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OPINIÓN

Weekly Report  04.02.11

By Per Svensson

miércoles 22 de octubre de 2014, 11:21h

Rodriguez Zapatero – over and out?

Those in Spain criticising Prime Minister Jose Luis Rodriguez Zapatero's handling of the financial crisis have found an echo within his party (PSOE).   Analysts see Alfredo Perez Rubalcaba's appointment to the post of First Vice-President as proof that Zapatero has recognised that his era has passed and that he is now betting on Rubalcaba as the man who can lead PSOE into the parliamentary elections next year.  Commentators close to the Government insist that in the autumn the Prime Minister will announce his decision not to stand as a presidential candidate.  However, a disastrous result for the Government party in the upcoming municipal elections in May this year could change this scenario and prompt an earlier decision.

Pension reform final

The so called “social partners” the Employers Federation and Trade Unions, have agreed upon a reform for State pensions, which involves changes on certain points from the Government's original plan.  Firstly, the increase of two years to 67 in the retirement age will not be introduced fully for 10 to 15 years.  (The qualifying age increase will initially be one month per year until 2018, and two months per year thereafter, up to 2027). To receive a full pension at the end of the transition period, one will need to have contributed to the system for 38.5 years (at present 35 years).  The Government has agreed to continue the payment for the long-term unemployed, at a reduced rate of 400 euros per month.

 

FMI disagree with Government estimates of deficit

  1. Meaning, Spain may need further tax hikes, and or, cuts in spending.

 

Jobless in Spain equal Norway's population

According to the Statistical Institute,  at the end of 2010,  4,696,600 were registered as unemployed in Spain; equal to the total population of Norway (4.7 million) and more than Ireland (4.3).  As always, we must add that the figures do not included young people who have never been employed, nor the long-term unemployed who are excluded from the statistics.

3 mayors arrested in A Coruńa

The mayors of the municipalities of Cee, Fisterra and Mazaricos, situated on the Costa da Morte, have been arrested, accused of crimes against the public administration, influence peddling and falsification of public documents.  Two councillors from Fisterra and three local businessmen were also arrested on similar charges. The police action is believed to be in connection with the adjudication of public works by the construction company Ogando de Muxia.

 

Last figures: Economy fell 0.2% in 2010

The latest Government estimate of the contraction of the economy in 2010 is that it fell “only” 0.2%, instead of the 0.3%, which had been feared.  This is considered to be a significant victory by the Economy Ministry.

Any more straws around to be clutched ?

3.3% inflation in January

  1. Brent Crude is now more than 100 dollars a barrel, 20% higher than a year ago.

 

Turnover in shops down 1.7% in 2010

Shop turnover was 1.7% less in 2010 than in 2009. The fall in 2009 compared with 2008 was 5%.

December registered a fall of 4.4%, the ninth consecutive month with a negative trend.

 

Spanish travel less

The economic crisis is having its impact on travel. Last year Spaniards made 164.5 million journeys, a decrease of 4.3% over 2009. Interior tourism fell 5.1% and trips abroad 5.8.  Foreign tourism from Spain was hindered by the illegal actions of air controllers.

30% of pupils abandon school

A European Commission report, reveals that in Spain, Portugal and Malta, 30% of pupils abandon school before completing the obligatory school years.  The number of school leavers is especially high, 45%, amongst the children of immigrants.

Private car purchases down 43.3%

Private car sales in January saw a fall of 43.3%, compared with the same month last year.  The Association of Car Concessionaries reports sales in Spain are now down to 1996 levels.

 

La Caixa creates a “bad bank”

The saving bank La Caixa (Barcelona)  has split its assets into two parts;  the bad investments in the property sector have been transferred to a “bad bank” whilst the remainder are grouped in a new bank called 'Caixa Bank.'  Nevertheless, the Caixa Group must support the provisions demanded by the Bank of Spain in respect of the property in the “bad bank.”

 

Warnings from Davos

Experts who attended the World Economic Forum in Davos last week, have warned that economic growth in the world this year will be less than last.  They expect an increase in the Euro Zone of only 1.5%; 3% in the USA and 2.5 in other developed countries.  The emerging economies, mainly China and Brazil, will increase 6.5%.

Spain was referred to as a bad example and a risk for Europe. The guru of the forum, Nouriel Roubini classified Spain as being, “amongst those that are the greatest risk for world recovery” and also being a risk for increases in the prices of raw materials.

 

Take note:

All those with a mobile phone can now call 088 (free) for emergencies in Spain, for example:  accidents, injuries, traffic emergencies, drug crimes, kidnappings, smuggling, and assaults in the street, etc.

Please bring this information to others and preserve well the number.

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