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Spanish report Spanish report
by Euro Reporter
2009-10-08 08:00:17
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Central Bank warns on deficit

Spain’s central bank warned the government on Tuesday, the country’s rising budget deficit could put pressure on any recovery and that the measures taken involving government spending have exhausted their limit. The central bank sees the budget deficit reaching 10 per cent of GDP by 2010. 

“Any chance of using fiscal policy to increase spending has now been exhausted,” said central bank governor Miguel Angel Fernandez Ordoñez. The central bank also pointed out the danger which unemployment poses to an economic recovery.

Fernandez Ordoñez said failure by governments to rein in spending and by central banks to drain excess liquidity from banking systems could “put the global economy at the edge of a depressive spiral of grave consequences.”

The recession’s bite


Banderas may have to give up his Marbella garden

Spanish heartthrob, Antonio Banderas may be forced to give up some of his land at his home in Marbella. The Andalucia High Court has overruled a previous order by the Marbella Town Hall that gave his garden at his home in the town a slight reprieve. The order suspended the “demolition” of his garden until the PGOU plan was made part of law, which would have allowed the garden to become legal.

However, the new decision by the High Court means that the attractive Spanish actor may have his 150 metre square strip of land confiscated. Banderas bought the home from a journalist in 1997, but the question at stake is if the land is legal, given that it is near to the beach, in an area that was designated for public use only.

He definitely didn’t suffer from the recession!


Spain’s youth unemployment rate hits 39.2%

The statistics office for Europe, Eurostat announced Thursday that Spain’s youth unemployment rate hit 39.2 per cent in August 2009. Spain led the list as having the highest rate, with Lithuania at 31.2 per cent in the second quarter of 2009.

Spain’s overall unemployment rate was stated at 18.9 per cent in August, compared to July’s 18.5 per cent. The overall unemployment rate in Europe hit historic highs of 9.6 per cent, the highest level in over 10 years. Overall in August, the number of people that became unemployed soared by 165,000 people, totalling 15.16 million people.


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