Spain

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Eurozone OKs Terms of Spanish Bank Bailout

Loan will be up to $122.9B

(Newser) - Finance ministers from the 17 countries that use the euro unanimously approved today the terms for a bailout loan for Spanish banks of up to $122.9 billion. The document, signed off by the "eurogroup" of finance ministers following a teleconference today, calls for strict monitoring of the banks...

Spain Royals Take Pay Cut
 Spain Royals 
 Take Pay Cut 
Jul 18, 2012 2:37 AM CDT

Spain Royals Take Pay Cut

Dip matches public sector cut, but on much larger salaries

(Newser) - Things are tough all over in Spain, and now even the royals are taking a hit. King Juan Carlos' salary is being shaved 7.1%, down to $332,000. His son, Prince Felipe, also faces a 7% cut, to $161,000. In addition, the $10 million royal budget will be...

Spain Rolls Out Painful New Austerity Measures

Taxes raised, benefits cut

(Newser) - Spanish Prime Minister Mariano Rajoy today announced tough new austerity measures that will reduce the country's budget deficit by $80 billion over the next two and a half years. Spain has been having a tough time meeting agreed-upon deficit targets, the New York Times reports, but yesterday eurozone finance...

EU Speeds Up Spanish Bank Bailout
EU Speeds Up Spanish Bank Bailout
Jul 10, 2012 5:50 AM CDT

EU Speeds Up Spanish Bank Bailout

$100B rescue deal will be tied to 'ruthless' pace of reforms

(Newser) - With yet another euro bailout agreement failing to calm markets, causing Spain's borrowing costs to soar back into the danger zone, European Union nations have accelerated their latest rescue plan for Spain's shaky banks, reports the New York Times . Finance ministers from 17 eurozone nations agreed late last...

3 Gored at Running of the Bulls

None seriously injured

(Newser) - The third bull run of the San Fermin festival saw three runners gored, two Brits and one American. All were gored in the leg and none was seriously injured, the AP reports. Thousands ran ahead of the six bulls in Pamplona today for about three minutes over the 2,785-foot...

Man Dragged 30 Yards in Pamplona Bull Run

San Fermin festival kicks off series of annual races

(Newser) - Stampeding bulls gored an elderly man and injured five others in Pamplona today during the San Fermin festival's first bull run, AFP reports. A 73-year-old local man took a horn to the leg, but wasn't seriously hurt, and a runner was knocked down on the final stretch and...

Manufacturing Orders Slump in Asia, Plunge in Europe

Leading indicator reveals Western economies may be worse than thought

(Newser) - Purchasing Managers' Index reports from Asia and Europe—a critical economic indicator—showed big drops in June, in a strong sign that the economies of Europe and the US could be weaker than thought, the Guardian . Despite European leaders agreeing on a bank bailout scheme last week, Europe's PMI...

Spain Wallops Italy 4-0 for 3rd Straight Crown

David Silva, Jordi Alba score first-half goals in European Championship

(Newser) - Spain won its third straight major soccer title today, beating Italy 4-0 in the European Championship final. David Silva and Jordi Alba scored first-half goals, and Fernando Torres and Juan Mata added two more in the second half as the Spanish passing game worked its magic against the Italians at...

Moody&#39;s Will Downgrade Spain&#39;s Banks
 Moody's Will 
 Downgrade 
 Spain's Banks 
SOURCES SAY
Jun 25, 2012 8:24 AM CDT

Moody's Will Downgrade Spain's Banks

Across-the-board move coming within a few hours

(Newser) - Moody's intends to cut the credit rating on every single bank in Spain today, sources tell Reuters . The cuts, which could come in a matter of hours, follow on the heels of Moody's slashing Spain's sovereign rank by a whopping three grades on June 13. The banks...

Europe Stocks Slump Ahead of EU Summit

Plenty of gloom and doom continuing for euro and eurozone

(Newser) - European stocks and the euro all fell this morning, as investors remain skeptical that this week's EU summit is going to accomplish much of anything, reports the Wall Street Journal . The euro fell to $1.2490 from $1.2574 last Friday, while indexes were down across the continent, with...

Merkel Softens Her Opposition to Stimulus

Germany, France, others agree to push for $163B growth package

(Newser) - The leaders of France, Germany, Italy, and Spain agreed to push for a growth package worth up to $163 billion at a European Union summit next week aimed at kickstarting the economy and safeguarding the currency bloc. French President Francois Hollande, German Chancellor Angela Merkel, Spanish Prime Minister Mariano Rajoy,...

Spain's Bonds Shoot to Scary Heights

But markets overall calmer amidst hopes of further rescue

(Newser) - The Spanish Treasury sold $3 billion in 12-month bonds today, but the price was, in the words of one economist, "brutal." The government was forced to pay a whopping 5.074% yield, up from 2.985% just last month, the New York Times reports. "The market is...

Markets Rise, Euro Up After Greek Elections

But investors still fretting about eurozone

(Newser) - Financial markets around Asia seem to be breathing easier after Greece's pro-bailout coalition narrowly won yesterday's election , reports the Wall Street Journal . The euro was up to $1.2714 from its $1.2640 close on Friday, with Tokyo's Nikkei up 1.8%, Hong Kong's Hang Seng...

Moody Cut Sends Spanish Bonds to Dangerous High

Italy's borrowing costs jump as well

(Newser) - Spanish bond yields hit a whopping 7% today, after Moody's cut the country's credit rating to just one level above "junk" yesterday. The New York Times ominously notes that the 7% mark is the level that "triggered" full-blown bailouts of other eurozone countries. Moody's said...

What Bailout? Spain's Debt Costs Skyrocket

Investors not reassured

(Newser) - Spain's bank bailout hasn't exactly put the markets at ease—indeed, it may have done the opposite. Spain's 10-year borrowing costs closed at a euro-era high of 6.72% yesterday, the Wall Street Journal reports. Indeed, bond yields rose across Europe, with Italy's hitting 6.26%,...

Spanish Protesters Hit Streets Over Bailout

A handout for rich, nothing for poor, they say

(Newser) - Banks and euro backers are relieved about the up-to-$125 billion Spanish bailout , but not everyone is so thrilled. A throng of protesters hit the streets in Madrid yesterday to protest billions going to prop up Spanish banks instead of helping people suffering because of the mad risks taken by financial...

Spain: Yep, We Need a Bailout

Eurozone minsters offer up to $125B for 'bailout lite'

(Newser) - Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a...

Spain Wants a &#39;Bailout Lite&#39;
 Spain Wants a 'Bailout Lite' 
Jun 8, 2012 7:01 AM CDT

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still...

Bailout Fears Grow as Fitch Downgrades Spain

Credit rating is now just two notches above junk status

(Newser) - More bad news for Spain in particular and Europe in general: Fitch downgraded Spain's credit rating from A to BBB today, two notches above junk, and said the nation may need as much as $126 billion to bolster its banking system. That's way up from a previous estimate...

Plane Makes 1st Solar-Powered Intercontinental Flight

Solar Impulse travels from Spain to Morocco

(Newser) - A plane powered entirely by the sun is nearing the end of the world's first solar-powered intercontinental flight. The Solar Impulse left Madrid early this morning, crossed the Strait of Gibraltar, and entered Moroccan airspace, AFP reports. The carbon-fiber plane, which is the size of a jumbo jet but...

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