Daily Archives: June 11, 2012
The CEO of the Regional Government for Foreign Affairs and the European Union, Jesus Gamallo, has been raising funds for 2014-2020 European Galicia and northern Portugal.
Speaking to the media prior to a meeting with Vice President of the Commission for Coordination and Regional Development of Northern Portugal, Carlos Neves, Gamallo recalled that EU funds 2014-2020, are now under negotiation, and that the Commission Europe provides a “30% increase” in those for cross-border cooperation.
Gamallo has stressed the need to “prioritize actions” and explained that they have a plan of action, in the framework of the ‘Europe 2020′, document-centered “support” productive sectors of Galicia and Northern Luso, as automotive, textile, sea or cultural industries.
Also explained that this year will be held on ‘Opendays of the Euroregion’ in Santiago de Compostela and Guimaraes, 10 and 11 July.
Gamallo has indicated that 137 million euros investment in cross-border projects currently in the area of Galicia and northern Portugal and predicted “a substantial increase in resources” from the EU for the Euro region between 2014 and 2020.
The president of Popular Bank, Angel Ron, said today that the credit granted to Spain on Saturday to clean up its financial system, to which the entity does not intend to go, you should give “comfort to the markets, depositors and shareholders” .
In his speech to the General Meeting of Shareholders, Ron hinted, without saying so explicitly, that the presiding entity will not apply for such aid to Spanish banks, which may amount to 100,000 million euros to be injected through the Fund Bank Restructuring (FROB).
He also referred to the business plan of Popular Bank in 2012 and 2013, which provide completed in two years “and without public support” and allowing them to increase the coverage of real estate loans, including healthy, up to 43%.
With this, the entity may comply “with the changing requirements of today’s current capital”, European (EBA) and Spanish, concerning the principal, said Ron.
As for the European credit banking, Ron recalled that “the government focuses major capital needs by 30% of the financial sector, which has already received public aid,” and stated that “we should have started the process for this, without contaminate healthy institutions. ”
The “very last phase of the crisis has triggered the situation of a large entity-an allusion to Bankia, and its huge capital needs and the apparent inability to address it on their own.”
“Now we ask is that as soon as possible to end the uncertainty generated by the independent assessment” of the financial sector, referring to the reports to be submitted shortly consultants Oliver Wyman and Roland Berger.
The request for financial support, Ron explained that the amount requested and the mode of financing which excludes adopted by the Government, any additional conditionality to the country, both in terms of new reforms, including fiscal adjustment of macroeconomic or other- should reassure the market.
Ron also complained of the strong influence exerted on the market ‘perceptions and those who help create them “through” low-skilled slogans and information “that” fall into stereotypes or caricatures very suited to the objective reality. ”
“We must recognize that the image and credibility of Spain going through a very low, and this is reflected in the focus of world attention is on our country, where would that look the same or more attention-and concern- others for our own economic zone, “he said.
“Only serious and coordinated action by governments and institutions can help overcome the crisis without stretching unnecessarily and painfully,” said Ron.
The OECD today recommended delaying the retirement age beyond 67 years and encouraging private pensions, even mandatory, because it anticipates that future benefits will reduce public systems.
“The workers present and the future will have to work longer before retiring and will lower public pensions,” said the Organization for Economic Cooperation and Development (OECD) in a study devoted to analyzing the reforms have been carried out in recent years.
The organization found that the financial crisis that erupted from 2007-2008 has had a “profound impact” on the public accounts of most of its 34 member countries, which has led inter alia to carry out reforms pension systems.
Having found that in 13 of these longer-term State pension age will be 67 years or more, said to be encouraged to raise the retirement age even above this threshold and found that one way to “effective and transparent” do is link it to life expectancy, as already stipulated in Denmark and Italy.
He acknowledged that the automatic settings between the evolution of life expectancy and retirement age are often “complex, difficult to understand and create uncertainty about future benefits,” so require “graduation and transparency in its implementation.”
The authors of the study indicated that a person begins to work now can expect, on average, receive a public pension equivalent to half pay if you retire with full contribution period.
If you add up the benefits of private pensions (which are mandatory in 13 countries of the organization) a pensioner receives a 69% half of which he drew while working, but that percentage falls below 60% in a dozen members, especially where the contribution to private funds is voluntary.
So the report’s authors estimated that the “ideal solution” would make mandatory contributions to private funds and automatically integrate workers in such devices, as is the case in New Zealand.
The president of the CEOE, Juan Rosell, has said that the credit of the European Union infused Spanish banks “more confidence” in Spain and gives peace of mind, but stressed that this support does not prevent further progress in economic reforms .
In an interview with Cadena Ser, Rosell noted that Spain “is now slightly better than on Friday and was given a new opportunity to revive the credit.
However, he recalled that the reactivation of the funding is not automatic and can not do miracles “overnight”, as the debt level in Spain is very important.
“Miracles none, that tomorrow there will be credit to everyone in the same conditions of 2006, is a lie, it is impossible”, he said, after adding that there will be a “very slight” improvement.
Whether financial assistance has occurred due to the crisis of Bankia, the president of the management has assured that it will take to independent audits that are being made to the Spanish banks “to begin to say.”
“In all companies that have shareholders, listed, and bear some responsibility, the more information we have much better,” he outlined.