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They are among the discordant calls made by Spanish and EU bureaucrats as Spain's drive to hand out 77 billion euros ($84 billion) in grants from EU pandemic recovery funds becomes mired in complexity, according to interviews with business associations, government officials, companies and consultants. Spain is the EU pilot project for disbursing grants from the largest stimulus package in the bloc's history, an overall pot of 724 billion euros, including loans. A year into the disbursement process, about 23.5 billion euros had been awarded as of December last year, according to the latest figures published by the government last month. That's a sluggish pace, given the EU and Spain have set a deadline of the end of this year to award all 77 billion euros. Meanwhile, only about 9 billion euros have actually reached the businesses awarded funds, according to calculations by the Esade Centre for Economic Policy, a Madrid-based think-tank that tracks the pandemic recovery cash.

☆ IMF's Georgieva sees 'tangible progress' on debt issues, urges seeking help earlier
▼ + stars: | 2023-04-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 14 (Reuters) - International Monetary Fund chief Kristalina Georgieva said on Friday that debtors and creditors made "tangible progress" on debt restructuring issues this week, but urged countries facing mounting debt problems to seek help earlier in the process. A new sovereign debt roundtable was helping to accelerate work on debt restructurings, Georgieva told a news conference during the IMF and World Bank spring meetings in Washington. But countries nearing debt distress and their creditors should move forward on reprofiling debt levels before a full restructuring was needed, she said. Imagine a further tightening of financial conditions, that increases the burden on these countries," she added. Georgieva said the IMF would continue to work closely with the 20 African countries with heavy debt burdens to avoid getting to the point where restructurings were needed.

WASHINGTON, April 14 (Reuters) - The International Monetary Fund's steering committee on Friday said it would accelerate its discussions on quota reforms at the global lender with an eye to making "considerable progress" by its next meeting in October. "In this context, we support at least maintaining" the IMF’s current lending resources, Calvino said in a summary of the committee's work. "With regard to IMF resources, I continue to believe that overall resources remain adequate," Yellen said. "At the same time, the IMF needs to follow through on its commitment to a new quota formula that is both fair and simple and primarily reflects the economic size of its member countries." He called for a "pragmatic approach" to complete the review by December to increase IMF resources and to "strengthen the voice and representation of dynamic emerging market and developing economies."

☆ Europe cannot turn its back on China, Spanish minister says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

MADRID, April 11 (Reuters) - Europe cannot ignore China's role as a key trading partner and important geopolitical player that could help put an end to the war in Ukraine, or provide debt relief for low-income countries, Spanish Economy Minister Nadia Calvino said on Tuesday. "We need to use the time to reinforce our common safety net protecting most vulnerable countries ... and here again we cannot just ignore China. Top officials from China will make their first in-person attendance at the Washington meetings in three years. Calvino said she hoped to deliver good news on debt relief to these countries later this year. Reporting by David Latona and Belen Carreno; Editing by Andrei Khalip and David HolmesOur Standards: The Thomson Reuters Trust Principles.

[1/4] Chinese President Xi Jinping and France's President Emmanuel Macron meet at the Guandong province governor's residence, in Guangzhou, China, Friday, April 7, 2023. Macron's comments came in an interview on a trip to China that was meant to showcase European unity on China policy, with European Commission President Ursula von der Leyen also taking part, but highlighted differences within the European Union. A senior diplomat from Central and Eastern Europe, speaking on condition of anonymity, said: "President Macron is not speaking for Europe or the European Union. The French foreign ministry cancelled a planned debrief on the trip for foreign diplomats in Paris on Tuesday as officials scrambled to make sure they had a consistent message and to limit any fallout with Washington. But even some of those broadly supportive of Macron's agenda lamented the handling of the China trip, in which von der Leyen received a much more muted welcome than the French president.

