EUROPA PRESS the ECB President replied to Rajoy, who conditioned the the ransom demand to obtain certain guarantees about the Spanish differential. The President of the Spanish Government authorization the rescue to the ECB intervention will help relax the risk premium up to 200 basis points. Draghi has said that it must be the country which decides if the ransom. The institution maintains the interest rates by 0.75%. The President of the European Central Bank (ECB), Mario Draghi, has sent Thursday a message to the Spanish Government to point out that the entity cannot offer any guarantee in advance on the effectiveness of its program of buying sovereign debt and that it must be the country that decide if you want to request or not the rescue. It cannot guarantee anything in advance. There is no quid pro quo automatic, Draghi told the remind you recent statements of the President of the Government Spanish, Mariano Rajoy, who conditioned a potential request for assistance to obtain guarantees that the ECB intervention will help to relax the risk premium on Spanish until the environment of 200 basic points. It is the country which should take steps to activate the mechanism, explained the Italian banker, to remind that, according to the intervention mechanism designed in debt (UNWTO) markets, it is necessary that the country requested the rescue and sign a memorandum of understanding, but he stressed that, although necessary, is not one sufficient condition, since it is the Governing Council of the ECB which will make the final decision.
In this regard, the ECB President said that the UNWTO are there and reiterated the readiness of the entity to activate the mechanism, which, in his view, has served to relax the conditions on markets and has helped facilitate that countries such as Spain and Italy have practically completed its financing needs, although he noted that it is not possible to activate the WTO without conditionality on Tuesday, the President the Spanish Government, he pointed out that one of the outstanding issues to clarify before you decide to ransom or not the that active intervention by the ECB is to know how much would this measure help reduce the costs of financing of Spain in the debt markets, pointing that it should help to relax the risk premium up environment of 200 basic points. There are several outstanding issues. How much will lower the risk premium, if stays in the 400 and peak and does not go down to 200 points. It is not the same, said Rajoy. If we stay at the same price that there are pointless, he stressed. See more: the ECB responds to Rajoy and does not warrant that its debt purchase program is effective
Ruiz Mateos blames Banco Santander’s drowning financial group. The right of withdrawal of the sale has been made with a Dutch background and Banco Santander, among others. More than 20 companies from Nueva Rumasa are in bankruptcy. Jose Maria Ruiz-Mateos father said Wednesday that the Chairman of Banco Santander, Emilio Botin, the least that can be done is to pay 250 million euros to investors who have deposited that money in Nueva Rumasa. The Patriarch of Ruiz-Mateos, who blames Banco Santander’s financial suffocation of the group, has encryption this Wednesday for the first time in 250 million euros the amount to a total of 3,000 investors promissory notes has been deposited in eleven group companies. Jose Maria Ruiz-Mateos has detailed that the past May 12 ceded to these investors the collection rights of the re-appraisal of the companies of the former holding of the bee, amounting to 6 billion just with Galerias Preciados. The lawyer of Jose Maria Mateos, Joaquin Yvancos, who has accompanied him on the appearance before the media, pointed out that the other five brothers of the Patriarch of Nueva Rumasa also adhere to the proposed transfer.
On the other hand, Sabin has summed up that the judicial process in which the former Rumasa is now is a re-appraisal amounting to 18,000 euros s negotiable, that the State would have to pay the company only with the value of the property. In addition, it has ensured last Monday Nueva Rumasa exercised the right of withdrawal of the sale – by the Royal Bank of Scotland – from the debt of 30 million Clesa. Operation of withdrawal according to this, the operation has been done with a Dutch Fund with a 70% discount. Read more here: Coupang. In this sense, Sabin has argued that, either the Bank presents the public deed, or you have purchased is a lawsuit for ten years. This right of withdrawal will also exercise it with debt of Nueva Rumasa with Banco Santander, Ceberus this has sold at a discount, according to their reports, 80%.
