Tuesday, November 29, 2011


The German economy is the fourth largest economy in the world after the United States, Japan and China. It is the second largest exporter and the second largest commercial surplus. It is also considered the economic motor of the European Union. In addition, Germany is ranked N º 12 in the world in the ranking of countries with higher per capita income.

Germany is economically the most powerful nation in the eurozone countries and Europe in general, followed by France and the UK (which is outside the Eurozone). France is considered its first partner in Europe.

Germany include other parameters like the large number of preserved forest area, according to Eurostat data, and that is the country with more beds in hospitals.

So, in conclusion, we can say that Germany is a country with a good future.


Friday, November 25, 2011

Fitch doesn´t believe in Portugal

Fitch credit rating agency have brought Portugal's credit rating down from BBB- to BB+ and with no promising outlook.

Fitch justifies its decision because of the excessive debts in all the industries and the negative macroeconomic perspectives. Also, the agency has brought the Portuguese outlook down taking into account the European outlook and it's expected to decrease about a 3% in 2012.

Fitch believes that in the next two years, recession will make the deficit reduction plan become harder to carry out and it will be negative for the quality of financial assets. Anyway, the agency thinks that the commitment of Portugal with the plan is strong.

The expectations of Fitch is that the Portuguese debt will rise until 110% in 2011 and it will arrive to the 116% in the end of 2013. This crisis is also a risk for the financial system, that is leaving money to one of the most indebted private sectors in Europe.

So, if the Portuguese investments and work go wrong, it could mean a reduction of the credit rating. In the other hand, to fulfil EU's and IMF's program would relax the credit rating pressure and a potential raising would mean a better credit-profile for Portugal.


Sunday, November 20, 2011

Angola offers help to Portugal

The angolan president, Jose Eduardo Dos Santos, says that his country is ready to help Portugal, its former metropolis, to fight against the Portuguese crisis.

Dos Santos spoke about it in the final of the two days visit of Portuguese prime minister Pedro Passos Coelho.

Analysts expect a 2.8% contraction of Portuguese economy for next year. In the other hand, their forecast about Angola is that the African country's economy is growing around 12%.

International Monetary Fund (IMF) accepted giving Portugal a rescue package valued in more than US$100.000 millions on condition that Portugal make many reforms, including privatisation of state companies.

In last years, Angolan investments in Portugal have grown and analysts expect these tendencies to continue privatizing many Portuguese companies.


Thursday, November 17, 2011


Germany recorded in the third quarter the highest level of employment from the country's reunification in 1990, to reach a figure of 41.2 million workers, representing an improvement of 1.2% or 495,000 employees over the same period 2010, according to the Federal Statistical Office (Destatis).

However, Destatis said the increase between July and September is less than 1.3% in the second quarter and 1.4% of the first three months of the year.

In the third quarter, virtually all economic sectors experienced an increase in employment, being the most significant increase recorded in the business services sector (189,000 people), followed by services trade, transport and accommodation (138 000 people ), while 33,000 construction jobs were created.

By contrast, public services, education and health showed a decline of 10,000 jobs over the previous year, largely due to the impact of changes in military service.
Germany achieved in the third quarter, the best figure since reunification employment.


Thursday, November 10, 2011


This money could be used to reduce the liabilities of the country.

Greece is abusing of common resource, since 70% of the deposits it gets are debts. Between the other countries with smaller debt, compared to their contribution to the GDP (Gross Domestic Product) of the Euro-zone, Finland is apart of the rest, with a debt of 7,000 € per capita.

Greeks are taking their money out from the banks because of fear.

This fear is causing a massive withdrawing of money, 5,000 million € in the last week.

In this situation, the Governor of the Bank of Greece, George Provopoulos, has asked political parties to form a government as soon as possible, to go on with the bailout and clear the uncertainty up.

" These doubts are causing damages to the economy and the banking system". Since January 2010 the total number of deposits in Greek banks has been minimized 21%; these banks are depending more of the ECB (European Central Bank) to that depend more and more on the BCE (Central Bank of Spain) to maintain their liquidity.


Wednesday, November 9, 2011


The cars registrations decreased 6,7% in October (57.278 units) in all regions except Baleares (+6.8%) and Canarias (+9.5%) Is the worst October since 1985 (only 45.000 units).

