Tuesday, February 28, 2012

Standard & Poor's downgrades Greek debt again

Standard & Poor's rating agency has classified Greek debt as in "selective default" following the deal it made with creditors to reduce its debts. The rating agency says the terms of that deal triggered the latest downgrade. Greek debt already had a "junk" grade rating from the agency.

Separately, the European Central Bank said it was suspending the eligibility of Greek bonds as collateral for loans to commercial banks. The ECB explained that by the middle of next month it would start to accept the bonds again, because a programme for eurozone nations to provide supplementary collateral to insure the ECB against losses is due to come into effect.

Banks and other financial firms are being asked by Greece's government to take a 53.5% loss on their Greek sovereign bonds. The plan was agreed by the Greek parliament last week, and, if backed by Greece's creditors, it would wipe out 107bn euros of the country's debt.

Standard & Poor's said that when the debt exchange was complete it would assess Greece again and possibly raise its rating. The Greek government said S&P's move had been expected and added it would not hurt the banking industry.

Last week, rival credit rating agency Fitch also downgraded Greece's debt.

Xabier Sanchez

Sunday, February 26, 2012


Spanish government will deduct some taxes that it fave before to the city councils if these institutions don’t arrange the operations of debts to pay their providers or if they don’t fulfil the ones that they agree each other.

BOE (Spanish Oficial Report) published yesterday the law that the cabinet passed on Friday. It establishes the obligation of information for a funding mechanism. In this mechanism the creditors who accept a deduction will have priority in the cashing.

This operation will transfer to the Spanish State the rights of local entities in its participation on the taxes of the State ‘in the necesary quantity to face the payment obligations’.

Apart from the providers that accept a reduction the payments that are demanded in the Justice Court before the first of January 2012 will become priority too. The most ancient debts will become priority too. The city councils will send to Treasury Department before de 15th of March, a relation of its obligation that they have to pay yet.

Erik Rios Salazar

Wednesday, February 22, 2012

Polish Economy

The Polish economy is one of the most important in the European Union and one that did not suffer during the global financial and economic crisis. Its market of nearly 40 million inhabitants, located strategically in the center of Europe, won 8.4 billion euros of foreign investment in 2009. Despite the global crisis Poland can boast its economy because it is the only EU economy that continues growing.

This is because the assignment of European funds or the 2012 European Championship, which has pushed the development in the area of construction and services. It is also expected that in the next years will continue the development of the Polish economy.

The Polish legal system is adapted to the needs of the common market. It offers investment mechanisms similar to those of the EU and they have benefits in foreign investment.

Poland is in a time of continued development in spite of other European Union economies that are suffering the global financial crisis. In recent years it has grown at a rate higher than the Eurozone and the GDP growth rate was 1.7%.

The fall of the world economy has increased the unemployment rate and is currently located by 11.9%. And the inflation rate is 3.5% by the strong domestic demand and the increase in consumption.

During the last year and because of the crisis in the international economy, imports and exports have been affected. Poland exports were 99.8 billion euros in 2009 (17.6% less than last year). Most exports absorb the EU countries. And the main business partners of Poland are Germany, France, Italy and Britain.


Sunday, February 19, 2012


Today was our last day in Poland. We have gone to Gdansk airport, because our flight was at 1:00 p.m. Our arrival to Bilbao was at 5:30 p.m. after doing a ‘escala’ in Munich.

Next week we will have holidays for 5-7 days so we can relax a little bit and prepare to our next exams.

We are a bit sad because we leave Poland today, but we are very happy too because we have knew a lot of new friends and we lived new experiences with them. We hope to see you all again soon! Thanks for your hospitality.

Erik Rios, Xabier Sánchez, Jon Mikel Cruz

Friday, February 17, 2012


Today was the last day for us with the rest of the students in Poland. In the morning we met at 9:30 a.m. at school. We divided the whole group in 4 to make our last job. It consisted in make a presentation of what we did in this four days and what we liked it more from Poland. We had the chance to show our presentations to the rest of the students, teachers and a member of the regional education deparment.

