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Laura

Spanish Minister Says Economy Has Bottomed

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Spain "is touching bottom in the (economic) crisis," but employment will take longer to start increasing and will reach a low point "probably" in 2011, Deputy Prime Minister and Economy Minister Elena Salgado said.

This year there will be no more tax hikes and after the summer officials will have better data to use in making fiscal decisions with an eye toward 2010, Salgado said in an interview published Sunday by the daily El País.

Next year, according to Economy Ministry projections, Spain will achieve stability and will begin to grow "very weakly" again in economic terms, but then it will begin to grow "more quickly" starting in 2011, Salgado said.

Regarding the job situation, Salgado said that the level of 5 million jobless people in Spain "does not figure" in the government's predictions. :blink:

Spain has experienced a pronounced destruction in jobs over the past year, during which the world financial and economic crisis occurred along with the real estate collapse, which had been the economic engine of the last decade.

In May, unemployment fell in Spain for the first time in the last 14 months to 3.6 million jobless, but the unemployment rate is the highest of the countries making up the Organization for Economic Cooperation and Development, or OECD.

Unemployment in Spain increased to almost double the average in the euro zone last April, when it was 18.1 per cent of the active population, according to OECD data.

Spain, moreover, was the main country responsible for the destruction of jobs in Europe in the first quarter of 2009, given that job losses in this country amounted to almost 55 per cent of the total number in the euro zone and about 35 per cent of those in the European Union, according to data from Eurostat, the Community's official statistics agency.

http://www.surinenglish.com/20090622/news/...0906220923.html

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Bloody hell Laura, of all people YOU should know...

EVERYTHING IS JUST FINE IN THE EUROZONE!!!

JCT said so - it must be true.

Stop spreading nasty rumours please

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Bloody hell Laura, of all people YOU should know...

EVERYTHING IS JUST FINE IN THE EUROZONE!!!

JCT said so - it must be true.

Stop spreading nasty rumours please

Sorry feet :(

For most folk around here little seems to have changed.

We had a wet (good)/cold (not so good) winter.

For those on the limit relying on GBP, it hurts.

The jobbers (correct term? - no disrespect intended) have plenty to do; or at least I have to wait for the ones I know & like.

That is it.

Yes I know the economy is said to be screwed; when wasn't it?

The two local respected builders have plenty of work.

Last week I met Brits who have recently bought; & I know of three rural properties that have just sold.

On the coast I hear it's not so good, but it's a very different mentality that desires a concrete box right next to another concrete box.

Spain? - What is that? Never heard of it. (a very Portuguese response)

Edited by Laura

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Sorry feet :(

For most folk around here little seems to have changed.

We had a wet (good)/cold (not so good) winter.

For those on the limit relying on GBP, it hurts.

The jobbers (correct term? - no disrespect intended) have plenty to do; or at least I have to wait for the ones I know & like.

That is it.

Yes I know the economy is said to be screwed; when wasn't it?

The two local respected builders have plenty of work.

Last week I met Brits who have recently bought; & I know of three rural properties that have just sold.

On the coast I hear it's not so good, but it's a very different mentality that desires a concrete box right next to another concrete box.

Spain? - What is that? Never heard of it. (a very Portuguese response)

No sweat, I was being sarcastic ;)

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How busy are the Spanish resorts at the minute?

Very busy with Spanish - see the overseas thread for more details. It's not the unemployed that's the major problem. It's the 8 million pensioners and 11 million state workers! :o Who's paying for that? Thanks Germany!

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No sweat, I was being sarcastic ;)

I know I know.

My fault, I should have put a ;) with the :(

Now where is that MSE thxs button when one needs one??!

The more pressing need though is a 'Hamish' button.

EDIT:- 'put', not 'out'

Edited by Laura

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It's the 8 million pensioners and 11 million state workers!