In the first 10 months of the year the sales of cars and SUVs in Spain go down in 19,7%

They are followed by four years in our country under one million in sales of cars per year.

GANVAM (National Association of Motor Vehicle Dealers, Repair & Parts ) says that the dealers only sell seven cars every week, 44% less than before the crisis.



The Economy and Finance Adviser of the Basque Government, Carlos Aguirre, has declared that the Basque Government does not hope a decrease of unemployed in Euskadi during 2012, but he hopes that the trend will change at the third quarter of the year. According to him, the unemployed will be about 10.8 per cent in 2012,; 0.3 per cent minus than in 2011.

These words has been said by him while he was presenting the budgets of the exercise 2012 for the Basque Country, which he hopes vote them at the Basque Parliament at 23 of December.

He has said that with these Budgets the government wants to create employ, giving warranty to the social services and help to the budget stability. He has defended that the Basque economy has gone out from the recession, but it is still very weak to create employ.

The Budget Project is about 10.449 millions €, a decrease of one per cent respect the budget of 2011. The consolidated budget will be an amount of 11.354 millions €, an increase of 0.5 per cent respect to the 2011 year.

He has noted that will be necessary to increase the public incomes to get stability the budget, and in this sense he has said that the Basque society has to do a bigger effort to get all goals for go out quickly from this crisis.

The Government is thinking to do something with the sale of publics property situated in Bilbao, Vitoria-Gazteiz and Donostia, and so to get more incomes for face this hard crisis.


Sunday, November 6, 2011

Trying to find solutions in Zarautz

The government team will begin tomorrow a series of meetings with neighborhood
associations to
explain the situation and listen suggestions in Zarautz. The first meeting
is going to be tomorrow in the
morning with one of the neighborhood of the town.

The principal aim of this is
to explain the economic situation of the town and see first
the needs of each neighborhood to find solutions.

There will be two meetings per week, every Mondays and Thursdays from 19.30 to 21.00.
The first meeting is going to be tomorrow with the neighborhood association of Vista Alegre. Continuing with
Mitxelena neighbors, Itxasmendi, Portu Azken, Kristau Biltoki Zaharra, Iñurritza, Etxezabala and the last meeting will be December 1 with Urteta's neighbors.

Mayor Juan Luis Illarramendi remarks:
"We want to explain the economic situation, receive suggestions of each neighborhood and set priorities among all. There is no money, but there are few resources and we must draw the line of action. In this regard, we appeal to all residents of the town to take part in these meetings.''


Georgia will accept the access of Russia to the WTO

Russian and georgian governments will sign a treath the next november 9th that will let Russia join the World Trade Organization (WTO). This joinment was blocked by Georgia.

Sergui Kapanadze (georgian vice-minister of foreign affairs) explained that both countries will decide some basics to choose the company that is going to control the administration of goods and duties. The last decision will be taken by Switzerland, country that has mediated in this conflict.

Kapanadze believes that the chosen company will satisfie both sides of the conflict.

Switzerland offered the international supervision of the tolls located in the separatist regions of South Osetia and Abkhazia. Georgia accepted inmediately this proposal, Russia did the same just some days ago. This proposal includes the electronic exchange of data about the merchandise movement between these territories.

The georgian president, Mikheil Saakashvili, said that this agreement is a “diplomatic win” of Georgia that decided to block the russian joinment in 2008. This block due to the war happened in 2008 august between Russia and Georgia. Russia had asked for joining the WTO since 1993.

Dmitri Medvedev, russian president, had asked Georgia to let the block off as a first step to normalise relations between both countries. Russia, the biggest economy out of the WTO, hopes that its application to join the organization will be accepted in December 15th.


Economy of the Basque Country. From industry to turism.

The economy of the Basque Country, from Industrialization to 1970, has been dedicated to the industry. Blast furnaces, factories, shipyards ... giving 11% of the GDP for industry in the country, a high percentage.

From the 80's, the industry entered in a dangerous crisis and things changed. But it has been able to get out because it is currently one of the richest regions of the country.

Nowadays, with the Guggenheim, its beaches, its gastronomy and its landscapes the Basque Country have important revenue. The tourism. Rural tourism, cultural tourism, or sun and beach tourism have become important revenue for the region. For this reason has centered on tourism.