After the presentations we say goodbye to our croatian, slovenian and polish partners. And enjoyed the free afternoon! Turkish students will go home tomorrow as we are going to do.

Erik Rios, Jon Mikel Cruz, Xabier Sánchez


Today we wake up at 7:30 a.m. The planning of the day was to visit Malbork Castle during the morning, a place near Starogard-Gdanski. After taking the bus, we arrived at Malbork in only one hour. The castle is the biggest medieval castle in Europe. The weather was very very cold, and the castle was old, so the difference of temperature between outside and inside did not exist! The castle was very big, and it had a lot of rooms. After the visit we have a good time playing a bit with the snow.

At 2:00 p.m. we went to have lunch to a little restaurant. After a little break, we took the bus again to return to Starogard to take our sportwear and went to school to play a volleyball match. It was a competitive and amazing match! This was the last activity of the day, before we return to hotel.

Erik Rios, Jon Mikel Cruz, Xabier Sánchez


Today we have visited Gdansk. We took the bus at 8:80 a.m. and we arrived there at 10:00 a.m. It was a very cold day, but we hold on that cold to visit the city. It’s a very beautiful city! And it was snowing during the visit, so the snow made the visit a bit special. We visited the principal streets of the city, called the Royal Way. We visited a couple of museums during the visit to the city.

We had lunch at 1:00 p.m. in a very special restaurant. It was in a building but… in the 16th floor! We had a nice lunch with a wonderful panoramic sightseeing.

After the lunch we took the bus to go our next visit. It was the PGE Arena Stadium. We visited the Stadium. It was amazing! It was very big and a new stadium for the Euro2012. We were visiting a places like the locker room of the players!

To finish our day in Gdansk we went to a theatre to watch a ‘Grease musical’. It was strange during the first part because it was completely in polish! All the songs too! But the musical was very great and we enjoyed a lot! When the musical finished, we took again the bus to return to the hotel.

Erik Rios, Xabier Sánchez, Jon Mikel Cruz

Tuesday, February 14, 2012


Today was the day of the presentations about the tours. We went to the school at 8:30 a.m. to the school and after seeing the polish and croatian presentations, we show ours. It's finally done! After we finish our presentation, the slovens and turkish have made their presentation, with a break in the middle of them.

After the classtime we have made a little tour around the school. At least we have gone to school's gym; some students prepare for us a special Valentine's concert.

After the concert we have the lunch all together. And... we made a tour through the city until 4:30 p.m. From this hour we have free time until tomorrow.

Jon Mikel Cruz, Erik Rios & Xabier Sánchez

Monday, February 13, 2012


Today, at 8:30 AM, we took a van that has taken us from Warsaw to Starogard Gdánski.

After 5 hours of travel, more or less, we have arrived at lunch time to the hotel where we stay. After lunch, we have met in one of our rooms to prepare the last details of the presentations that we have to show on Tuesday.

At 7 o'clock PM, we have met Polish students at the welcome dinner. Slovenes and Croatians have arrived later and we heard that Turkish students are coming tomorrow.

After the dinner, we said goodbye to each other and we will meet them back tomorrow at the presentation time.

Jon Mikel Cruz, Erik Rios and Xabier Sanchez

Sunday, February 12, 2012


We arrived on Saturday at 6:30 p.m. to Warsaw airport. After living our luggage at the hotel we took a walk through the city centre. We just took the walk and have dinner because it was a bit late and the weather was very cold (about -15ºC!).

On Sunday, we walk up early and we spent the morning in the All Town on the City. We have visited St. Anne church, Royal Palace and old town square. After having lunch, we came back to the city centre, and we visited Culture Palace (the highest building in Warsaw). We also have the chance to see a piece of the remaining wall that surrounded the ghetto of Warsaw.

Today the weather was very cold, so we decided to go back to the hotel. Tomorrow, we're going to Starogard Gdánski.

