Bailouts, Spain Debt | featured news

Spain discusses state bailout; ECB seen writing off Greek debt

Spain has at last conceded it may need a state bailout and policymakers are considering writing down Greek debt to their central banks, European officials said on Friday, as markets anticipated radical new action to pull the continent out of its debt maelstrom.

 

How Spain's regions got into trouble

Eurozone Crisis

Spain's 17 regional governments are a big part of the country's financial problems. Like the regional savings banks, they are victims of the country's property boom and bust. During the boom years, regional government tax revenues were swelled by stamp duties on property sales, and by income taxes paid by immigrants that came to work on the country's construction sites... Then the bust came...

Senh: Europe is finally feeling the effects of the housing bubble and financial crisis of 2008 that affected the U.S.

 

Spain reforms to raise $69 billion

The Spanish government's most recent reforms will slash 56.4 billion euros ($69 billion) from the public deficit in the next two and a half years, an official document showed on Saturday, leaving a gap to be filled by taxes on energy.

 

Spain to Make Official Aid Request Monday

Spain's government said Friday it plans to make its official request for EU aid for its banking sector Monday, as discussions continue on ways to inject European aid funds directly into ailing Spanish banks.

 

Euro Watch: Spanish Borrowing Costs Touch 7 Percent

Europe Debt Crisis

European leaders faced increasing pressure on Thursday to respond to the euro crisis, as Spanish bond yields hit a level that has triggered full bailouts of other nations.

 

Euro Watch: Spanish Borrowing Costs Soar, Calling Bailout Into Question

Eurozone

Spain’s borrowing costs soared Tuesday to levels that have sent other euro members into the arms of international lenders, calling into question the viability of a bailout deal for Spain’s banking sector even as other troubled countries were weighing whether they could make similar rescue arrangements.

 

A look at the 4 eurozone countries with bailouts

Spain

Europe agreed Saturday to allow Spain to tap a rescue fund of up to (EURO)100 billion ($125 billion) to bail out its troubled banks, which are struggling under the weight of soured real estate loans after a Spanish housing bubble burst. Spanish Economy Minister Luis de Guindos said the country will reveal how much money it needs within coming weeks, after audits of its financial sector are completed.

 

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