Spain

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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...

EU Speeds Up Spanish Bank Bailout
EU Speeds Up Spanish Bank Bailout
Jul 10, 2012 5:50 AM CDT

EU Speeds Up Spanish Bank Bailout

$100B rescue deal will be tied to 'ruthless' pace of reforms

(Newser) - With yet another euro bailout agreement failing to calm markets, causing Spain's borrowing costs to soar back into the danger zone, European Union nations have accelerated their latest rescue plan for Spain's shaky banks, reports the New York Times . Finance ministers from 17 eurozone nations agreed late last...

3 Gored at Running of the Bulls

None seriously injured

(Newser) - The third bull run of the San Fermin festival saw three runners gored, two Brits and one American. All were gored in the leg and none was seriously injured, the AP reports. Thousands ran ahead of the six bulls in Pamplona today for about three minutes over the 2,785-foot...

Man Dragged 30 Yards in Pamplona Bull Run

San Fermin festival kicks off series of annual races

(Newser) - Stampeding bulls gored an elderly man and injured five others in Pamplona today during the San Fermin festival's first bull run, AFP reports. A 73-year-old local man took a horn to the leg, but wasn't seriously hurt, and a runner was knocked down on the final stretch and...

Manufacturing Orders Slump in Asia, Plunge in Europe

Leading indicator reveals Western economies may be worse than thought

(Newser) - Purchasing Managers' Index reports from Asia and Europe—a critical economic indicator—showed big drops in June, in a strong sign that the economies of Europe and the US could be weaker than thought, the Guardian . Despite European leaders agreeing on a bank bailout scheme last week, Europe's PMI...

Spain Wallops Italy 4-0 for 3rd Straight Crown

David Silva, Jordi Alba score first-half goals in European Championship

(Newser) - Spain won its third straight major soccer title today, beating Italy 4-0 in the European Championship final. David Silva and Jordi Alba scored first-half goals, and Fernando Torres and Juan Mata added two more in the second half as the Spanish passing game worked its magic against the Italians at...

Moody&#39;s Will Downgrade Spain&#39;s Banks
 Moody's Will 
 Downgrade 
 Spain's Banks 
SOURCES SAY
Jun 25, 2012 8:24 AM CDT

Moody's Will Downgrade Spain's Banks

Across-the-board move coming within a few hours

(Newser) - Moody's intends to cut the credit rating on every single bank in Spain today, sources tell Reuters . The cuts, which could come in a matter of hours, follow on the heels of Moody's slashing Spain's sovereign rank by a whopping three grades on June 13. The banks...

Europe Stocks Slump Ahead of EU Summit

Plenty of gloom and doom continuing for euro and eurozone

(Newser) - European stocks and the euro all fell this morning, as investors remain skeptical that this week's EU summit is going to accomplish much of anything, reports the Wall Street Journal . The euro fell to $1.2490 from $1.2574 last Friday, while indexes were down across the continent, with...

Merkel Softens Her Opposition to Stimulus

Germany, France, others agree to push for $163B growth package

(Newser) - The leaders of France, Germany, Italy, and Spain agreed to push for a growth package worth up to $163 billion at a European Union summit next week aimed at kickstarting the economy and safeguarding the currency bloc. French President Francois Hollande, German Chancellor Angela Merkel, Spanish Prime Minister Mariano Rajoy,...

Spain's Bonds Shoot to Scary Heights

But markets overall calmer amidst hopes of further rescue

(Newser) - The Spanish Treasury sold $3 billion in 12-month bonds today, but the price was, in the words of one economist, "brutal." The government was forced to pay a whopping 5.074% yield, up from 2.985% just last month, the New York Times reports. "The market is...

Markets Rise, Euro Up After Greek Elections

But investors still fretting about eurozone

(Newser) - Financial markets around Asia seem to be breathing easier after Greece's pro-bailout coalition narrowly won yesterday's election , reports the Wall Street Journal . The euro was up to $1.2714 from its $1.2640 close on Friday, with Tokyo's Nikkei up 1.8%, Hong Kong's Hang Seng...

Moody Cut Sends Spanish Bonds to Dangerous High

Italy's borrowing costs jump as well

(Newser) - Spanish bond yields hit a whopping 7% today, after Moody's cut the country's credit rating to just one level above "junk" yesterday. The New York Times ominously notes that the 7% mark is the level that "triggered" full-blown bailouts of other eurozone countries. Moody's said...

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