Luis Garicano News
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Spain’s banks have a capital deficit of 59.3 billion euros ($76.3 billion), less than previously estimated, according to a test designed to lift doubts about the financial industry’s ability to absorb losses.
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Spain must ensure a so-called bad bank meets investor demands for yield without undermining the balance sheets of lenders as the government seeks a panacea for the country’s real estate crisis.
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Half an hour before a bond auction last month, Spanish Budget Minister Cristobal Montoro told lawmakers that the country was running out of cash. Now he’s blowing open divisions within Prime Minister Mariano Rajoy’s administration.
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Spain’s deepest budget cuts in 30 years may be just the start of a U-turn by Prime Minister Jose Luis Rodriguez Zapatero that’s already sent his popularity plunging and prompted calls for a general strike.
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After losing 8,000 euros ($11,500) on an interest-rate swap sold with her mortgage, Maria Jesus del Rio joined demonstrators in her home town of Soria as protests against politicians and bankers spilled onto Spanish streets.
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Spain’s request for as much as 100 billion euros ($125 billion) of European bailout funds may provide the country with enough money to shore up its banking system after three failed attempts in as many years.
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Ending the euro-zone debt crisis requires greater political union and European-level banking insurance as well as more aggressive action by the European Central Bank, a band of economists said.
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The Spanish government won’t accept a labor-law overhaul reducing workers’ rights, said Labor Minister Valeriano Gomez as he defended measures that the country’s business lobby says won’t slash Europe’s highest jobless rate.
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Bankia group risks dragging the rest of Spain into its vortex.
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Spain’s opposition People’s Party pledged to restore investor trust in the euro area’s fourth- biggest economy by imposing more spending cuts if it wins early elections in November.
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