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News, Summer 2012August 10th, recent news summaryOver the summer we are not keeping up our news, except via our Facebook page. Sorry for any inconvenience. Meanwhile, Spain continues to be troubled by a recession which is exacerbated by tax rises and government cuts; forest fires and various heat waves have struck more than in 2011; both ETA suspects and Al-Qaida members have been arrested... but TV sets have been tuned first to the victorious Euro 2012 football cup, followed by a rather lacklustre performance of most Spanish athletes in the Olympics. Further news can be read at the recommended news sites (click 'more' and scroll down). Pre-summer news includes: June 12th: Moves to re-establish capital controls shudder Eurozone; 11th: Markets respond well initially to bank rescue, but confidence fails by end of day; Bank of Spain gets new governor; Catalonia to charge extra Euro for all prescriptions from 23rd June; 9th: Banks rescued by Euro funds in new scheme through government's rescue vehicle FROB; 8th: Bailout expected this weekend as disastrous situation of Spanish banks becomes clear - El País, Telegraph; Fitch downgrades debt to BBB - Guardian; 6th it seems Germany might accept bailout of Spanish banks via the government's restructuring vehicle FROB - El País; 4th: Good news! Unemployment fell for the second month, by 30,000 - to 4.71 million; this week seen as key in avoiding an Irish style rescue; personal debt (including mortgages, which are 3/4 of total) falls to €855 billion, pre-crisis level after 5 months of falls - companies owe €825 billion; bread or circuses? in a referendum the villagers of Galisteo decided to spend €15,000 on a bull-fight instead of a couple of jobs. May 30th]: A busy week of crisis is behind us. Last weekend Bankia, Spain's 4th largest bank, went into deep crisis, causing its value to fall 50% between the resignation of its CEO Rodrigo Rato earlier in the month and this weekend; government borrowing costs have gone above 7%; more news, links and thoughts on our Facebook page. 15th: Anniversary of 'indignant' movement- Telegraph; Catalonia announces new round of cuts; Spanish researchers lengthen life of mice by 24%; Strasbourg court admits religious reasons for Catholic Church sacking 'married priest' Religious Education teacher; 13th: heatwave reached May record of 35º in Cadiz - British tourists die in Canaries - Telegraph; 11th: banks asked to raise more capital buffers against housing losses - El País; 10th: Madrid starts to refuse health treatment to migrants with no papers - El País; Bankia, Spain's 4th largest bank, to be part nationalised - BBC, Guardian - many question the wisdom or capability of the government to rescue Spain's crumbling Caja savings banks; a small, unnamed town will need over 7,000 years to pay debts; royals cancel plans for golden wedding celebration - Telegraph; government complains to Britain over Wessex visit to Gibraltar - El País. Earlier news headlines: click here. |