Economy Alliances

Archive for the ‘financial sector’ Category

The Lisbon Treaty to make permanent the rescue fund created in May to help countries in trouble to refinance its debt, which expires in 2013, has informed the Secretary of State for EU, Diego Lopez Garrison, and the Joint Commission for the EU who is deputies and senators.

This is the position that Spain will defend at the European Council to be held next week in Brussels, where EU leaders will address the creation of a permanent fund to replace the current 750,000 million Euros, for which they arise, to German authorities, reform the Lisbon Treaty takes effect only one year.

While this reform is to guarantee financial stability in the countries sharing the single currency, the other EU Member States that are not in the euro zone will inevitably involve the negotiation of Treaty reform, as is required to carry it out the “unanimity” of the Member States, with the approval of their parliaments, he explained. The reform has reported Lopez Garrison, will take place through a simplified review procedure, which prevents the creation of the mechanism of rescue “entail new transfers of powers to the Union and that it be necessary to convene a convention to amend the Treaty.

The road map to manage the member countries is that future work on that end rescue mechanism “in March next year, when EU governments have to approve it and then sent to their parliaments to ratify it the objective that can enter into force on December 31, 2013, date of expiry of the current arrangement, according to Lopez Garrison.

In recent weeks, the team of permanent European Council president, Herman van Rumpus, has met with members to discuss with them how this reform should be targeted. According to Lopez Garrison, “there was sufficient consensus” for that would need to amend Article 136 on economic policy coordination in the euro zone and that he wants to “add the possibility of such a crisis resolution mechanism.”

Member States, recalled, agreed on Nov. 28 about “broad elements” of how this mechanism should include the acceptance of “possible private sector participation based on the basis of the budgetary position of States that may be needed of that assistance.”

“In that case – continued – would require the State to negotiate a restructuring with private creditors and to facilitate this process would be concluded in the new issue of the Member States in 2013 what has been called collective action clauses to prevent a minority of creditors to block the adoption of a restructuring plan. “

Elena Salgado, believes that the exposure of the brick savings has emerged and emphasized that, knowing the number of homes with entities on their balance sheets and know what part this provisioned, it is true that there is a problem, but this is ‘limited’ and can ‘absorb’.

Depreciation and insisted that the problem ‘can be undertaken. Asked about the possibility of requesting a credit line of 100,000 million to the International Monetary Fund (IMF), the Minister has insisted that such request line ‘is illogical “and stressed that Spain is being funded well, debt issues are taking cover ‘excellent’, the debt is ‘limited’ in relation to GDP and spreads ‘are falling’.

The recapitalization of banks, Salgado has expressed its satisfaction at having gone from 45 entities to only 17 in this ‘first attempt at building “to gain size, and stressed that now is the time of’ capital gain.” However, it has insisted that financial institutions have no capital issues have the option to continue as before or to undertake reform.

Finally, in relation to the criticism they have received the deadlines imposed by the Government, the second vice president reiterated that September is the ‘maximum’ to carry out reforms, because if an entity does not have sufficient capital and considers you can not find on the market, the day after the adoption of the decree law may require that public capital in the form of shares.

The move to this new facility is due to high growth and development of our company in the Spanish market.” “For that reason,” added Jon Anderson have chosen the San Fernando Business Park as the new location of the offices of sales and marketing department of Continental Tires for Spain in Madrid. In these new facilities will continue to develop and enhance our business by providing our employees, partners and customers in a modern working environment, adapted to the latest and most modern technologies, transparent, flexible and with more and better services. “

The Goodman Group has also developed for Continental Tires, logistics distribution center in Korbach (Germany). It also deals with the management of this and another facility that the company owns in the city Germanic, which runs through the Goodman European Logistics Fund (Golf).

For his part, William Ravel, country manager of Goodman in Spain indicates that “this agreement with Continental Tires Spain shows the importance they give our customers the excellent location of our parks, and our integrated customer service. The trust has Continental Tires Goodman deposited in a long term contract confirms our business model is highly valued by our customers and reaffirms our efforts to improve”

EP The First Deputy Prime Minister and Interior Minister, Alfredo Perez Rubalcaba, announced this week would be “very important” for the Spanish economy since the government will give “a sprint” to the policy of financial sector reforms, “fudamentalmente boxes. “

During his participation in the closing of the Forum in Guadalajara ‘Employment Policy and the New Productive Model’ of the PSOE, said that the aim is that “banks and lend money to families, businesses, small and medium businesses to create wealth and employment.” “This is the objective of the reform that we will push to accelerate this week,” he added.

“We are thinking of creating wealth and jobs,” said Rubalcaba, for whom the financial system is “the heart of the economy,” so it is important that “whoever wants to invest and risk having funds available for cheap money.”

In addition, Rubalcaba has referred to the pension reform that the Government will adopt next Friday in order to “strengthen the public pension system.” In this regard, he assured that attempt to do “with political consensus”, especially with workers and employers. “With them you have to do and they’re doing,” he argued.

Rubalcaba has stressed that the Executive poses pension reform for the year 2025, “not to current pensioners.” Therefore stressed the need to explain to them that theirs are “secured.”

“These two reforms will be presented this week a package of reforms which aim is that the Spanish economy to compete in this global world,” announced the First Deputy Prime Minister.