Jon Mikel Cruz, Erik Rios and Xabier Sanchez

Thursday, February 9, 2012


SabadellGuipuzcoano savings bank and Adegi (Gipuzkoa’s employers association) credit facilities will give a boost to 19 proyects.

SabadellGuipuzcoano and Adegi have gave 35 million to 19 proyects of internazionalitation of different companies of Gipuzkoa. Both entities renew last september the agreement they signed one year ago. Last’s years agreement was based on the boost and development of Gipuzkoan companies outside the Basque Country.

Last year’s agreement was a good new for the basque companies located in Gipuzkoa. SabadellGuipuzcoano gave to the companies more than 120 million euros, to promote one of the companies key factor in competitivity, said Adegi.

19 proyects have been funded. 17 of them are operations of 33 million on Exporta line and the other 2 on Implanta line, which receive 1.9 million for its commercial or productive implantation in countries like Brazil or Angola. 53 proyects of Gipuzkoan companies received 102 of funding during the first year of the agreement. This was a good new because it was 50% more than the initial forecast.

Erik Rios Salazar

Monday, February 6, 2012


The Czech Republic and UK have not signed up the fiscal compact of the European Union. UK Prime Minister, David Cameron, has said that he has “legal concern” to use the European Union institutions in enforcing the fiscal treaty. In another hand, the Prime minister of Czech Republic, Vaklav Klaus, has argued “constitutional reasons” to not signing the treaty.
The goal of this fiscal compact has been to get a closer coordination of budgets policy across the European Union to prevent excessive debts accumulating.
The treaty has been signed up for twenty-five members of twenty-seven; all less UK and Czech Republic. Germany's Government has demonstrated a great interest for get a general agree, but it has been impossible.
This summit has been seized to discuss about lots problems like how to reduce unemployment across the eurozone or to find the possible ways to stimulate economic growth despite the stringent austerity budgets in many countries.


Sunday, February 5, 2012


The 4.1% of the population in Spain said that probably they will buy a house in 2012. This is the result of a survey made by CIS (Spanish Centre of Sociological Research) to make the ICC (Index of Confidence Consumers). This is a very low percentage, but it is higher than last month’s percentage. Servimedia report us that last month’s percentage of Spaniards which were thinking of buying a new house was around the 3.9%.

But all news are not good. 69.9% of Spaniards think that probably their familiar economie’s situation will be the same or worst in the next six months. This is a worrying perspective because when the crisis was hiting very strong during the beginning of 2009 year, the percentage of this question it was not high as nowadays.

ICC (Index of Confidence Consumers) fell 2.7 points in January. The final result was 68.3 points, very low perspective, because a positive perception for the economy is around 100 points. This survey report us that 57.6% of Spaniard people don’t have enough money to finish the month.

Erik Rios Salazar

Saturday, February 4, 2012

Rodrigo Rato must restrict his wage in a 75%

The Spanish government has decided to restrict the wage in the savings bank that received state economic aid. This rule would affect directly to the rulers of these savings bank.

For example, the president of Bankia, Rodrigo Rato, must reduce his wage about 75%. Francisco Verdú, managing director in Bankia, also must see reduced its wage from 2.26 milion € to the fixed maximum, 600,000 €. That's because this bank received state economic investments due to the FROB 1 plan.

But they are not going the only affected ones by the measures announced by the government. José María Castellano, president of Novagalicia, entity that is controlled in a 90% by the state, must restrict his salary in 600,000 €, until 300,000 €. The managing director of NCG, César González Bueno, would do the same.

Also, the main responsible of Catalunya Caixa, saving bank controlled with a 93% by the state, Adolf Todó is over the limits of the government. He gets 1.55 milion € every year, even if the limit is of 300,000 €.

The executives of Unnim, the third nationalized entity are in the same way. Jordi Mestre, its president, gets three times the quantity fixed by the government.

Banca Cívica also has this problem; both co-presidents Antonio Pulido and Enrique Goñi get 900,000 per year. This adjustment will be smaller for Carlos Egea, president of BMN, whose wage is 450,000 € per year.