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Mariano Rajoy

Gloomy OECD forecasts add pressure on Spain to step up reforms

Spain's jobless rate is set to hit 28 percent next year and its deep recession shows no sign of ending, the OECD group of wealthy countries said on Wednesday, adding pressure on Madrid to step up economic reforms.The Organisation for Economic Co-operation and Development forecast the Spanish economy will contract by 1.7 percent this year, more than initially expected and also worse than a government forecast of a 1.3 percent slump.It also said Spain, under current policies, would likely miss its public deficit targets this year and next, while the country's debt would rise to close to 100 percent of economic output in 2014.European authorities are expected later on Thursday to grant Madrid more time to hit its deficit goals provided it refocuses on pushing though planned economic reforms.The new OECD figures deal a blow to the official message that Spain is on the road to recovery thanks to a quick correction of the country's traditionally big trade deficit, the reduction of its fiscal...

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  1. Spain's Rajoy says Cyprus bailout is unique, exceptional case

    Spain's Prime Minister Mariano Rajoy on Tuesday said a European bailout for Cyprus which imposed losses for depositors was a unique and exceptional case which should...

  2. France's Hollande says Cyprus bailout case "unique"

    French President Francois Hollande said on Tuesday that guarantees on bank deposits was an "irrevocable" principle and the Cyprus case was exceptional."The guarantee...

  3. Bleaker outlook pushes Spain's Rajoy to review economic policy

    A bleaker-than-expected economic outlook from the European Commission on Friday will add pressure on Spanish Prime Minister Mariano Rajoy to review economic policy o...

  4. CURRENCIES: Yen Climbs On PM Abe's Remarks; Kiwi Slammed

    The yen rose against major currencies in a choppy session Wednesday after Japanese Prime Minister Shinzo Abe said the need to create a fund to buy foreign bonds was ...

  5. EUROPE MARKETS: Europe Stocks Rise As Barclays Jumps

    European stock markets moved mostly higher on Tuesday, with Barclays PLC shares rallying after a well-received earnings report, while investors more broadly stayed o...

  6. Yen slips after G7 statement, euro recovers

    The yen slipped on Tuesday and was pinned down near recent multi-year lows after the Group of Seven countries issued a statement seen as giving the market a green li...

  7. EUROPE MARKETS: Europe Stocks Waver; Barclays Jumps

    European stock markets showed mixed moves on Tuesday, as an overnight rally in Japan gave way for some optimism, while mining firms added pressure as metals prices d...

  8. EUROPE MARKETS: Europe Stocks Extend Losses; Michelin Drops

    European stock markets extended losses on Tuesday, as an overnight rally in Japan failed to boost investor confidence in the Europe area.The Stoxx Europe 600 index f...

  9. Europe, The Small-Cap ETF Way

    In the wake of Spanish equities tumbling on allegations of graft aimed at Prime Minister Mariano Rajoy and Italian stocks coming under pressure on speculation that S...

  10. Political scandal, economy cost Spain at bond auction

    Spain's funding costs climbed at a bond auction on Thursday after a corruption scandal touching Prime Minister Mariano Rajoy's party and concerns over the country's ...

  11. European Shares Edge Up, Traders Eye ECB

    The euro and shares inched higher on Thursday, as investors awaited the European Central Bank's policy meeting later in the day and President Mario Draghi's views on...

  12. Spain scandal, weak economy push up yields at triple auction

    Political uncertainty over a corruption scandal and revived concerns over the economic health of the euro zone forced the Spanish Treasury to pay more to borrow at a...

  1. Insight: Two things missing on Spain's route to recovery

    Spanish officials tell a dramatic turnaround story: from near-bankruptcy a year ago to model of budget austerity and reform now.There are just two things missing: jo...

  2. Spain banks may need to raise money to meet provisions: Rajoy

    Spain's Prime Minister Mariano Rajoy on Wednesday said the country's banks may have to raise capital on the financial markets to meet higher provisioning requirement...

  3. Spain, Portugal Express Support for Banking Union Push

    The premiers of Spain and Portugal Monday expressed support for a quick push to create a banking union in the euro zone, joining a chorus of other European Union lea...

  4. EUROPE MARKETS: Europe Stocks In Red After U.S. Growth Data

    European stock markets held on to losses in afternoon action on Friday, after closely watched U.S. growth data fell short of expectations.The Stoxx Europe 600 index ...

  5. EUROPE MARKETS: Europe Stocks In Red Ahead Of U.S. Growth Data

    European stock markets were on track to break a five-day winning streak on Friday, with investors staying cautious ahead of a closely watched report on U.S. economic...

  6. Insight: Central bankers cast as superheroes with no script

    It is your first day as the new U.S. Federal Reserve chief: the main interest rate is 4.50 percent, the economy is overheating and the task is to keep inflation and ...

  7. U.K.'s Cameron Defends EU Referendum Plan

    U.K. Prime Minister David Cameron defended his pledge to hold a national referendum on Britain's membership of the European Union Monday ahead of meetings with the l...

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