☆ Yellen urges IMF to press creditors to finalize debt restructurings
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 4 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday called for quicker action to resolve several outstanding sovereign debt restructuring cases and urged the International Monetary Fund to press all bilateral creditors to finalize such deals. The Treasury said Yellen raised the issue during meetings with IMF Managing Director Kristalina Georgieva and Spanish Economy Minister Nadia Calviño, who heads the IMF's steering committee, ahead of next week's IMF and World Bank spring meetings of the IMF and World Bank. "Secretary Yellen urged the IMF to deepen its efforts to support low- and middle-income countries facing debt distress, including by continuing to press all bilateral official creditors to finalize outstanding debt restructuring cases," the IMF said in a statement. It added that Yellen discussed with Georgieva and Calviño priorities for the IMF and World Bank meetings, recent developments in the global economy and financial system, and the need to continue support for low-income and vulnerable countries. Reporting by Andrea Shalal; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ It's the U.S., not Europe's banking system that's a concern, top economists say
▼ + stars: | 2023-03-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A central theme at the Ambrosetti Forum in Italy on Thursday and Friday was the potential for further instability in financial markets, arising from problems in the banking sector — particularly against a backdrop of tightening financial conditions. The move of 2018 was part of a broad rollback of banking rules put in place in the aftermath of the crisis. Although lauding the progress made in Europe, Papaconstantinou emphasized that it is too early to tell whether there is broader weakness in the banking system. It is not an environment where we can sit back and say, 'okay, this was just two blips, and we can continue as usual'. "We learnt the lessons of the financial crisis, there's been deep restructuring in this decade, and they are in a stronger position than in the past, obviously."

☆ Addressing food inflation is a top priority, Spanish minister says
▼ + stars: | 2023-03-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAddressing food inflation is a top priority because it's hurting families, Spanish minister saysNadia Calviño, Spain's economy minister, says core inflation has stabilized but the government is taking steps to address the pressures from food inflation through measures such as reducing VAT on some foodstuffs.

☆ Spain inflation falls more than expected to 3.3% in March
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Spain's consumer price inflation slowed to 3.3% in March, its weakest annual rate since August 2021 and down from 6.0% in February, preliminary data from the National Statistics Institute showed on Thursday. Analysts polled by Reuters had expected a rate of 3.8%. This drop is mainly due to the fact that electricity and fuel prices increased in March 2022 and decreased this month, the statistics agency said. Core inflation, which strips out volatile fresh food and energy prices, was 7.5% year-on-year, slightly below the 7.6% recorded in February, the data showed. Spain's European Union-harmonised 12-month inflation was 3.1%, down from 6.0% in February and below the 4.0% expected by analysts polled by Reuters.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ In economics, women's voices still struggle to be heard
▼ + stars: | 2023-03-08 | by ( Maria Martinez | ) www.reuters.com time to read: +5 min

There seems to be a lot to celebrate on International Women's Day in the field of economics. Women head the International Monetary Fund, the World Trade Organization, the U.S. Treasury and the European Central Bank. "The pervasive underrepresentation of women in economics is systemic and structural," Ngozi Okonjo-Iweala, the first woman to head the World Trade Organization, told Reuters. "There are no women in the textbooks and most big names in economics are men," said Sandra Kretschmer, economics researcher and member of the Women in Economics Initiative. Women and men tend to have different research interests, said Alisa Weinberger, economics researcher at Goethe.

☆ Spain is making a 'very strong' economic recovery, minister says
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpain is making a 'very strong' economic recovery, minister saysNadia Calvino, Spain's economy minister, says the outlook for the country is "relatively positive."

☆ Spain launched its long-awaited 'digital nomad visa' — here's who qualifies and how to apply
▼ + stars: | 2023-02-06 | by ( Hannah Towey | ) www.businessinsider.com time to read: +5 min

The Spanish government has officially approved a new digital nomad visa for remote workers. How Spain's visa for remote workers compares to Portugal's digital nomad visa:Portugal's digital nomad visa has a slightly higher minimum income requirement than Spain's. Cavan Images/Getty ImagesSpain's digital nomad visa is very similar to its neighbor Portugal's, which was released back in November. In order to qualify for Portugal's digital nomad visa, remote workers must make at least four times its minimum wage to apply. Spain's Startup Act and digital nomad visa saw support from both sides of the political spectrum.

