Bankia, a company founded when seven struggling savings banks merged, has shown a record loss in 2012 causing analysts to wonder if the bank’s collapse is imminent.
Bankia’s losses for 2012 totaled $25.2 billion U.S. dollars. Continue reading
Tag Archives: Spain
Catalonia Asks Spanish Government For $9 Billion Bailout
Catalonia, a region of Spain that has expressed a desire to become an independent country, has asked the Spanish government for a $9 billion euro bailout. The Catalonian regional government said the funds would pay down debt and meet targets for deficit reduction.
The region initially requested a $5 billion bailout in August, 2012.
The bailout request comes as the newly elected Catalonian leaders pledged a referendum on the region’s independence. Continue reading
55 Percent Of Spanish Youth Unemployed
Spain’s unemployment rate has set a new record with 55 percent of the nation’s youth unable to find work.
The unemployment rate for the entire country rose to 26 percent with almost six million out of work. Continue reading
Eurozone Unemployment Hits Another Record High
November figures have Eurozone unemployment at a new record high of 11.8%, rising .1% from October figures and the previous high. The European Union as a whole held at 10.7%. Continue reading
Spanish Bank Found To Have Negative Value
Bankia, one of the largest banks in Spain, has been found to have a negative net worth sending stocks tumbling almost 20%.
Spanish officials say the bank has been assessed with a negative $4.2 billion euro balance ($5.6 billion U.S.) and their parent company BFA with a negative $10.4 billion euro deficit. Continue reading
Eurozone Unemployment Hits A New Record High
Eurozone unemployment surged to a new record high of 18.49 million in September, an increase of 146,000 from August. The unemployment rate of 11.6% is almost a point and a half higher than one year ago.
Spain once again lead the way with an unemployment rate of 25.8%. In Spain and Greece, over half the workforce under 25 is unemployed. Continue reading
Spain’s Credit Rating Cut To Just Above Junk Status
In a major blow to Spain’s economy, ratings group Standard & Poor’s lowered the country’s credit rating to BBB-, one level above junk status, warning that other downgrades were possible.
The country is expected to be asking for a bailout in the midst of drastic spending cuts, tax increases and youth unemployment over 50%. Continue reading
Global Economic Recovery Weakens
The International Monetary Fund cut its projections for global economic growth by .3% and said that there are considerable possibilities of further deterioration in the world economic outlook.
One of the IMF’s biggest downgrades focused on the United Kingdom which had been forecasted to show very small growth through the rest of 2012. The revised forecast is calling for a .4% shrinkage. The Fund still believes that at least 1% growth for the UK is possible in 2013 but that forecast was also cut by .3%. Continue reading
Red Cross Makes Public Appeal For Spain As IMF Reports Dire Financial News
The Red Cross is making an appeal across Spain to help families who have been devastated by the economic crisis. The Red Cross mainly helped immigrants until this year but because one in four adults are unable to find jobs many Spanish families are now relying on food handouts.
The Spanish Red Cross is also claiming the dire economic situation is causing rising levels of inequality that will lead to social unrest. Continue reading
Eurozone Unemployment Hits Another High
Unemployment in the Eurozone has risen to 18.2 million after releasing economic data for August. The rate of unemployment remained the same after the rate for July was revised upward at 11.4%, however there was an increase of 34,000 out of work in the month.
The highest unemployment rate for an individual nation was Spain where one out of four eligible workers are unemployed. Austria had a rate of 4.5%. The rate in Germany, the Eurozone’s most stable economy, was 5.5%. Continue reading