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Spain’s Crisis Lender for Regions Can Tap ECB to Fill Coffers By Angeline Benoit and Esteban Duarte - 2012-05-17T23:00:01Z The Spanish government’s bank channeling aid to cash-strapped regions can keep a lid on its funding bill by tapping the European Central Bank for loans that cost it a fraction of the amount bond investors will charge. While Instituto de Credito Oficial has sold 60 percent of the 20 billion euros ($25 billion) in bonds it planned to issue in 2012, the lender is also able to use its banking license to access the ECB’s facilities, said Antonio Cordero, its head of funding and treasury. That allows the institution to access money at 1 percent, compared with a cost of more than 5 percent from investors ... Continue reading →

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Spain Debt Fight Intensifies as Valencia Test Looms: Euro Credit By Angeline Benoit and Ben Sills - Wed May 16 22:01:00 GMT 2012 Enlarge image Spain Debt Fight Intensifies as Valencia Test Looms Visitors pass fishing rods placed on the beach near the commercial port at Playa de las Arenas in Valencia, Spain. Visitors pass fishing rods placed on the beach near the commercial port at Playa de las Arenas in Valencia, Spain. Photographer: Denis Doyle/Bloomberg May 15 (Bloomberg) -- John Brynjolfsson, managing director at Armored Wolf LLC, talks about the European sovereign debt crisis and investment strategy for currencies and copper. Brynjolfsson speaks with Tom Keene on Bloomberg Television's "Surveillance Midday." (Source: Bloomberg) Enlarge image Spanish Prime Minister Mariano Rajoy Mariano Rajoy, Spain's prime ... Continue reading →

Lights Go Out in Spain as Cuts Plunge Highways Into Darkness By Ben Sills - Fri May 11 08:36:39 GMT 2012 Enlarge image Spain's Prime Minister Mariano Rajoy Prime Minister Mariano Rajoy is trying to pare the country’s deficit by about 27 billion euros ($35 billion), an amount equivalent to almost a third of central government spending last year, to appease European officials and bond investors. Prime Minister Mariano Rajoy is trying to pare the country’s deficit by about 27 billion euros ($35 billion), an amount equivalent to almost a third of central government spending last year, to appease European officials and bond investors. Photographer: Mario Proenca/Bloomberg Cars went barreling along the highway in darkness, ferrying families from Madrid to the beaches of Catalonia during ... Continue reading →