☆ EU Commissioner says he will remind TikTok CEO to respect EU rules
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

MADRID, Jan 9 (Reuters) - Chinese social media company TikTok must remember to respect European Union rules, including transparency requirements regarding its algorithms, Commissioner for the Internal Market Thierry Breton said on Monday. "I'll remind TikTok's president to respect the integrality of our rules, which are very protective of our citizens, and the obligations they'll have, including on the transparency of their algorithms," Breton said in a joint press conference with Spain's Economy Minister Nadia Calvino. TikTok's Chief Executive Shou Zi Chew is due to travel to Brussels to meet with top EU officials later this week. Reporting by David Latona; Editing by Inti LandauroOur Standards: The Thomson Reuters Trust Principles.

☆ Spain's 12-month inflation slows down again in December to 5.8%
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Still, core inflation, which strips out volatile fresh food and energy prices, was at 6.9% year-on-year, higher than the 6.3% recorded a month ago, the INE data showed. In November, Spain had the lowest inflation in the 27-member European Union with a rate of 6.7%, after peaking in July at around 11%. Core inflation is taking longer to come down because it took longer to go up," Economy Minister Nadia Calviño said in an interview with broadcaster SER. Spain's European Union-harmonised 12-month inflation was 5.6%, down from 6.7% in November and below the 6.0% expectation from analysts polled by Reuters. Reporting by Joanna Jonczyk-Gwizdala and Belén Carreño, Editing by David Latona and Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

The Spanish government estimates that the EU grants and loans will on average add 2.6 percentage points to gross domestic product annually through 2031. Calvino said the EU soft loans would be channelled through state-linked investment vehicles so as not to inflate Spain's debt burden. In total, Spain is seeking to mobilise 160 billion euros. It has so far received 31 billion euros from the pandemic package, deploying around 22 billion, Calvino said. However, a recent study by consultants EY and the ESADE business school estimated that just 9.3 billion euros had reached the real economy.

☆ Spain approves mortgage support for more than 1 mln households
▼ + stars: | 2022-11-22 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

In Spain, around three-quarters of the population are homeowners, with most opting for floating-rate mortgages which are exposed to interest rate rises. Other countries, such as Hungary, Portugal, Poland and Greece, have approved different forms of mortgage support. Spain's banks will provide mortgage support for vulnerable families earning less than 25,200 euros ($25,815) per year through an amended industry-wide code of good practice. They will be able to restructure mortgages at a lower interest rate during a five-year grace period. Measures will also make it cheaper for families to switch from variable to fixed rate mortgage contracts.

☆ Spanish banks have one month to agree with proposed mortgage relief measures
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

MADRID, Nov 22 (Reuters) - Spanish banks have one month to agree with the mortgage relief measures proposed by the government, Economy Minister Nadia Calvino said on Tuesday. She added Caixabank (CABK.MC), the bank with the largest assets in Spain, has said it intends to agree with the measures. Reporting by Belén Carreño; writing by Inti Landauro; editing by David LatonaOur Standards: The Thomson Reuters Trust Principles.

☆ Spain to announce details on mortgage relief measures next Tuesday
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

MADRID, Nov 18 (Reuters) - The Spanish government expects to unveil details of mortgage relief measures to help vulnerable households and middle-class clients cope with rising borrowing costs on such loans at the next cabinet meeting on Tuesday, the economy minister said. Nadia Calvino told reporters on Friday the government and banks were finalising work on expanding and improving an existing industry-wide code of good practice for that purpose. "I hope that in the next few hours we will reach an agreement so that we can present it on Tuesday," Calvino said during a joint news conference with European Union antitrust chief Margrethe Vestager. Calvino said the government and lenders were also working on measures to support middle-class families that may be at risk as a result of an accelerated rise in interest rates by the European Central Bank translating into higher mortgage rates. Reporting by Jesús Aguado, Emma Pinedo and Inti Landauro; editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

