Spain’s Public Debt Soars to New Highs, Smothering Optimism
Optimism over the improving state of the Spanish economy is once again on shaky ground with its public debt burden soaring well beyond governmental forecasts.
Where the Wind Blows: Renewables in Europe
Progress outpaces U.S., but political storm clouds gather over southern Europe.
Roubini, Bremmer at Davos: U.S. Can’t Do More on World Stage
Davos interview brings comments on Clinton hearing and Obama’s ‘I have a Drone’ speech.
Spain Takes S&P Rating Cut
S&P not only downgraded the country’s sovereign debt rating two notches to a single level above junk, but also gave it a negative outlook. The ratings agency cited the uncertain economic and political situation in its reasoning.
Spain Suffers as Corporations Save on Taxes
A combination of small-business failures and the move of large corporations toward countries considered tax havens has led to a drop of nearly two-thirds in the corporate taxes collected by Spain.
ECB Plan Cuts ‘Drama’ From Aid Requests: Monti
ECB President Mario Draghi’s plan to buy bonds and drive down the interest rates for eurozone countries in trouble has lessened the stigma of asking for help, according to Prime Minister Mario Monti of Italy.
Spain Risks ECB Wrath With Unemployment Extension
Calling the move “just” in a country with unemployment near 25%, Prime Minister Mariano Rajoy also said that he was still considering asking for help from Europe to combat cripplingly high bond yields.
Spain Gets Extra Year to Cut Debt
Spain will be given an extra year to get its deficit reduction under control, but markets were not impressed with the action.
Spanish Banks Downgraded as Cyprus Seeks Bailout
The troubled eurozone continued to experience turmoil as Moody’s downgraded 28 Spanish banks and Cyprus requested a bailout that could amount to more than half its economy.
Spain Accepts Bailout
Spain accepted a bailout Saturday for its financial sector, and Italy stepped up into the spotlight over concerns that it may be the next country to request aid.