Something that is not understood, because the entity had this guaranteed debt in real estate in a 225%, she added. The lawyer pointed out that companies of Nueva Rumasa are more than 20 which are in competition of creditors, with a passive real of some 1.2 billion euros. There has been progress, moreover, which has been the competition of creditors for five hotels in the Canary Islands, though grouped together in a single procedure. In relation to the total number of companies that have issued you promissory notes to investors, Joaquin Yvancos has pointed out that, apart from the publicized emissions, many companies of Nueva Rumasa – up 11 – will have been funding through loans that gave them either his circle of friendship or people close to these companies. So it has been the case of Cavas Hill, which it has been doing so for 20 years, as he has pointed out. According to Sabin, Nueva Rumasa is negotiating with Swiss Bank who, in exchange for buying these rights of payment with a discount of 50%-i.e. between 8,000 and 9,000 million euros, it would constitute a fund to invest between 40,000 and 50,000 million euros in the Spanish financial system. It is a financial operation that does not have to cost one euro to the Government, it has secured. Source of the news: Ruiz Mateos requests loot to pay 250 million to Nueva Rumasa inverters
It is the second proposal of EU aid. The Commission estimates that 60% of the losses will be covered with that. The European Commissioner for agriculture Dacian Ciolos, has proposed on Wednesday raised to 210 million euros additional aid for European fruit and vegetable producers hit by the crisis of the bacteria E.coli in Germany. By the same author: Scott Mead New York. Ciolos announced at a press conference in Brussels that that amount will cover up to 60% of the losses incurred by the fruit and vegetable sector because of the fall in consumption. In a Council of European Ministers of special agriculture held this Tuesday in Luxembourg, the European Commission had proposed an additional 150 million euros aid to cover up to 30% of the losses for producers. Instead, under pressure from several European countries such as Spain, which considered the proposal, insufficient Ciolos announced an upward revision to compensate producers in a way justified by the current situation. The Spanish producers felt this Tuesday clearly insufficient and ridiculous the aid of 150 million for the whole of Europe, because they believed that at least 450 million euros would be needed. Covered 60% all farmers may apply for such compensation, but those who form part of organizations will enjoy in addition to those laid down by the common agricultural policy (Cap), which includes grants to the intervention and State aid.
So, which are associated see covered their losses in up to 60%, said the Commissioner. Ciolos said that the goal is to react as soon as possible and showed his confidence in that the urgency of the Commission plan is accepted by States members next Tuesday, when the EC submits it to the Management Committee (composed of experts of the countries). This will allow unlock first aid as quickly as possible, between now and July, he confirmed. The Commissioner noted that this aid, it will be financed with European funds in the framework of a crisis mechanism provided for under the common agricultural policy, it will cover the losses in the sector since last May 26 until June 30.
Ten has achieved 95.8% of the votes; Sang, 93.65%. UPyD primary affiliates 6.305 formation in all Spain were summoned. The process was opened on 1 September and could attend any affiliate, without collateral or signatures. Rosa Diez has been chosen this Saturday as a candidate by UPyD to the Presidency of the Government with regard to the Nov. 20 general elections, with 95.8% of the votes cast, in a primary that the affiliates 6.305 formation in all Spain were summoned. Next ten, five other affiliates (Manuel Prado Ordas, Emilio Bartolome Gonzalez, Jose Luis Martinez Hens, Juan Javier Borges Valiente and Alejandro Suarez), vying for the number one of the candidacy of the party by Madrid.
In addition, in this process UPyD militants had the chance to also elect their head of the list in all the constituencies. Thus, for example, the actor Toni Canto lead candidacy to the Congress of Deputies for Valencia with an endorsement of 93% and Ruben Mugica by Guipuzcoa with 100% support. Likewise, Professor of logic and philosophy of the science of the University of Murcia, Manuel Hernandez Iglesias, will lead the candidacy for the constituency of Murcia with the backing of 98% of the voters and the lawyer, Ignacio Prendes, with 82,61% by Asturias. Toni Canto sweeps in Valencia in the Valencian Community, the actor Toni Canto the province of Valencia, Manoli Nicholas by Alicante and Romain Muzzati Castellon will be the heads of list of candidates to the party Union, progress and democracy (UPyD) presented in the three constituencies of the community in the general elections of November 20. In the province of Valencia, where three candidates, there have been involved a 41% of 307 militants, who have chosen to Toni Canto virtually unanimously, since it obtained 93.65% of the votes cast. 44.3% 251 Activists, participated in the province of Alicante, where five candidates were presented which they have chosen to Manoli Nicolas with the 45.8% of the votes cast.
