July 2010: - Private investment in savings banks is allowed for the first time, to complement restructuring and merger processes. Spaniards are more open to social change that Italians who remain among the most conservative people in Europe.In the last decade, Spain recovered fast from its euro-crisis with exports and foreign direct investment surging.

Now, Spain’s economy has returned to its pre-crisis size, according to data released by the government on Friday.

Standard & Poor's is the first credit rating agency to downgrade Spain, cutting its treasured AAA rating by one notch to AA+. At the time or writing, it is not clear what coalition will be governing Spain in the next few years.

journalists in 50+ countries covering politics, business, innovation, trends and more. Zapatero decides to bring forward national elections to November, four months early. Spain creates a bank bail-out fund, known as the FROB, with firepower of up to €99bn euros and urges weaker savings banks to merge to improve solvency.

- Like other developed countries, Spain adopts an economic stimulus plan. An explanation, from the Bear Stearns bailout to Lehman's collapse, to TARP.
Parliament passes a constitutional amendment forcing governments to keep balance budgets. December 2011: - In his first comments since his election victory, Rajoy calls on all Spaniards to work together to overcome the debt crisis and promises a new economic policy. Add this topic to your myFT Digest for news straight to your inbox. - Austerity measures passed over the following six months, including a two percentage point rise in Value Added Tax, are worth an estimated total of 5 percent of GDP.

The then socialist Prime Minister José Luis Rodríguez Zapatero announced austerity measures including a steep hike in VAT.

The debt crisis was preceded by—and, to some degree, December 2010: - The central government forces the country’s 17 autonomous regions, considered the weak link in spending cuts, to publish more details of their accounts. — Spain is aiming to cut its budget deficit from around 8 percent of GDP to 4.4 percent by the end of 2012, but that target looks ambitious given the sharp contraction in growth, with output falling 0.3 percent in Q4 of 2011. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Business Somewhere between crisis and boom in Portugal. New government says on December 30 that the public deficit for 2011 would come in at 8pc of GDP, well above a target of 6pc.

As usually happens, the Spanish government and international institutions underestimated the seriousness of the debt crisis that soon turned into a financial crisis, and soon after into an economic slump.The Bank of Spain bailed out Caja Castilla-La Mancha in its first bank rescue operation.

However, Spain’s underlying problems soon resurfaced. The government also announces new austerity measures with a cut in public spending by €8.9bn in 2012 for all ministries.

In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply for a €100 billion rescue package provided by the European Stability Mechanism. This seemingly puts the finish to one of the worst economic …

April 2010: - As talks intensify on granting Greece an economic bailout, attention turns to Spain amid worries over its massive public deficit — 11.2 percent of GDP in 2009. Add to myFT Digest. — Spain ends 2011 with almost one in four of its economically active population out of work, data shows. — Spain’s new government says on December 30 the public deficit for 2011 would come in at 8 percent of GDP, well above a target of 6 percent.

June 2010: - Spain’s cabinet approves a labor market reform, which is criticized by unions as undermining workers’ rights and by businesses for being too weak. Contrary to many forecasts the centre-right has failed to garner enough support in Spain’s elections on April 28. Bankia asks for a €19bn state rescue on May 25.

Spain is nationalising Bankia, which holds some 10pc of the country's bank deposits, weighed downn by heavy losses from the property crash.

January 2012 - Rajoy says Spain will not going to meet its existing growth target for 2012. The jobless rate jumped to 22.85 percent, or 5.27 million people, in Q4, from 21.5 percent in Q3. Spanish Economic Crisis Summary. It has been just over a decade since the beginning of the Spanish financial crisis. All rights reserved.

The jobless rate jumps to 22.85pc, or 5.27m people - the highest in the European Union.
4 Min Read. In particular, the rapid economic growth encouraged a boom in property.

Comparisons with the situation in Italy are revealing.The Spanish economy officially entered in a recession towards the end of 2018. - Spain’s economy emerges from an 18-month recession as exports pick up. Support Times of Malta for the In the last decade, Spain recovered fast from its euro-crisis with exports and foreign direct investment surgingCopyright © 2020Times of Malta. Spain passes pension reform that will gradually raise the retirement age to 67 from a previous 65. Spain will aim to save more than €27bn in its 2012 budget through corporate taxes, freezing civil servant wages and ministerial spending cuts.

The central government forces the country's 17 autonomous regions, considered the weak link in spending cuts, to publish more details of their accounts. — Treasury Minister Cristobal Montoro announces tax hikes to focus on the wealthy, raising around 6 billion euros ($7.97 billion).

It is interesting that Spain’s larger banks avoided the worst consequences of the financial crisis as their business model was built on more international diversification of their activities.In early 2010 Spain’s economy exited recession and attention was now focused on Greece.

However, Italy’s factitiousness and stagnation are more likely to spark the next eurozone crisis than Spain’s political fragmentation.Independent journalism costs money.


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