In a bumper news week, there’s good and bad news for Spain. Let’s get the bad news out of the way first - and end on a high. Remember my soapbox rant last week about how public sector striking will only add to Spain’s woes? Well, the public won, and the government caved in over pension reforms . This is particularly bad news for Spain - who already have precious-few financial tools left to deal with their twin problems of mounting debt and growing unemployment. I have no doubt that whatever they next suggest as a solution will be opposed - and most likely defeated. Unsurprisingly, buying into Spanish government debt via bonds is now seen as a risky business . Advising investors, a Merrill Lynch spokesman said: It’s going to take a very long time - half a generation - for Spain to fix the structural issues they have. Rather than a spectacular short-term event, a more likely outcome is a death-by-a-thousand-cuts-type scenario. My prediction is that Mr Zapatero’s aversion to taking on the unions will cost him at election time. The incoming government will make drastic changes - and suffer temporary unpopularity by doing so - and Spain will eventually enjoy a more sustainable foundation for financial growth. Until then, it’s “death-by-a-thousand-cuts” for Mr Zapatero and the nation he’s supposed to be leading. And now for the good news - and there is a fair bit of it. Last week I boldly proclaimed that we had already passed the bottom of the Spanish property market . It seems that I’m not the only one who thinks so. In Spanish Property Recovery Begins , Mark Stucklin adds some data to that assertion but warns that the recovery is not happening uniformly throughout Spain, nor across all types of property. Mark’s summary is backed up by the latest TINSA house valuation trend too. No-one is predicting a spectacular U-turn in the fortunes of Spanish property - and you wouldn’t believe them if they did. Even so, any kind of a recovery is welcome news right now. There are also hints that Spain’s building societies are playing their part in the fragile recovery. An update on lending in Spain provides the cheery news that: Spanish Banks are slowly relaxing their lending criteria with one or two offering more attractive deals and higher LTV’s. And finally, in the fairly unlikely event that you’re a higher rate tax payer and employed by a Spanish company, you can now benefit from the same tax breaks as David Beckham. Martin Dell, Kyero.com
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Spanish Property: And Now for the Good News
Está bloqueada para un operador inglés. Se ha llevado a varias tiendas de Fuengirola y Marbella y la remiten siempre a la misma empresa de Málaga, la cual no puede, o no se quiere comprometer, a liberarla.Si buscas el mejor precio de vacaciones en Marbella, búscalo en l3b.es
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Como liberar una BLACKBERRY 6020?
Hola que tal? No tengo nada en contra de los negros, al contrario estoy muy orgulloso de que existan en mi pais le dan un sazon de alegria a mi tierra. Pero para su informacion el 44% de los Colombianos son blancos, el 90% vienen de España ( pais vasco, andalucia y otros) el otro 10% de
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¿Estoy cansado que piensen que todos los Colombianos somos negros?
Investors should avoid Spain’s bonds as the euro region’s highest levels of joblessness stifle the country’s ability to cut its budget deficit, according to Invesco Ltd. and Bank of America Corp.’s Merrill Lynch unit. Spanish debt isn’t yielding enough to compensate investors for buying the bonds of a country with the euro region’s third- largest budget deficit, according to Axel Blase, a fund manager in Frankfurt at Invesco. Investors receive a 69 basis-point yield premium for holding Spanish 10-year bonds rather than German bunds, compared with 313 basis points for Greek debt. “It’s not a time to increase exposure to Spain,” said Blase, who helps oversee the company’s $423 billion in assets. “The country is in rather serious difficulties and the risk premium on Spanish bonds isn’t that attractive.” Concern that Europe’s most recession-battered nations aren’t doing enough to contain their deficits sent Greek bond yields to the highest in more than a decade, and helped push the euro 4.6 percent lower against the dollar this year. While attention focused initially on Greece, Spain may take years to recover from the