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PROSPECTS AND PROGRESS IN FINANCIAL NEWS

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Following last week´s announcement that Spain is out of recession, the Governor of the Bank of Spain, Luis Maria Linde, this week claimed that recent data suggest that Spain may be at the beginning of the economic recovery, however, President of the Eurogroup , Jeroen Djisselbloem , says that Spain should undertake further labour market reforms and believes that it will not extend EU aid to Spanish banks .

The communities of Asturias, Balearics and La Rioja all had surpluses in their accounts in the first eight months of the year, whereas the Canaries were practically in balance, but the other autonomous communities showed a deficit, according to the Ministry of Finance and Public Administration this week.

The president of the Community of Madrid, Ignacio González, announced a tax that will be incorporated into the draft regional budget that will mean “savings” of 375 million euro to the residents of Madrid. The secretary general of the PP, María Dolores de Cospedal, said that the downgrade of Madrid is in line with the measures being proposed by the Government from next year, as the country heads towards a General Election.

Minister of Economy and Competitiveness, Luis de Guindos, announced this week that with the data that is available until August, foreign direct investment in spain has doubled over the same period of 2012.

BFA – Bankia group attributed profit of 527 million through September, compared with a loss a year earlier, of which 362 million are exclusively Bankia.

The national association of funeral employers, PANASEF, presented their annual report on how the sector has been affected by the financial crisis. During the same press conference, they also discussed the status of “the great forgotten: families and children” who suffer at the death of a relative.

Performing Arts Audiences have fallen by 31.4% over the past five years whilst cinemas have seen a drop of almost 11 %, according to data released by the SGAE group.

International Psychologists have warned that the unemployed today have a 34% chance of suffering from psychological problems, including depression and anxiety, more than double the 16% incidence of such conditions amongst people with work.

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