Spain

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Eurozone Unemployment Hits Record 11.6%

Greece and Spain see the worst of it

(Newser) - Unemployment in the 17-country eurozone hit a record high of 11.6% in September, official figures showed today, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis. The rate reported by Eurostat, the EU's statistics office, was up from an...

Dow Plunges 200 on Bad Earnings
 Dow Plunges 200 
 on Bad Earnings 
MARKETS
Oct 23, 2012 9:23 AM CDT

Dow Plunges 200 on Bad Earnings

Stocks suffer biggest drop since June

(Newser) - Stocks plunged at the open today, with the Dow falling more than 200 points, sending it to its lowest level in seven weeks. As of 10:22am the Dow was down 206, while the Nasdaq and S&P were down 30 and 20 points respectively. The major cause for the...

IMF to Italy, Spain: Get Help from Eurozone

But Rome says no ahead of EU summit

(Newser) - With a two-day EU summit beginning in Brussels tomorrow, the International Monetary Fund is calling on Italy and Spain to apply for eurozone assistance, hoping to cut losses in Europe's debt crisis. The eurozone is on the verge of establishing an environment that would ensure both countries can continue...

S&amp;P Downgrades Spanish Debt
 S&P Downgrades 
 Spanish Debt 
Oct 11, 2012 8:15 AM CDT

S&P Downgrades Spanish Debt

Nears junk status amid bailout debate

(Newser) - The Spanish government's dilemma over whether to request a European bailout has become more acute following a downgrade of the cash-strapped country's credit rating. Standard & Poor's late yesterday cut its rating on Spain's debt by two notches to BBB-, just a step above junk status,...

Euro Zone Launches Bailout Fund ... Just in Case

Spain says it doesn't need it yet

(Newser) - The Euro zone officially launched its 500 billion euro bailout fund today, but finance ministers said that its first intended beneficiary, Spain, didn't need help just now after all. "Spain needs no aid program," German Finance Minister Wolfgang Schaeuble told reporters. "Spain is doing everything necessary,...

More Mohammed Cartoons, Now From Spain

'How does anyone know?' asks El Jueves

(Newser) - First a French satirical magazine publishes cartoons of the Prophet Mohammed , and now Spain is joining in. The cover of the latest issue of El Jueves shows a lineup of bearded, Middle-Eastern men, with the headline "But...does anyone know what Mohammed looks like?," reports the Huffington Post...

Huge March in Spain Protests Austerity Cuts

Thousands gather near Parliament

(Newser) - Protesters in Spain enraged with austerity cutbacks and tax hikes clashed with police near Parliament today. More than 1,000 riot police blocked off access to the Parliament building in the heart of Madrid, forcing most protesters to crowd nearby avenues and shutting down traffic at the height of the...

Botched Fresco Restorer: Pay Up
 Botched Fresco 
 Restorer: Pay Up 
IN CASE YOU MISSED IT
Sep 23, 2012 12:03 PM CDT

Botched Fresco Restorer: Pay Up

Image has brought church $2.6K in donations

(Newser) - Spain's botched restoration of a fresco of Jesus has developed quite a fan base —and it's brought in $2,600 in donations for the church that houses it. Now, the elderly woman who created the monstrosity wants to cash in, NPR reports: She's asking the church...

Tomato Fight Turns Spanish Town Red

Bunol hosts its annual messy tradition

(Newser) - Tens of thousands of people splatted each other with 120 tons of tomatoes during the annual `Tomatina' battle, leaving the eastern Spanish town of Bunol in a sea of red mush. Town hall estimates some 40,000 people, including many tourists, took part in yesterday's hour-long street bombardment, which...

Botched Restoration Luring Scads of Tourists

Bizarre Jesus even gets Twitter profile

(Newser) - The astoundingly botched "restoration" of a 19th-century Spanish fresco featuring Christ has become a hit with tourists—and now even has its own Twitter account ("once a handsome fresco, now a hedgehog," guffaws the parody profile). The horrible paint job by a well-intentioned elderly parishioner at a...