One of the reasons we rejected France (cold winters apart) was the number of workers it took to put up the Xmas lights;

& to change a parking meter from francs to euros (in late March!), a classic which involved two men from the ville, an electrician, & the local copper, & all on a Sunday!

Our combined reaction? "This is worse than Spain!"

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One of the reasons we rejected France (cold winters apart) was the number of workers it took to put up the Xmas lights;

& to change a parking meter from francs to euros (in late March!), a classic which involved two men from the ville, an electrician, & the local copper, & all on a Sunday!

Our combined reaction? "This is worse than Spain!"

Whereabouts in Spain? South/East I presume?

If you have a chance, take a look at the north and north west for a visit, you can be pleasantly surprised (crisis/economy considerations aside...) "...did you know the celts colonized the north west?..."

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Whereabouts in Spain? South/East I presume?

If you have a chance, take a look at the north and north west for a visit, you can be pleasantly

surprised (crisis/economy considerations aside...) "...did you know the celts colonized the north west?..."

No I didn't. Thxs. There are many Spains as they say, & most of them don't wish to be Spanish it seems!

Good point OT. Yes southern Spain. Not one of my favourite places. It always felt 'edgy' to us.

Know the north quite well (but not yet the the extreme north-west corner). Had some great times in the Basque country, on both sides.

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"Spain "is touching bottom in the (economic) crisis," but employment will take longer to start increasing and will reach a low point "probably" in 2011, Deputy Prime Minister and Economy Minister Elena Salgado said"

Another 2 years and probably more of rising huge unemployment does mean you've hit bottom honey. Stupid cow. Spain is screwed, they know it, we know it and the people of Spain know it.

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No I didn't. Thxs. There are many Spains as they say, & most of them don't wish to be Spanish it seems!

Good point OT. Yes southern Spain. Not one of my favourite places. It always felt 'edgy' to us.

Know the north quite well (but not yet the the extreme north-west corner). Had some great times in the Basque country, on both sides.

Here, just a few teasers:

We've got the pipe believe it or not

Galicia celts

Wikipedia

Galicia's folklore is full of celt (pagan) traditions intertwined within the catholic mainstream, and it is adimittedly a land of magic, witches, druids, werewolves and much more...

Edited by Old_Traveller

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Galicia's folklore is full of celt (pagan) traditions intertwined within the catholic mainstream, and it is adimittedly a land of magic, witches, druids, werewolves and much more...

Thxs for the links :)

Galicia also has imports from Colombia arrive via its many quiet beaches; or so I am told :)

________________________

Just had this in an email via www.investorplace.com

"Europe is terrified of Russia, and the reason is: Liquefied Natural Gas.

Spain is especially dependent on LNG, piped in from across the Urals.

Russia is threatening supply cuts this month. If that happens, the Spanish economy could be brought to its knees in approximately 45 days, bringing the rest of Europe with it in about 60.

Spain is feverishly building LNG storage facilities, but it is too little, too late. The government can’t even get its hand on enough pipes to piece together an alternative pipeline linked to the Atlantic."

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Thxs for the links :)

Galicia also has imports from Colombia arrive via its many quiet beaches; or so I am told :)

________________________

Just had this in an email via www.investorplace.com

"Europe is terrified of Russia, and the reason is: Liquefied Natural Gas.

Spain is especially dependent on LNG, piped in from across the Urals.

Russia is threatening supply cuts this month. If that happens, the Spanish economy could be brought to its knees in approximately 45 days, bringing the rest of Europe with it in about 60.

Spain is feverishly building LNG storage facilities, but it is too little, too late. The government can’t even get its hand on enough pipes to piece together an alternative pipeline linked to the Atlantic."

Indeed, I forgot to mention it is also the land of smugglers...

-------------------------------------

Re LNG, I do not have the precise figures but Spain is equally dependent on Natural Gas from Northern Africa... not sure which one is less stable...

No worries, as long as we have bullfighting and football we will survive.

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