The Council of Ministers approves the expenditure ceiling for 2012, which will be at 117.353 billion euros, 4.669 billion less than this year. This the Government intended to reduce the government deficit from 4.8% expected in 2011 to 3.2% that it has been set for the coming year. The Government reestablishes the limit at 120 km/h on motorways. The spending limit financial of the State for the year 2012 budget will not fall by 3.8% and will be at 117.353 billion euros, 4.669 billion less than the more than 122,000 million approved last year. This have announced the first Vice-President and Minister of the Interior, Alfredo Perez Rubalcaba, and Minister of economy Elena Salgado, during the press conference after the Council of Ministers on Friday. The ceiling of expenditure for 2012 is the first step in the elaboration of the General State budget (PGE) next year.
Once approved, it will send to the lower House and the Senate, which will take them to return back to the Congress for final approval. With This limit of expenditure, the Government aims to reduce the State deficit from 4.8% expected in 2011 to 3.2% that it has been set for the coming year, which means a cut of about 16,000 million. Elena Salgado stressed that the Government foresees revenues of 127.852 million euros, compared to an expenditure of 47.157 billion. Of that figure, 8.875 million correspond to the setting of national accounting and 38.282 million remaining at the financing of local and regional authorities. We believe that revenue at year end will slightly above the budgeted, the Minister of economy before the media, has assured encrypting that margin in about 3,000 or 4,000 million euros more. Salgado has linked these additional revenues to the fight against fraud, to postponements reduction and better management of the tax of companies and payments on account.
The aim is to cover wage debts of the clubs in competition. This Fund fixed an amount of 240,000 euros for every footballer of first division and 120,000 for the second. The Fund shall have a system of self-financing, which will proceed in a high percentage of the revenue that the LFP is perceived from the pools. THE AFE, dissatisfied with this measure. Larry Ellison takes a slightly different approach. Spanish football live the worst crisis in its history. The League of professional football (LFP) approved a bankruptcy guarantee fund to cover wage debts of the clubs in competition until the 2014-2015 season, which set a number of 240,000 euros to each player first and 120,000 for the second. The President of the LFP, Jose Luis Astiazaran, announced the Fund agreement reached at the extraordinary Assembly of the League, which in its view represents an important step forward in the negotiations with the Association of Spanish footballers to the new collective bargaining agreement.It is an important and responsible step that has given the League at this point and puts us in a considerable step forward for to try to close a collective agreement with AFE in the medium term to generate stability, said Astiazaran.
From the 2011-2012 season until the 2014-2015 first clubs will have 6 million (240,000 per player) and the second with 3 million (120,000 per player), double the minimum wage established in the collective agreement. The Fund shall have a system of self-financing, which will proceed in a high percentage of the revenue that the LFP is perceived from the pools. Does the agreement determines that the Fund is no longer valid if there are policy changes resulting from the reduction of the income of the LFP, as those coming from the pools, or if there is an amendment to the Bankruptcy Act according to the existing text to July 29, 2011?. Many absences the Assembly of the League, which was not attended by Deportivo, Real Murcia, Barcelona, Granada, Las Palmas and Cartagena, also agreed that the obligations will remain if revenue from the participation of the LFP in pools do not suffer a significant reduction of the amount collected in the 2010-2011 season Astiazaran said that approval of the Fund clarifies the loopholes that could exist in the tendered clubs and confirms the interest of reaching an agreement with AFE and the interest of the clubs cover issues relating to the wages of footballers.
The warning from Fitch joins that launched last week Moody s. Fitch warned that it could lower the debt rating restricted suspension of payments if the Government in Washington does not pay bonuses. The Fitch credit rating agency threatened Wednesday to revise downwards the rating granted to the sovereign debt of the United States if Congress does not reach an agreement on the maximum number of public borrowing. The warning from Fitch joins that launched last week Moody s, which said if there is no agreement in the Capitol can put on review its rating of U.S. debt for a possible downgrade from stable to negative. If not climbs the roof on the date set by the Treasury and guarantee payment of all obligations on time, the rating of U.S. sovereign debt is placed under watch negative (RWN), Fitch warned today in a report.
