Mariano Rajoy News
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Austerity is out after the euro-area recession extended to a sixth quarter. Stimulus isn’t yet in.
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Spain’s Sareb, set up last year to acquire 90 billion euros ($116 billion) of soured real estate assets at a discount from rescued lenders, is preparing its first sale, known as ‘Project Bull,’ to test the beleaguered property market’s ability to attract investors.
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Former Spanish Prime Minister Jose Maria Aznar challenged his protege, current Premier Mariano Rajoy, declaring his willingess to rejoin the political arena and calling for tax cuts.
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Prime Minister Mariano Rajoy pledged to cut taxes in Spain before the next election, due in 2015, as he forecast a return to growth for the euro area’s fourth- largest economy.
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Spain posted its first monthly trade surplus on record in March as imports slumped, after government budget cuts undermined domestic demand.
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Spanish politicians trying to cushion the blows of austerity plan to seize foreclosed homes to house the needy, discouraging foreign investment and threatening to violate terms of the European bailout of the country’s banks.
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Spain’s core inflation rate dropped in April to an eight-month low after the fourth-largest economy in the euro area contracted for a seventh quarter.
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Spain’s 10-year government bonds declined for the first time in six weeks as demand fell when the nation sold a combined 4.57 billion euros ($5.9 billion) of securities at an auction.
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Spanish industrial output declined less than economists expected in March, suggesting that the recession in the euro area’s fourth-largest economy is abating.
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Spain beat its maximum target at a bond auction in Madrid today and its borrowing costs fell after an interest-rate cut by the European Central Bank fueled a rally in bonds from distressed euro countries.
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