Increased unemployment, increased direct and indirect taxes, increased social security contributions, increased fuel costs, increased food prices, increased utility costs, increased leisure costs, salary reductions, reductions in tax benefits relating to first house purchase, municipal authorities not paying their debts…and politicians seem baffled as to why consumer spending is not increasing.
Behind the scenes talks about bailout
It is being reported that the EU authorities are working behind the scenes to pave the way for a new Spanish rescue program, with unlimited bond buying by the European Central Bank, by helping Madrid craft an economic reform program that will be unveiled next Thursday.
Number of international tourists on the increase
According to figures produced by FRONTUR and published by the Ministry of Industry, 7.9 million international tourists visited Spain in August, 5% more than during the same month in 2011 and a new historical monthly record.
Long-term unemployed on the increase
The number of long-term unemployed, namely those who have been searching for a job for a year or more, has quadrupled since the financial crisis began in Spain some five years ago and now accounts for over 50% of the ttal which, in June, stood at 5.963 million. This equates to 24% of the working population, more than double the …
Minister of Economy promises more reforms
According to statements issued by the Eurogroup during their meeting in Nicosia, the Spanish Minister of Economy, Luis de Guindos, has promised that Spain will meet this year’s deficit target and that additional measures will be taken if necessary to achieve that goal.
Georgia 0-1 Spain
A late goal four minutes from time was enough to see Spain off to a winning start against Georgia in the World Cup qualifiers, Soldado the scorer.
House sales still falling
The sale of homes fell by 2.5% in July when compared to the same month last year – 2011 closed 17.7% down on 2010 – making it 17 consecutive months of decline. A total of 27,388 transactions occurred in July – during the boom years this figure was 80,000 per month.
Prime Minister says no decision taken yet on possible bailout
Prime Minister Mariano Rajoy has stated that no decision has been made yet as to whether (or when) Spain will request a bailout, adding that he will not accept outside conditions should the situation arise.
Bunfire night
An investigation into the cause of the wildfire in Estepona which resulted in 500 people having to leave their homes has led to the conclusion that the blaze was caused by rabbit hunters in the area.
One cent tax increase on natural gas
The Government intends to introduce a ‘green cent’ surcharge on the price of natural gas in order to reduce the tariff deficit in the electricity sector – so nothing to do with ‘green’, just another tax.