Chief Correspondent, Reuters Spain
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Apr 13, 2012

Spain in emergency ward; grave but not critical

MADRID/BRUSSELS (Reuters) – Spain is in a deep economic and financial hole. Unemployment exceeds 23 percent and Madrid has missed targets to reduce its gaping budget deficit.

With yields on Spanish government bonds back around 6 percent, many pundits reckon a humiliating international bailout beckons to rescue a banking system weakened, like the economy, by a burst housing bubble.

Apr 12, 2012

Analysis – Spain in emergency ward; grave but not critical

MADRID/BRUSSELS (Reuters) – Spain is in a deep economic and financial hole. Unemployment exceeds 23 percent and Madrid has missed targets to reduce its gaping budget deficit.

With yields on Spanish government bonds back around 6 percent, many pundits reckon a humiliating international bailout beckons to rescue a banking system weakened, like the economy, by a burst housing bubble.

Apr 2, 2012

Resistance to austerity stirs in southern Europe

ROME/MADRID (Reuters) – Most of the people of southern Europe have stayed surprisingly stoical up to now in the face of some of the most painful budget cuts in living memory, but signs are stirring that patience may soon run out.

An unexpectedly broad general strike in Spain on Thursday and mounting opposition to Prime Minister Mario Monti in Italy are among indicators that resistance is growing in a region at the centre of concerns about a resurgence of the euro zone debt crisis.

Apr 1, 2012

Analysis: Resistance to austerity stirs in southern Europe

ROME/MADRID (Reuters) – Most of the people of southern Europe have stayed surprisingly stoical up to now in the face of some of the most painful budget cuts in living memory, but signs are stirring that patience may soon run out.

An unexpectedly broad general strike in Spain on Thursday and mounting opposition to Prime Minister Mario Monti in Italy are among indicators that resistance is growing in a region at the centre of concerns about a resurgence of the euro zone debt crisis.

Mar 26, 2012

Insight: Spain’s jobless immigrants take on banks over mortgages

MADRID (Reuters) – Every Tuesday evening dozens of homeowners who cannot pay their mortgages gather in a cramped community center near Madrid’s main bullring to discuss strategy to fight their banks.

Newcomers, many of them immigrants from South America, take turns speaking about how close they are to eviction. They tell of losing their jobs, defaulting on their loans and receiving court notice saying they will be kicked out.

Mar 26, 2012

Spain’s jobless immigrants take on banks over mortgages

MADRID, March 26 (Reuters) – Every Tuesday evening dozens of
homeowners who cannot pay their mortgages gather in a cramped
community center near Madrid’s main bullring to discuss strategy
to fight their banks.

Newcomers, many of them immigrants from South America, take
turns speaking about how close they are to eviction. They tell
of losing their jobs, defaulting on their loans and receiving
court notice saying they will be kicked out.

Mar 12, 2012

Spain looks to cut health, education costs next

MADRID, March 12 (Reuters) – Spain’s new centre-right
government will embark on its most sensitive austerity measures
to date — health and education spending cuts in the
country’s autonomous regions — as soon as it clears a
local election hurdle at the end of March.

Cuts in social services are likely to set off street
protests as Spain struggles to save at least 30 billion euros
this year to meet tough European deficit reduction goals while
the economy shrinks and almost one in four are out of work.

Feb 3, 2012

Pay slashed for bailed-out Spanish bankers

MADRID, Feb 3 (Reuters) – The Spanish government has
placed limits on executive pay at banks that received state aid
after a series of scandals over fat payouts for bankers who
loaded dodgy property debt onto lenders that then needed bailing
out.

The cap was set at 600,000 euros ($790,000) per year for
executive salaries at banks rescued by public funds, and
incentive pay was suspended, Economy Minister Luis de Guindos, a
former Lehman Brothers executive, said on Friday.

Dec 21, 2011

Spain’s Rajoy names cabinet of insiders

MADRID, Dec 21 (Reuters) – New Spanish Prime Minister
Mariano Rajoy named on Wednesday a cabinet of mostly close
advisers charged with reviving the sluggish economy while
slashing spending to reassure investors the euro zone’s No. 4
economy can stay solvent.

Luis de Guindos, a former Lehman Brothers executive and
economy under-secretary, will head the economy ministry, which
was divided in two as Rajoy named his close adviser Cristobal
Montoro as treasury minister.

Dec 15, 2011

S&P cuts ratings of 10 Spanish banks

MADRID (Reuters) – Standard & Poor’s cut the credit ratings of 10 Spanish banks on Thursday and said they remained on watch for a possible further cut subject to a review of Spain’s sovereign rating.

The banks include Bankia (BKIA.MC: Quote, Profile, Research, Stock Buzz) and its holding company, CaixabankMC> and its holding company, Ibercaja, Bankinter (BKT.MC: Quote, Profile, Research, Stock Buzz), Sabadell (SABE.MC: Quote, Profile, Research, Stock Buzz) and Popular (POP.MC: Quote, Profile, Research, Stock Buzz).

    • About Fiona

      "Fiona Ortiz is Reuters' chief correspondent for Spain. She has also lived and worked as a journalist in Argentina, Chile, Mexico, Costa Rica, Guatemala and Portland, Oregon."
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