The month of November is expected to be big time for the Spanish economy and Spain’s role in the international financial crisis. Spain’s buoyant economy is now on the verge of recession, after having shrunk by 0.2% in the third quarter of 2008, while savings banks across the nation announce intra-regional mergers that aim at mitigating the risk of bankruptcy of the handful of savings banks that have been experiencing soaring delinquency rates in the past few months.
President George W. Bush recently announced that the international financial summit that ought to address reform of the international financial architecture will meet in Washington on November 15. Initially only members of the group G20 will participate. The G20 is a group of developed and emerging countries that does not include Spain. Spain has as a result not been invited to a crucial summit that may set the basis for a well-needed debate which should set the new rules of a global, redefined capitalism.
The World Bank conducts a survey on Doing Business in the world every year. The survey reviews what economic environments are more prone to conducting business and ranks them according to a handful of criteria. The 2009 rankings include 181 nations. Spain worsened its standings from 46 in 2008 to 49 in 2009.
Spain is one more time suffering from its endemic disease that was thought by many to be a history of the past. Unemployment in Spain is increasing at a rate of 3,179 new unemployed per day, which is a faster rate than that of the last economic crisis in 1993. The unemployed have now reached […]
The international rating agency Standard and Poor’s announced today it would downgrade the credit ratings of four Spanish regions if they did not moderate the spending in an environment where revenues have shrunk because of the construction halt. Cities and regions lived a time of economic bonanza during the years of the construction boom as […]