobel Prize laureate Paul Krugman voices his support in the left-liberal daily La Repubblica for ECB President Mario Draghi and his proposal to purchase government bonds: » more

Cinco Días - Spain | Wednesday, 1. August 2012

Spain's regions must economise too

The finance ministers of several Spanish regions spoke out against Madrid's stringent austerity programme at a meeting with the Spanish central government on Tuesday. But the pressure of the financial markets will only ease once transparency and order has been restored to the finances of the banks and regions: » more

Main focus of Friday, 27. July 2012

Draghi gives hope to crisis states

The head of the ECB Mario Draghi has signalised that the Central Bank will take stronger action in the debt crisis and provide further support ... » more

Naftemporiki - Greece | Friday, 27. July 2012

Hopes that Draghi will keep his word

Following Mario Draghi's statement the ECB would do whatever it takes to resolve the euro crisis and his vague hints regarding the bank's purchase of government bonds the conservative daily Naftemporiki hopes that he will keep his promise: » more

La Repubblica - Italy | Friday, 27. July 2012

Silent consent from Angela Merkel

An independent intervention by the ECB would allow for a solution to the euro crisis that goes against Angela Merkel without her losing face, the ... » more

El País - Spain | Friday, 27. July 2012

The magic words of ECB boss Draghi

After Mario Draghi pledged that the ECB would do whatever it takes to resolve the euro crisis the Spanish share index rose by six percent on Thursday. The left-liberal daily El País asks why the eagerly awaited announcement was so long in coming: » more

i - Portugal | Thursday, 26. July 2012

Madrid's leeway shrinking

According to reports in the press the Eurozone countries are considering using the EFSF bailout fund to buy Spanish bonds from private banks in a bid to lower persistently high interest rates. But irrespective of the increasingly critical situation on the credit market the Spanish government is still insisting it will not seek a total bailout. But Madrid's room for manoeuvre is shrinking, the daily Jornal I warns: » more - Spain | Wednesday, 25. July 2012

Few options left for Spain

Despite the efforts of the Spanish government the ECB so far has not intervened to lower the rising yields on Spanish bonds. An economist using the pseudonym S. Horse warns in the Zona Crítica blog published by new online newspaper of the dangers of applying for a bailout prematurely: » more

Financial Times - United Kingdom | Tuesday, 24. July 2012

Martin Feldstein sees solution to crisis in euro devaluation

With an eye on the crisis-ridden economies of Spain and Greece, Martin Feldstein, professor of economics at Harvard University, explains in a guest column for the liberal daily Financial Times that the solution could lie in devaluing the single currency: » more

Main focus of Tuesday, 24. July 2012

Euro crisis panics markets

Speculation over Greece's euro exit and Spain's precarious situation have caused turbulence in Europe's financial markets. The euro fell on Monday to its lowest level ... » more

Diário de Notícias - Portugal | Tuesday, 24. July 2012

Terrifying austerity package won't help Spain

In view of the recent turbulence on Europe's stock markets the daily newspaper Diário de Notícias criticises Berlin's obstructive behaviour: » more

El Mundo - Spain | Tuesday, 24. July 2012

Germany must allow ECB to help

There is no reason why Spain should still be under such pressure from the financial markets after its government implemented the recent austerity package, according to the conservative daily El Mundo, which calls for the ECB to step in: » more

Il Sole 24 Ore - Italy | Tuesday, 24. July 2012

Without the ECB the euro will die

If the European Central Bank (ECB) doesn't intervene now to halt the escalating European debt crisis the monetary union is doomed, warns Roberto Napoletano in the liberal-conservative business paper II Sole 24 Ore: » more

Gazeta Wyborcza - Poland | Tuesday, 24. July 2012

Spain will need further bailouts

The record yields on Spanish bonds prompt the chief economist of Poland's Invest Bank, Wiktor Wojciechowski, to paint a gloomy picture of the global economy: » more

