Data provided by iNet BFA
Loading...
See More

Spain's parliament on protest alert

Sep 25 2012 12:32 Sapa-AP

Related Articles

Spain banks' borrowing hits new ECB high

Spain heading for 'full-blown bailout'

Spain cuts official trade deficit

Pain for Spain consumers as VAT hits 21%

Spain pumps €4.5bn into Bankia

Spain debt auction a success

 
Madrid - Spain's parliament took on the appearance of a heavily guarded fortress on Tuesday, hours ahead of a protest against the conservative government's handling of the economic crisis.

The demonstration, organised behind the slogan "Occupy Congress", is expected to draw thousands of people from around Spain and was due to start around 17:30 GMT.

Madrid's regional interior ministry delegation said some 1 300 police would be deployed though protesters say they have no intention of storming the chamber, only of marching around it.

They are calling for fresh elections, claiming the government's austerity measures show the ruling Popular Party misled voters to get elected last November.

The protest comes as Spain struggles in its second recession in three years and with unemployment near 25%.

Spain has introduced austerity measures and economic reforms in a bid to convince its euro partners and investors that it is serious about reducing its bloated deficit to 6.3% of gross domestic product in 2012 to 4.5% next year.

Concerns over the country's public finances was evident earlier when the Treasury sold €3.98bn in short-term debt but at a higher cost.

It sold €1.39bn in three-month bills at an average interest rate of 1.2%, up from 0.95% in the last such auction on August 28, and €2.58bn in six-month bills on a yield of 2.21%, up from 2.03%.

The government is expected to present a new batch of reforms on Thursday as it unveils a draft budget for 2013. A day later the results of bank stress tests carried out by an international auditing company are to be released.

Spain has already been granted a €100bn loan by its 16 partner nations using the euro currency to help bail out those of its banks worst hit by the collapse of the country's real estate sector in 2008.

Spain has yet to tap the fund and initial estimates say the banks will need some €60bn.

*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

 
spain  |  eurozone debt crisis  |  protest
NEXT ON FIN24X

SA mining at a crossroads

2014-08-27 20:08

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...