Spain Papers Review - Thursday December 4 2008
The latest ETA killing dominates all the papers in Spain this morning.





Spain Business Brief - Thursday December 4 2008
Solbes asks the Spanish banks to be more generous to families and businesses.

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Spain Business Brief - Thursday October 9 2008
By h.b. - Oct 9, 2008 - 12:59 PM

Spanish Minister for Tax and the Economy, Pedro Solbes - Photo EFE

Pedro Solbes remains optimistic about the position of Spanish banks, despite the creation of the new help fund.

Spanish Minister for Tax and the Economy, Pedro Solbes, has said today that no Spanish financial entity is in a situation of risk. He said that the Spanish financial system had a great capacity to prevent and manage a difficult situation.
He did admit that the Spanish banks’ results would be affected ‘significantly’ by the increase in bad debts. Regarding the new 30 billion € fund for banks, he said it would be ‘a great success’ not having to use it, and said he hoped that the fall in interest rates would have the desired effect.

However the first movement of the Euribor, the rate used to set mortgages, has been upwards to 5.512% today compared to 5.48% yesterday.
Solbes has also claimed that the new bank rescue fund will not cost taxpayers a cent.

The IBEX 35 opened 1% higher today on the Madrid stock market, but fell back in trading later.

The International Monetary Fund has forecast the first recession in Spain for 15 years with a fall of 0.2% in G.D.P. However it was only three months ago that the Fund had forecast positive growth of 1.2%
The IMF also considers that unemployment here could reach 14.7% next year while inflation will fall to 2.6%.

Meanwhile the Deputy Secretary of the PSOE party, José Blanco, has said that the crisis will see a price being paid by everyone. He said he was convinced that only those who know how to unite together will escape the crisis.
At a working breakfast at Europa Press forum today he warned the leader of the opposition, Mariano Rajoy, that the Spanish public understood that the Prime Minister, José Luis Rodríguez Zapatero, was not the only person responsible for the management of the crisis.

The owner of the Morryssom bar in Barcelona, Pedro Sausor, says he wants to help his clients during the time of the credit crunch and so has started to serve a midday menu for just 1 €. For that you get two dishes, bread, drink and pudding, and yesterday he served 500 menus, four times the normal number. It’s not the first time that he has helped his clients and got great publicity. When the Euro was introduced he served menus as the price of one peseta.

And finally,
The woman who was sacked from her job at a fish company in Barcelona because of poor attendance, has been readmitted following publicity of the case in which the woman remains in a coma in hospital after being involved in a traffic accident a month ago. It was after the company had sent a letter complaining of her ‘repeated and unjustified absences from work’.

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