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Saturday 3 June 2023 Dublin: 17°C

# Spanish economy

All time
# Spain
Spain 'will ask for an extra year to meet EU's budget targets'
A source tells AFP that Spain will ask for the same concession that was given to Ireland – an extra year to meet deadlines.
# Spain
Catalonia votes in poll that could begin independence from Spain
…but Catalan voters could have to wait some time for full independence, with Madrid remaining opposed to the idea.
# Spain
Spain goes to polls in two crucial local elections
Elections are taking place in the Basque Country – the first since ETA renounced violence – and Mariano Rajoy’s home area of Galicia.
# Spain
Spanish banks may need €60 billion in taxpayer bailout
An independent audit of the banking sector says seven of Spain’s 14 banks will need financial support.
# Spain
Spain to announce Budget - with €39bn of cuts on the table
Prime minister Mariano Rajoy will hope that the hard-hitting Budget will soften the terms of any prospective bailout.
# El Bailout?
ECB, IMF 'in talks over €300bn Spanish bailout' - report
A Dutch newspaper quotes an insider as saying informal talks for a full-blown sovereign bailout are underway.
# Spain
Spain to add another €6 billion to bank bailout fund
The extra funds are being provided while ministers work on sorting out the formal bailout from European funding.
# Spain
Spanish unemployment rises again to creep towards 25 per cent
Spain’s unemployment rate is the highest in the industrialised world.
# Debt Crisis
Explainer: Why is Spain under so much financial pressure?
The cost of borrowing for Spain keeps getting higher – fuelling rumours of needing a full-on bailout.
# Uh-Oh
Spain ‘discussed €300bn bailout with Germany’ – Reuters report
Reuters says a Spanish minister broached the idea on Tuesday. If they’re right, Ireland could be hit with a bill for €4.77 billion.
# Debt Crisis
Greens tell Gilmore: 'You'll need to convince German allies on bank deal'
The Green Party points out that Labour’s sister party in Germany is opposed to letting banks borrow straight from the ESM.
# Spain
Huge protests erupt across Spain against €65bn austerity cuts
Workers have taken to the streets decrying “robbery”, on the eve of a teleconference to secure Spain’s €100bn bailout.
# Crunchzeit
Merkel blasts ‘fake solutions’ as EU leaders head to Brussels
The German chancellor says short-term measures to stop Spain and Italy from going under won’t cut it.
# danger here
Spanish borrowing costs nearly triple in short-term auction
Spain issued some 3-month and 6-month bills this morning – but saw its rates rocket following its bailout request.
# Bond Markets
Spanish auction sees cost of short-term loans rocket... again
Spain sold off €3 billion in 12-month bills, but paid the price as investors continued to demand a high premium for their money.
# Yikes!
Euro crisis: Spanish cost of borrowing hits 7pc as investors seek safety
The costs had fallen after Greece’s election, but are back up this morning as the fear of contagion remains…
# Prime Numbers
Crystal, cricket and Croatian boobs: the week in statistics
Plus – the latest estimate of the average industrial wage, and how close Spain is being pushed to an international bailout…
# Bond Markets
Euro crisis: Spain's cost of borrowing rockets as Lagarde warns of 'race against time'
If you were lending cash to the Spanish government for 10 years, you’d get an annual interest rate of 6.76 per cent.
# Debt Crisis
Rehn 'still hopes for Irish debt deal' - while Spain's bailout comes without budget rules
The commissioner says he still wants to assist Ireland – and confirms Spain’s banking bailout won’t bring new fiscal conditions.
# Spanish bailout
German conditions on Spanish bank deal strike blow to Ireland's hopes
Germany ensured that Spain’s €100bn banking bailout would go through the government – meaning it counts towards national debt.
# Debt Crisis
Brussels and Berlin: 'No news' on potential Spanish request for bailout
Both the European Commission and the German government say Spain has not made a formal application for EU funding.
# Two-tier Europe
Spain sees borrowing costs rise, while France's hit euro-era lows
It’s a tale of two Europes as countries go to the bond markets this morning…
# Spanish economy
Spain: We're being frozen out of markets, and we need help now
The Spanish treasury minister says Spain “doesn’t have the market door open”, at a time it needs cash to help its banks.
# Debt Crisis
French minister blames US for creating eurozone's debt crisis
France’s new foreign minister hits back at Barack Obama, saying: ‘Lehman Brothers was not a European bank.’
# Beaten Path
Spain sees cost of borrowing rise, as major bank seeks €19bn bailout
This all feels eerily familiar…
# Daily Fix
The Daily Fix: Tuesday
All the biggest news stories from the day, as well as the few bits and pieces you might not have seen.
# Daily Fix
The Daily Fix: Monday
All the biggest news stories from the day, as well as the few bits and pieces you might not have seen.
# Bond Markets
ECB may re-enter bond markets after Italian auction flops
Investors declined the opportunity to buy short-term Italian bills this morning, seeing interest rates double from last month.
# Eurozone
Spain wins budget concessions from Eurogroup - but more austerity will follow
A meeting of Eurozone finance ministers sees Spain encouraged to frontload budget cuts in order to achieve EU deficit targets.
# Bond Markets
ECB steers clear of bond-buying for first time since August
Last week marked the first time in six months that the European Central Bank didn’t intervene in the sovereign bond markets.
# Bondwatch
Spain raises nearly €5bn in successful short-term bond auction
Spain sees the interest rate for 12-month bonds fall significantly, while Belgium has mixed results in an auction of its own.
# Bond Auctions
Belgium, Spain and bailout fund perform better in bond auctions
There’s little respite for Greece, though, which is asked to pay a higher yield on an experimental auction of short-term bonds.
# Debt Crisis
Student study: Ireland could write off 85 per cent of its European debt
The pan-European ESCP business school says Ireland could get rid of €184bn in debts – by simply cancelling them out with others.
# spainwreck
Spain in the firing line as borrowing costs hit new highs
The price of borrowing for Spain is approaching the 7 per cent barrier, after both Spain and France struggled with bond auctions.
# Bond Markets
Italian borrowing costs spike again as coalition talks go on
The markets seem nervous about Mario Monti’s attempts to form a government – while a Spanish bond auction also goes badly.
# Bond Markets
ECB spent €14bn on Spanish and Italian bonds last week...
…and its input was virtually worthless, because prices today are pretty much exactly where they were seven days ago.
# ECB
ECB's chief economist quits over divisive bond-buying policy
Jürgen Stark is stepping down three years early – apparently in protest at ECB policies not favoured by his native Germany.
# Germany
Merkel welcomes ruling, but insists: 'We will never back Eurobonds'
Angela Merkel welcomes the Constitutional Court’s decision – but says it does not mean the emergence of a closer fiscal union.
# Debt Relief
Germany’s Constitutional court upholds participation in EU bailouts
Germany was not acting unconstitutionally in sanctioning a Greek bailout, the court says – though future bailouts need greater approval.
# Markets
Markets take a nose dive as bond crisis returns with a bang
Christine Lagarde says there’s a “crisis of confidence”. No kidding: markets are slipping while borrowing costs are back on the up.