Corriere del Ticino - Switzerland | Friday, 20. July 2012

Billions in aid won't solve Spain's problems

After the German parliament's approval on Thursday, the path is free for the Spanish bank bailout operation to go ahead. But this is just a drop in the ocean, writes the liberal daily Corriere del Ticino, because the high interest rates on government bonds could quickly be the doom of both Spain and the second struggling country Italy: » more

El Mundo - Spain | Friday, 20. July 2012

Rajoy government has no alternative

The anger of the Spanish population at the austerity measures passed by the Spanish Congress on Thursday is understandable, but the government must not bow under the pressure, writes the conservative daily El Mundo: » more

Süddeutsche Zeitung - Germany | Friday, 20. July 2012

Spanish face long ordeal

The German parliament approved by a large majority the EU bailout package for Spain's banks on Thursday. The country will nonetheless remain Europe's problem child for some time to come, the left-liberal daily Süddeutsche Zeitung writes: » more

Marianne - France | Friday, 20. July 2012

Only good ideas can prevent escalation

In Madrid alone at least 100,000 people demonstrated on Thursday against the Spanish government's austerity policies, and there were clashes between police and protesters. The threat of growing violence can only be avoided by a true coalition between the people and its government, the liberal internet portal Marianne2 urges: » more

ABC - Spain | Thursday, 19. July 2012

Opposition should not turn Spain into Greece

The Spanish Congress votes today on the austerity measures put forward by the government last week. The conservative daily ABC warns the opposition not to incite the country to further protests against the government in the midst of the parliamentary debate: » more

Aamulehti - Finland | Wednesday, 18. July 2012

Helsinki dons Spanish fig leaf

Finland and Spain have agreed that Madrid will provide collateral to Finland in exchange for its participation in the planned EU bailout. With the understanding Helsinki's requirements have been met, so that nothing stands in the way of the bank bailout that the EU finance ministers want to finalise in a conference call on Friday. However Spain's guarantees are mainly relevant for Finnish domestic policy, writes the liberal daily Aamulehti: » more

Cinco Días - Spain | Wednesday, 18. July 2012

Foreign investors don't trust Spain

At an auction of Spanish bonds on Tuesday, conditions for state borrowing improved compared with the previous month. However fewer and fewer foreign investors are buying the country's debt, which is instead being purchased by Spanish banks, the business paper Cinco Días warns: » more

El País - Spain | Tuesday, 17. July 2012

Spain's economic recovery not until after 2013

According to the most recent estimates of the IMF, Spain's economy will also contract in the coming year. The left-liberal daily El País says the government's poor communication policy is to blame: » more

ABC - Spain | Monday, 16. July 2012

New shop opening hours good for everyone

As of Sunday mandatory shop opening hours no longer apply in the Madrid region, meaning that stores can now stay open as long as they like. The conservative daily ABC is confident that this will create new jobs: » more

Main focus of Friday, 13. July 2012

Spain tightens austerity course

After the Euro Group's agreement to bail out Spanish banks, Prime Minister Mariano Rajoy has announced further drastic austerity measures and plans, among other things, ... » more

Polityka Online - Poland | Friday, 13. July 2012

Higher airport taxes counterproductive

As part of its efforts to balance its shaky budget Spain raised its airport taxes on July 1. The left-liberal news portal Polityka Online sees this as counter-productive in a country whose economy is heavily dependent on tourism: » more

Handelsblatt - Germany | Friday, 13. July 2012

Hopefully Spain can hold out until Christmas

Whether Spain's reforms will make a positive impact won't be clear until the end of the year, the liberal business paper Handelsblatt concludes, but it's not sure the country won't go bankrupt before then: » more

De Standaard - Belgium | Friday, 13. July 2012

Austerity programme pushing Spain into the abyss

The draconian austerity programme announced by Prime Minister Mariano Rajoy will plunge Spain into the abyss, writes the liberal daily De Standaard: » more

