The European Weekly Crisis:

30 Nov

The weekly crisis:

The Euro Group and the International Monetary Fund has had to ‘bite the sour apple’ and ‘pardon’ 40,000 million euros of Greek debt, to avoid the country going formally bust and losing the 43.700 million, next installment of the ‘rescue package’….

The Spanish government has indicated that it will again use the reserve fund of the Social Security, which at present has 66,000 million euros, to pay pensions in December

FROB, the Government agency for banking restructure, has agreed to sell Banco de Valencia for 1 euro to Catalunya Bank, after first injecting 4,500 millions to keep it afloat

Bankia will reduce the staff by 6.000 people, 25% of the total, and close down 1.000 branch offices

FUNCAS (Foundation of the Saving Banks) predicts that the contraction in the economy this year will be 1.4% of the Gross Domestic Product, and 1.6 next year

The federation of the metal industry considers the Government budget for 2013 as ‘overly optimistic, which may deepen the crisis’

Non-financial companies assets fell 57.2% in the 9 first months of the year

The public deficit was in October 43,374 million euros, 4.13% of Gross Domestic Product. That is 9% more than at the same time last year

The results of the Catalan elections have made the country risk rise slightly over 420 points, the interest rate on 10 years bond to go over 5.7% and the IBEX to fall below 7,863 points

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