☆ Spain expects to agree with banks mortgage relief measures by end of week
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] A general view shows houses, amid the coronavirus disease (COVID-19) outbreak, in the old town in Ronda, southern Spain, April 12, 2020. REUTERS/Jon NazcaMADRID, Nov 15 (Reuters) - Spain's government expects to reach by the end of this week an agreement with banks on mortgage relief measures to help vulnerable households and middle-class clients cope with rising borrowing costs on such loans, the economy minister said. She said the government and banks were working on expanding and improving an existing industry-wide code of good practice to support vulnerable groups. In Spain around three-quarters of the population are homeowners, with most opting for floating-rate mortgages. Reporting by Jesús Aguado, editing by Andrei Khalip and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Spain is expected to launch its 'digital nomad visa' in January. Here's what we know about the program so far.
▼ + stars: | 2022-11-15 | by ( Hannah Towey | ) www.businessinsider.com time to read: +5 min

Spain's parliament recently approved a "digital nomad visa" for foreign remote workers. That's slightly less than Portugal's digital nomad visa, which requires remote workers to make at least four times its minimum wage to apply. EyesWideOpen/Getty ImagesWith its favorable climate and proximity to major European hubs, it's no wonder why the Iberian peninsula is becoming a digital nomad hotspot. Before Portugal launched its digital nomad visa at the end of October, remote workers flocked to the country through its D7 visa, also known as a passive income visa. Spain's Startup Act and digital nomad visa have so far seen support from both sides of the political spectrum.

☆ Nadia Calviño: European response needed to the energy crisis
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNadia Calviño: European response needed to the energy crisisNadia Calviño, the Spanish economy minister, discusses China's political and economic interests in Europe and the need for a European response to the energy crisis.

☆ Spain's banks seek to extend mortgage lifespans for vulnerable households
▼ + stars: | 2022-10-20 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

MADRID, Oct 20 (Reuters) - Spanish lenders are open to extending loan repayments for up to five years for vulnerable households that experience a rise of at least 30% in variable mortgage costs, a draft of the proposal seen by Reuters on Thursday showed. Banks would not have to automatically set aside provisions as a consequence of the loan extensions, according to the draft. "Households earning not more than 24,300 euros a year would be eligible to extend the lifespan of mortgage repayments," one of the sources said on Wednesday. Once the extension of the mortgage term to final maturity has been agreed, the outstanding loan would continue to be repaid in new instalments, according to the draft. "As it stands with this proposal, you may even end up paying more interest in the long term", Suarez said.

International Monetary Fund Managing Director Kristalina Georgieva speaks during the Annual Meetings of the IMF and World Bank in Washington, U.S., October 14, 2022. World Bank President David Malpass said at the meeting that the bank would use the "full suite" of its financing and guarantee instruments "to unlock larger volumes of private finance for quality, sustainable infrastructure." Opposition from Russia stalled new agreements from the G20 and the IMF and World Bank steering committees. WORLD BANK REFORMSThe World Bank's steering committee on Saturday backed the U.S. call for change, and asked World Bank leadership to deliver a roadmap for revamping the bank's institutional and operational framework by the end of the year. It also asked Malpass to develop a plan for implementing the recommendations of an independent panel that reviewed the bank's capital adequacy rules, in time for next spring's IMF and World Bank meetings in April.

☆ Spain's banks seek extending lifespan of mortgages for vulnerable households
▼ + stars: | 2022-10-19 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, Oct 19 (Reuters) - Spanish lenders are open to extending loan repayments for vulnerable households that experience a rise of at least 30% in variable mortgage costs, three sources with knowledge of the matter said on Wednesday. The proposal is part of a wider set of measures aimed at helping exposed families cope with an increase in interest rates and rising cost of living that banks are discussing with government. "Households earning not more than 24,300 euros a year would be eligible to extend the lifespan of mortgage repayments," one of the sources said. The banking association AEB and the savings banks association CECA declined to comment. "As it stands with this proposal, you may even end up paying more interest in the long term", Suarez said.

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