Cinco Días - Spain | Friday, 13. July 2012

Suffering will be worthwhile in the end

The Spanish government's austerity measures may delay economic recovery initially, but in the end they will encourage more sustained growth, the left-liberal business paper Cinco Días hopes: » more

Cinco Días - Spain | Wednesday, 11. July 2012

The apparently successful Spain experiment

The agreement on the bank bailout in Spain could serve as a model for bank supervision throughout the Eurozone, the business paper Cinco Días writes: » more

El País - Spain | Tuesday, 10. July 2012

Tax hikes a necessary evil in Spain

The Spanish government announced a rise in VAT for the coming weeks on Monday. For the left-liberal daily El País this is a necessary evil: » more

Cinco Días - Spain | Monday, 9. July 2012

Euro Group struggling to save Spain's banks

After Spain recently officially requested assistance for its banks, the finance ministers of the Euro Group must fight to ensure that the bank rescue operation is at all successful at their meeting this Monday, writes the business daily Cinco Días: » more

Blog Ignacio Escolar - Spain | Wednesday, 27. June 2012

Rajoy not being frank with his people

Spain's Prime Minister Mariano Rajoy announced further cuts on Tuesday. At the same time it became known that the government is working on plans to increase the VAT. Ignacio Escolar criticises in his blog that Rajoy is not addressing the Spanish citizens in his declarations: » more

ABC - Spain | Monday, 25. June 2012

Spanish bank bailout affects all Europe

Spain will officially apply for assistance from the European rescue fund this Monday. The conservative daily ABC points out that the future of the Eurozone depends on the precise terms of this multi-billion-euro loan: » more

Blog Mauro Guillén - Spain | Friday, 22. June 2012

Rescue only Spanish banks that can survive

Spain's ailing banks need up to 62 billion euros, according to reports presented by two independent consulting firms on Thursday. But more important is what happens to the money, economist Mauro Guillén explains in his blog for the online newspaper Huffington Post and calls for banks without a future not to be rescued: » more

El Mundo - Spain | Thursday, 21. June 2012

Rajoy ducks out of parliamentary debate

Spanish Prime Minister Mariano Rajoy announced on Wednesday that the debate on the state of the nation that usually takes place before the summer break will not be held this year. With this course of action he avoids explaining major decisions to his citizens, the conservative daily El Mundo criticises: » more

El Periódico de Catalunya - Spain | Wednesday, 13. June 2012

Spain increasingly resembles Greece

The opposition in Spain is demanding that Prime Minister Mariano Rajoy explain the reasons behind the bank bailout. A spokesman for the prime minister announced on Tuesday that Rajoy would present an account of the situation in parliament in July. The prime minister doesn't seem to have grasped the gravity of the situation, the left-liberal daily El Periódico de Catalunya criticises: » more

Neue Zürcher Zeitung - Switzerland | Thursday, 14. June 2012

Bank bailout intensifies Spain's crisis

US rating agency Moody's has lowered Spain's credit rating by three notches on Wednesday evening, leaving it barely above junk status. It also warned that a further downgrade may be imminent. The liberal-conservative Neue Zürcher Zeitung is not surprised at the move: » more

Diário Económico - Portugal | Tuesday, 12. June 2012

Some countries more equal than others in Europe

The decision to forego mandatory spending cuts in exchange for the bailout package for Spain's struggling banks shows that the same standards do not apply for all crisis countries, writes the business paper Diário Económico: » more

Politiken - Denmark | Tuesday, 12. June 2012

Clearly separate banks from state treasuries

In view of the new bailout plan for Spain's banks on the weekend, the left-liberal daily Politiken demands that a clear distinction be made between states and their banks: » more

Les Echos - France | Tuesday, 12. June 2012

Short-term policies costly for the EU

With the 100 billion euro bailout plan for Spain's banks Europe is once more launching an emergency rescue operation. But the plan fails to address the underlying causes of the financial crisis, the liberal weekly business paper Les Echos writes: » more