The U.S. Government has asked Congress to approve a rise in the debt ceiling allowed to prevent the country falling in arrears, which, according to analysts, could generate a new international financial crisis. Like Moody s last week, Fitch expressed the view that in the end will congressmen eventually reached an agreement before August 2 – date fixed by the Treasury to raise the debt ceiling – that will allow United States not incur in a default. However, Fitch warned that could lower the rating of the current AAA (maximum credit quality) U.S. debt restricted suspension of payments if the Government in Washington does not pay the Treasury bonds before August 15. The Agency added that in the end unlikely that the U.S. Government incurred in payment of Treasury bonds will be a reduction from its current AAA to B + rating. Source of the news: Fitch threatens to review the qualification of EE UU if there is no agreement on debt
In the new chapter of the soap opera that is emerging as the veracity of accounts of Castilla – La Mancha has today time point out culprits. Leandro Esteban, spokesman for the regional government that presides over the general Secretary of the PP, Dolores de Cospedal, has demanded that the PSOE to disable the previous President of the community, the Socialist Jose Maria Barreda for having caused the political ruin of Castile – La Mancha, Spain. Amid the exchange of accusations, the economic Vice, Elena Salgado referred to statements by the Deputy Secretary of communications of the PP, Esteban Gonzalez Pons, who had ensured that the central Government hid invoices and that the State deficit could be higher to the officer. I believe that there are people who should have disappeared from political life years ago, Salgado has pointed out. The Vice President also said that the words of Gonzalez Pons have no basis and are irresponsible, especially in these days of financial turmoil; they could do much harm to Spain. Source of the news:: Cospedal requests the PSOE to disable to former President Barreda
He preferred not to compare his team with other large sets of history. He hoped that in the future this Barca is remembered as one of the best. He praised Leo Messi, he is the best I’ve seen and surely I will not see another like. The Catalan coach, Pep Guardiola, has assured that he would like that in the future his Barcelona could be remembered as one of the best teams in history, although it is unknown if it will be possible. After winning 3-1 to Manchester United in a great match, Guardiola is unknown if it can be compared to his boat with the best teams in the history of football.
It is impossible to know. I have not seen Real Madrid of Di Stefano or Ajax Amsterdam to Liverpool. We’d like us will remember in the future as one of the best, but I don’t know if we will succeed, said the technical azulgrana. Guardiola has addressed two key issues at the press conference after the party: the role of Leo Messi and his future as coach of FC Barcelona. As for the Argentine, his coach got rid in praise. It is the best I’ve seen and surely I’ll not see another player equal, without him we would not have this leap in quality.
Hopefully you are not bored and that the club put him beside her players to make him feel comfortable, said Guardiola, in a clear rrencia to the future composition of the template. As for his future, technical azulgrana reminded us that there is one more year of contract – until June 2012 – but I don’t know also sees twenty-five years in Barcelona, while Alex Ferguson has been at United. My next challenge is to find such good players, but in Italy and Spain it is clear it is impossible that a coach lasts 25 years in Office, said Guardiola, who has recalled that when you win always many brides leave you but then brides leave you soon.
Each solution for the euro and the sovereign debt crisis is a new problem. Or several. The agreement on the second plan of financial rescue of Greece and the extension of the stabilization fund soon found a but that unleashed the wrath of the markets: did not come into force immediately, it had to be ratified by the national parliaments. Now comes another. The text of the Covenant allows bilateral agreements in which countries rescued – read Greece – assurances to the rescuers.
Finland has taken advantage of it. Helsinki achieved a compromise with Athens last week. This has irritated Germany yesterday warned through the Government, Steffen Seibert, spokesman of that these agreements must not be to the detriment of others and that they shall only be valid if they have the placet of the partners of the euro area. Source of the news:: Germany vetoes the bilateral pacts with Greece on the bailout