The Spanish economy grew 0.7% in the last twelve months
The data corresponded to the end of June. The Spanish Statistics Institute confirmed the data, proving the prediction by the Bank of Spain of a slowdown in the economy.
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Zapatero to delay holiday to monitor the economic crisis in Spain
The yield on Spanish bonds reached 400 points more than German ‘bunds’, a record since the introduction of the euro
Two Catalan banks fail the stress tests in worst case scenarios but would be approved if all provisions would have been taken into account
Unnim and CatalunyaCaixa would have 4.5% and 4.8% of core capital respectively. However, the provisions that all Spanish banks must have to face difficult times have not been taken into account as they did not exist in other European banking systems. With these funds taken into account, Unnim and CatalunyaCaixa would have approved the tests with 6.2% and 6.3% respectively. CaixaBank, the most important Catalan bank passes the test with 6.4%.
42.9% of Catalans would vote for independence and 28.2% against it according to the first official poll on the issue
However, if the question is open to other options, 33% would prefer a Catalan State within a Federal Spain, 31.8% the current situation as an Autonomous Community and 25.5% want Catalonia to be an independent nation. The poll results also show that 75.5% of Catalans want the Catalan Government to raise all the taxes, while only 18.2% prefer the current system through which the Spanish Government raises the main taxes. The poll was compiled by the Catalan Polling Centre (CEO), which is managed by the Catalan Government.
The IMF considers that Spain’s greatest financial risk is certain Autonomous Communities not meeting the deficit objective
The International Monetary Fund wants the Spanish Government to “strengthen” the labour market reform, not give up on spending cuts and restructure the financial system. The same day, the Bank of Spain's Governor, Miguel Angel Fernández Ordóñez asked the Spanish Minister for Economy to be “stricter” on the Autonomous Community government’s deficit reduction. The Catalan Minister for Finance said on several occasions that Catalonia would meet the deficit objective for 2011 if the Spanish Government showed some institutional loyalty and paid the money it legally owes to Catalonia.
Catalonia’s independence: the Catalan Parliament says “no” and the popular consultation process says “yes”
The Catalan Parliament rejected a law proposal on Catalonia’s independence three days after the popular consultation process on the issue ended with a clear “yes”. This civil society voting was not an official referendum and it was not organised by public powers. It took place over the course of 18 months, and Barcelona closed the process on Sunday. 21% of the electoral census turned out (885.000 citizens) and 90% of the voters backed Catalonia’s independence from Spain. Members of the Catalan Government cast their vote, including the President.
Matthew Tree: “Catalonia will only be fully understood abroad if it becomes independent [from Spain]”
This English writer has been living in Catalonia for the last 26 years. This week he presented his new book ‘Barcelona, Catalonia: A View from the Inside’. Tree explains the difficulties he encounters explaining Catalonia to foreigners.
The Catalan Government says “enough is enough” to further public expenditure cuts, but Madrid keeps putting on the pressure
On the same day that Catalan hospitals presented their plans to reduce their budget by 10% and cut several services, the Catalan Government’s Spokesperson sent a strong message to Madrid saying that "enough was enough." The Spanish Government answered the calls by the Catalan Executive by saying that if it does not meet the 1.3% deficit objective for 2011, it will run out of cash. Madrid is asking for greater budget cuts. Almost all Catalan political parties, including the People’s Party, back up the Catalan Government, the main exception being the Socialist Party, which supports Prime Minister Jose Luis Rodriguez Zapatero.
Who pays for the public deficit? Autonomous Communities vs. the Spanish Government
The Spanish Government demands an additional budget reduction of 3.2 billion euros to Catalonia, while the Catalan Government claims 3.3 billion owed by the Spanish State. Catalan parties have accused Prime Minister Zapatero of reducing his government’s deficit by increasing that of the autonomous communities. The Spanish Government wants to force Autonomous Communities to pay for the deficit by limiting it through specific laws.
Catalonia has 31,886 million euros of public debt
The Bank of Spain today released the debt of the Spanish Autonomous Communities. Catalan public debt represents 16.2% of Catalonia’s GDP and increased 36.7% in one year. The new Catalan Government stressed its austerity and stability plan, which will cut public expenditure by 10%.
“15,000 million euros to restructure the Spanish banking sector are perfectly assumable”, states an ESADE expert
The Director of ESADE’s Master in Finance, Jordi Fabregat, recommends that Catalan savings banks speed up its transformation into private banks in order.
“Catalonia is not to be blamed for Moody’s downgrading of Spanish debt”
Experts in economics and regional fiscal redistribution concluded at a conference in London that the Spanish Autonomous Communities’ expenditure like Catalonia’s is not to be blamed for the downgrading of Spanish debt. They stated that the Catalan Government can not only be “an expenditure agency” and that it needs total control over its revenues and budget.
German Chamber of Commerce encourages young Catalans to work in Germany
According to the new German Chamber of Commerce Managing Director in Spain, the Central European country could promise young Catalans not only training and competitive salaries but also job stability. He also explains which are the obstacles in his view that stop German investments in Spain and Catalonia.
Visa delays and a lack of direct connections hinder the arrival of Asian tourists
Companies and agencies from the tourism industry have joint together to highlight the potential of the Asian tourist market and stress the obstacles for its growth. Currently, Barcelona has only two direct flights with Asia per week, a figure that is expected to largely increase. As an example of this potential, China exported almost 57 million of tourists abroad per year, but only 90,000 visit Barcelona.
Some Spanish Police agents ask to be taught Catalan
A Spanish police trade union has complained to the government for not teaching Catalan to police agents. While money is being invested in simultaneous translation in the Senate, there is no way to help police stationed in Catalonia integrate socially, claims the police union CEP.