Helsingin Sanomat - Finland | Tuesday, 12. June 2012

Small states at a double disadvantage

The bailout package for Spain is aimed at preventing the financial crisis from spreading throughout the entire Eurozone. The IMF warned on Monday that Finnish banks may also be affected. The liberal daily Helsingin Sanomat complains that expanding the bailout operations entails higher risks for small countries: » more

De Volkskrant - Netherlands | Tuesday, 12. June 2012

Politicians must be honest about risks

The Dutch caretaker Prime Minister Mark Rutte has assured his country that the billions in aid for the Spanish banks will be repaid. That is dishonest, the left-liberal daily De Volkskrant counters: » more

Il Sole 24 Ore - Italy | Sunday, 10. June 2012

Europe needs political integration now

The bailout for the Spanish banking sector does not fulfill the precondition for saving the euro, writes the liberal-conservative business paper Il Sole 24 Ore, calling for immediate political integration: » more

Naftemporiki - Greece | Monday, 11. June 2012

Rescue package for Madrid is Athens' chance

The fact that Spain will receive an EU bailout without being forced to implement a tough austerity programme in exchange represents a great opportunity for Greece to renegotiate the terms of its own austerity, in the eyes of conservative business paper Naftemporiki: » more

Gazeta Wyborcza - Poland | Monday, 11. June 2012

Spain and EU buy themselves crucial time

The bailout for Spain may not be a cure-all but it's the best solution currently available for servicing the debts in the long term, writes the liberal daily Gazeta Wyborcza: » more

El Mundo - Spain | Monday, 11. June 2012

The markets have the final say

The Spanish Prime Minister Mariano Rajoy said on Sunday that he had negotiated "favourable conditions" for the rescue of Spain's banks. The conservative daily El Mundo says it's up to the markets to interpret these words: » more

The Economist - United Kingdom | Monday, 11. June 2012

Future of Spanish economy remains bleak

Although the Spanish government and its crisis-ridden banks were promised a bailout package of up to 100 billion euros on Saturday, the liberal business magazine The Economist doubts that the measure will suffice to rescue the country: » more

La Razón - Spain | Friday, 8. June 2012

Spain should cut its regions down to size

Esperanza Aguirre, the conservative president of the region of Madrid, proposed on Wednesday that the number of members in the Madrid regional parliament be halved to cut costs. The conservative and centralist daily La Razón applauds the idea: » more

Diário Económico - Portugal | Friday, 8. June 2012

Problem child Spain softening Germany's stance

Crisis-stricken Spain managed to raise 2.1 billion euros on the capital market on Thursday but had to pay more than six percent interest to attract investors. The fears over this problem child are prompting even stubborn German Chancellor Angela Merkel to relent, writes the business paper Diário Económico: » more

Neue Zürcher Zeitung - Switzerland | Thursday, 7. June 2012

ECB must control bank bailout

Europe could use the legislation for overcoming the banking crisis right away, writes the liberal-conservative daily Neue Zürcher Zeitung: » more

Público - Portugal | Wednesday, 6. June 2012

The nightmare is becoming reality

After the Spanish government admitted on Tuesday that it was having trouble raising money on the financial markets the daily Público is pessimistic about the future: » more

Die Presse - Austria | Wednesday, 6. June 2012

Bailout will pay off for Europe

Spain will have no choice but to seek help from the bailout fund, writes the liberal-conservative daily Die Presse. Unlike with Greece this rescue operation may actually be worthwhile for Europe, the newspaper surmises: » more

Süddeutsche Zeitung - Germany | Wednesday, 6. June 2012

Making sacrifices for euro bonds

In the discussion about solutions to the banking crisis in Spain the country's Prime Minister Mariano Rajoy for the first time spoke out in favour of introducing euro bonds on Tuesday in Madrid. But for this project to go ahead France and Germany would have to sacrifice their most precious treasures, the left-liberal daily Süddeutsche Zeitung explains: » more