Fans of Botched Restoration Launch Petition to Keep It

Why mess with genius?

(Newser) - And you thought the story about the "world's worst art restoration" couldn't get better: More than 10,000 people have signed an online petition at Change.org asking the town of Borja in Spain to keep the new version of the painting just as it is. The...

Parishioner Carries Out 'Worst Restoration Ever'

Fresco turned into 'crayon sketch of hairy monkey'

(Newser) - A well-meaning elderly parishioner in Spain who decided to restore a painting in her local church turned a prized fresco of Jesus into what the BBC' s correspondent describes as a "crayon sketch of a very hairy monkey in an ill-fitting tunic." The Elias Garcia Martinez fresco had...

Spain's 'Robin Hood' Mayor Raids ... Supermarkets

Sánchez Gordillo urges local pols to ignore gov't austerity measures

(Newser) - He's being called both Robin Hood and the Sheriff of Nottingham. First Juan Manuel Sánchez Gordillo, mayor of the town of Marinaleda ( population 2,645) in southwestern Spain, led seven followers in a raid of two local supermarkets last week, stealing food and distributing it to local...

Spain Reels In 3 al-Qaeda Suspects, Finds Explosives

One was an explosives and poisons expert: interior minister

(Newser) - Nabbed in Spain yesterday: three suspected al-Qaeda members who had managed to amass a wealth of explosives and may have been plotting European attacks. Police today announced that a Turk was detained in La Linea, where authorities found enough explosive material in a house there to blow up a bus....

German Credit Rating Downgraded to Negative

Move may indicate threat to Germany's AAA rating

(Newser) - Germany, the Netherlands, and Luxembourg may have strong credit ratings, but that didn't stop Moody's from downgrading all three to "negative" yesterday, as the never-ending euro crisis continues to deepen, reports Reuters . The rating agency specifically warned about yesterday's threat by Germany to kick Greece out...

Report: IMF, Germany Ready to Pull Plug on Greece

Rising bond rates show Spain also heading deeper into crisis

(Newser) - The International Monetary Fund could be ready to cut off fresh funds to Greece, a step that would likely lead to default and getting bounced from the eurozone, reports der Spiegel . The big problem is that Greece has fallen so far behind in its austerity promises—made to secure $158....

Spain Panic Sends Dow Down 200+
 Spain Panic Sends 
 Dow Down 200+ 
MARKETS
Jul 23, 2012 9:13 AM CDT

Spain Panic Sends Dow Down 200+

Spanish bonds hit dizzying high

(Newser) - The Dow took a nosedive this morning, as did markets the world over, after Spanish media reported that up to six regions may need assistance from the federal government, sending the yields on Spanish 10-year bonds to a new high of more than 7.5%. The Dow plunged 237 points...

Eurozone OKs Terms of Spanish Bank Bailout

Loan will be up to $122.9B

(Newser) - Finance ministers from the 17 countries that use the euro unanimously approved today the terms for a bailout loan for Spanish banks of up to $122.9 billion. The document, signed off by the "eurogroup" of finance ministers following a teleconference today, calls for strict monitoring of the banks...

Spain Royals Take Pay Cut
 Spain Royals 
 Take Pay Cut 
Jul 18, 2012 2:37 AM CDT

Spain Royals Take Pay Cut

Dip matches public sector cut, but on much larger salaries

(Newser) - Things are tough all over in Spain, and now even the royals are taking a hit. King Juan Carlos' salary is being shaved 7.1%, down to $332,000. His son, Prince Felipe, also faces a 7% cut, to $161,000. In addition, the $10 million royal budget will be...

Spain Rolls Out Painful New Austerity Measures

Taxes raised, benefits cut

(Newser) - Spanish Prime Minister Mariano Rajoy today announced tough new austerity measures that will reduce the country's budget deficit by $80 billion over the next two and a half years. Spain has been having a tough time meeting agreed-upon deficit targets, the New York Times reports, but yesterday eurozone finance...

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