recession, according to Johan Jooste, a strategist at Merrill Lynch Wealth Management in London. “It’s going to take a very long time — half a generation — for them to fix the structural issues they have,” Jooste said. “Rather than a spectacular short-term blow up, a more likely outcome is a death-by-a-thousand-cuts-type scenario.” The country’s economy, which is more than four times the size of Greece, has been contracting since the second quarter of 2008. The deficit reached 11.4 percent last year, almost four times the EU’s 3 percent limit, compared with 12.7 percent for Greece. Optimistic Forecast Standard & Poor’s said Feb. 26 the Spanish government’s growth forecasts may be too optimistic, predicting average gross domestic product expansion of 0.6 percent through 2013, compared with the 1.5 percent upon which lawmakers are basing budget measures. The public debt burden will rise above 80 percent of GDP by 2012, compared with 40 percent in 2008, S&P said. While Invesco and Merrill Lynch are shunning Spanish debt, Greece is enticing DWS Investment GmbH. Germany’s biggest mutual fund manager said it’s buying Greek bonds as the highest yields in the euro area and the prospect of support from European partners trump concern the country will struggle to reduce spending. Too Tempting “Although we still think challenges ahead for Greece are significant, the values offered by current spreads are too tempting,” Johannes Mueller, a portfolio manager at the company in Frankfurt, said last week. Greece’s 10-year yield reached 7.16 percent on Jan. 28. The yield on 10-year Spanish bonds climbed to a seven-month high of 4.2 percent the same day. Spain’s 10-year bond yield rose 3 basis points to 3.87 percent as of 4:37 p.m. in London today. It will climb to 4.61 percent by mid-2011, according to the median of three analyst estimates compiled by Bloomberg. Spain offered investors a 12 basis-point yield premium over existing debt in a 5 billion-euro ($6.8 billion) sale of new 15- year bonds on Feb. 17. Prime Minister Jose Luis Rodriguez Zapatero’s government plans to sell a net 76.8 billion euros of debt this year. The country, which was responsible for more than half of all new jobs in the euro region in the five years through 2006, posted a budget surplus between 2005 and 2007. Deep-Rooted “Spain came into this crisis with actually very, very good debt-to-GDP statistics,” said Jamie Stuttard, head of European and U.K. fixed income at Schroders Plc in London. “Nevertheless Spain has deep-rooted economic problems.” The unemployment rate is the highest in the euro area at 18.8 percent, and the country accounted for more than half the region’s 4.3 million job losses over the last two years, according to data from the European Union’s statistics office. The pace of decline in Spanish tax revenues is a “concern,” Fitch Ratings analysts Paul Rawkins and Chris Pryce said in a presentation in London two days ago. “Labour market inflexibilities could prolong economic adjustment,” they said. Spanish bonds have returned 1.5 percent this year, compared with 2.2 percent for German debt and a loss of 0.8 percent for Greek securities, according to Bloomberg/EFFAS indexes. Story from Business Week
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Investors Urged to Avoid Spanish Bonds
En siete meses España habrá desmantelado su arsenal de bombas de racimo. Así lo anunció la ministra de Defensa Carmen Chacón que ayer visitó las instalaciones de Fabricaciones Extremeñas (Faex) en El Gordo (Cáceres), la empresa encargada de destruir … España se deshace de sus 5.500 bombas de racimo La Vanguardia España, sin bombas de racimo en
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¿ Qué os parece esta medida realizada por Zapatero?
Conozco a una familia argentina que se fue a vivir a Altea, Alicante, España, en el 2001. La familia se apellida Lloret. Daniel Lloret, Susana Asprello, y hasta el momento tenían dos hijos. Ella es maestra. También la familia Asprello. Cacho y Nilda. No los encuentro en las guías telefónicas de Alicante y Altea.
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Cómo encontrar la dirección de alguien de Altea?
vivimos en gerona, españa mi marido sabe que la vendo no me gustan las motos y no salimos en ella. 2000€Para encontrar el mejor precio en hoteles en Gerona, visita l3b.es
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¿vendo moto de mi marido una yamaha fazer 600 en 2000€?