Dagens Nyheter - Sweden | Tuesday, 5. June 2012

Huge hole in Spain's banking sector

Independent consultants are currently drawing up a report on the situation of the Spanish banking sector. Despite Spain's generally good crisis management the result of the report doesn't bode well for the country, the liberal daily Dagens Nyheter fears: » more

Neue Zürcher Zeitung - Switzerland | Tuesday, 5. June 2012

No money for banks without rules

Before Spain and Cyprus bail out their ailing banks themselves a direct recapitalisation of their banks though the euro bailout fund (ESM) could be a solution, the liberal-conservative daily Neue Zürcher Zeitung writes. But in that case clear rules would be needed: » more

Blog Delito de Opinião - Portugal | Monday, 4. June 2012

Euro rescue proceeds at snail's pace

Although with José María Beneyto a high-ranking politician of Spain's ruling People's Party (PP) has for the first time openly discussed the possibility of Spain availing of the EU's bailout mechanism, things are still proceeding at a snail's pace in Europe, writes Luís Menezes Leitão in his blog Delito de Opinião: » more

Cinco Días - Spain | Friday, 1. June 2012

Rajoy's policy bearing first fruits

Mario Draghi's call for a central bank supervisory authority shows that Spanish Prime Minister Mariano Rajoy's strategy may well be successful, the business paper Cinco Días writes jubilantly: » more

Blog Ignacio Escolar - Spain | Thursday, 31. May 2012

Spain facing threat of EU bailout

The yields on Spanish bonds on Wednesday rose to their highest level since the introduction of the euro. Many fear that the EU will now intervene. Ignacio Escolar explains in his blog why seeking help from the bailout fund should be the last resort: » more

El Mundo - Spain | Wednesday, 30. May 2012

Rajoy gets rid of central bank chief

The head of the Spanish central bank, Miguel Ángel Fernández Ordóñez, announced on Tuesday that he would be stepping down from his post on June 10, a full month before his official term of office ends. Prime Minister Mariano Rajoy of the conservative People's Party forced his resignation to ameliorate the impact of a report written by the central bank chief that shows the government in an unflattering light, the conservative daily El Mundo writes, adding further perspectives: » more

Cinco Días - Spain | Tuesday, 29. May 2012

Brussels must help Spanish banks

The Spanish Prime Minister Mariano Rajoy tried to dispel doubts about the stability of the Spanish banking sector in a speech on Monday. But there are growing indications that the beleaguered country will need the help of its European allies and the ECB, writes business paper Cinco Días: » more

El País - Spain | Tuesday, 22. May 2012

New stress test won't help Spain

The Spanish Finance Ministry has charged management consultants Roland Berger and Oliver Wyman with assessing the state of the country's banks in a kind of stress test. The tests are due for completion by mid June, the ministry announced on Monday. But this new analysis will hardly boost credibility, the left-liberal daily El País fears: » more

Diário Económico - Portugal | Tuesday, 15. May 2012

Domino effect threatens other crisis countries

Greece's exit from the Eurozone could drag Portugal, Ireland and Spain into the abyss, the liberal business paper Diário Económico fears: » more

La Vanguardia - Spain | Thursday, 10. May 2012

Panic spreading after Bankia nationalisation

The Spanish state is taking over control of the crisis-stricken major bank Bankia, the government announced on Wednesday. The liberal daily La Vanguardia fears that the Spanish will rush to withdraw their money from the bank: » more

ABC - Spain | Tuesday, 8. May 2012

State must help Spanish banks

The director of the ailing Spanish bank Bankia resigned under pressure from the government on Monday. Prime Minister Mariano Rajoy plans to announce measures for the reform and recovery of this and other credit institutes on Friday. The conservative daily ABC sees government intervention as necessary: » more


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