A Foreign Office minister warned Spain on Sunday that knocking down British expatriates’ houses was hurting its economy. Chris Bryant, Minister for Europe, said that the country was undermining efforts to create a recovery in its beleaguered housing market. He was speaking yesterday during a visit to south-eastern Spain to meet British expatriates who have been told that their homes will be bulldozed after Spanish authorities declared their construction illegal. The authorities there have been waging a campaign against former officials accused of allowing overdevelopment of coastal regions. Local governments issued building licences for the properties, but these were later nullified following court action instigated by a higher regional government. Mr Bryant cautioned: “The Spanish property market is not going to recover quickly if pictures of bulldozers knocking down expats’ homes are appearing in British newspapers. Everyone I’ve spoken to in Spain says they want to find a solution but wanting a solution and getting one are two different things. He said: “Obviously it’s not for the British Government to tell the Spanish what to do. But I’m pushing the message hard at all government levels that I meet here that they have got to put political willpower into these problems, whether it’s an amnesty, whether it’s a change in the law, whatever the solution is that is needed. That is the point I am pushing. I have to say also that there is an enormous difference between the Britons who just make a cursory legal deal – that is always ill advised – and those who have done everything they should or could have done but still find themselves in deep trouble. Mr Bryant spent the weekend advising expatriates in Andalucia on issues ranging from property rights to health care. He visited Torrevieja, the fastest-growing town on the Costa Blanca, Malaga, the capital of the Costa del Sol, and the town of Albox, where eight British families are fighting demolition orders issued at the end of last year. John and Muriel Burns were among the first to receive the demolition orders in Albox. The pensioners emigrated to Spain in 2001. “They did everything to dot the ‘I’s and cross the ‘T’s that they possibly could have to obtain the permission they required” to build their dream house, Mr Bryant said. But it turns out that the permission should not have been given. That was no fault of theirs whatsoever – but now they face the prospect of having their home demolished. After hearing that his home would be bulldozed, Mr Burns declared that he and his wife would chain themselves to the house. “If this building comes down, then we will be underneath it,” he said. Mr Bryant said he was able to tell worried Britons that the Andalusian regional government was appointing a full-time official to deal with the concerns of British expatriates. The official will provide advice on property regulations, health care and residence requirements. Mr Bryant warned: People buying property anywhere abroad, not just in Spain, have to take at least twice as much trouble as they do at home to make sure everything is legal. It is so easy to go to a lawyer because he’s cheaper. Then later you find out that he wasn’t an independent lawyer at all, but was working all the time on behalf of the land developer and you are really stuffed. Story from The Telegraph
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Bulldozing Expat Homes is Hurting Spanish Economy
Hay universidad de Psicología en A Coruña ciudad? Un besoEncuentra entradas para espectáculos en La Coruña al mejor precio en l3b.es
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I was involved in a bizarre situation last week. A client of mine, let´s call her Mrs. Smith, responded to a property advertisement on the internet for a 3 bed property for sale in Marbella , priced at €195,000. Another Costa del Sol property agent had advised me that he was dealing directly (and exclusively) with a local bank that had repossessed the property and that he had been asked by the bank to find a buyer within an agreed timescale of 3 weeks, of which there were 7 days remaining when my client took a look at the property.Of course, my client feel in love with this distressed property in Marbella , and a deal was agreed at the asking price. We faxed through all the necessary paperwork to the bank and advised them that we had taken a reservation deposit……..and heard precisely nothing back from them. We followed up with several phone calls over the next 48 hours, but nobody within the bank with any power to sign off the paperwork was ever available to talk to us or ever returned our calls. After the weekend we then made further efforts to make contact with the bank, and all the while Mrs. Smith was becoming increasingly frustrated and concerned that she may be in danger of losing her bargain property in Spain . But how could she lose it? The agent was operating under an exclusive agreement with the bank, so nobody else could surely arrange viewings or reservations to beat our client to the sale. But the silence continued past the expiry of the period of exclusivity, and we then received a call from one of the administrators within the bank to ensure us that the property had actually been sold. There was no explanation, no apology, no nothing. My client was distraught and very, very angry. We have since discovered exactly what happened. It seems that the details of the distressed property in Marbella were circulated to the staff of the bank as part of a regular newsletter, and at fairly late notice, a bank employee decided that he wanted to take a look at the property for himself. So during the same weekend when my client was panicking about losing the property that she had reserved in good faith, the guy from the bank was inspecting the property and securing the deal. And the reason for the delay? The buyer from the bank had to arrange his flights to Spain and was struggling to get the time off to make the trip. You see, this wasn´t a bank in Spain messing everyone around. No, no – this was a highly reputable British banking institution with an offshore division here on the Iberian peninsula. It seems that bad manners can be found everywhere. Related Posts Repossessions in Spain – worth the fuss?? Repossessions in the Spanish property market Telefonica – What´s the Problem?
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Spanish Property Buyers Lose Out to Bank Staff!
