Spain responds that it will review its bilateral relationship with the country

Minister José Manuel Garcia-Margallo. / FRANCK ROBICHON (EFE)

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The Government announced Monday that will re-think all its relations with Bolivia following the decision of the Government of Evo Morales for nationalizing the subsidiary Aena and Abertis, which manages several airports in the country. Also as the head of Spanish diplomacy, José Manuel Garcia-Margallo, has indicated it will try to mobilize their EU partners to respond to the decision of the Bolivian Executive.

The Government asserts that "Spain does not question the sovereign right of a State on its resources and public services, but argues that any expropriation must be upon payment of the fair price according to a fair and independent of the expropriated property valuation". In this case, also, remember that what happened is unprecedented in other expropriation "without prior notice and with occupation" by the security forces of the expropriated premises. The nationalization of the subsidiary Aena and Abertis is the third intervention of this kind in the past 10 months.

For these reasons, outdoor warns that the expropriation is an "unfriendly act" that "contrasts with the role played by Spain in defense of Bolivian interests so far" and ensures that it will have consequences. "Before this reiteration of decisions that challenge the will of the Government of Bolivia to maintain relations of friendship, cordiality and cooperation that Spain always has favored in all areas, the Spanish Government, much to his regret, will proceed to rethink the set of bilateral relations with Spain," concluded the text.

The Bolivian President has answered that Spain is "entitled" rethink the bilateral relations. "Bolivia will have diplomatic relations with the world. I not heard that there were problems of bilateral relations. "Certainly their right, then let's respect: if it is not the Spanish Government will have relations with social movements in Spain", said.

Minister Garcia-Margallo, said from Brussels that the Government is going to appeal "solidarity" from its partners in the European Union to respond to Bolivia. "We believe that it is a non-friendly Act," reiterated the Spanish Minister to the press before a meeting of Foreign Affairs with their European colleagues.

García-Margallo has regretted that this action "contrast strongly" with the cooperation of Spain in other matters. "It is obvious that a motion of this kind, an expropriation bypassing usual procedures and not respecting the principle of compensation required in the event of expropriation, will have consequences on bilateral relations", said the head of Spanish diplomacy.

Finance; Economic; Business

Finance; Economic; Business

BBVA refinance the 10% of the loan portfolio in Spain

Doubts about the veracity of bank balance sheets of Spanish institutions became an epidemic that ended with its credibility. And rightly so, at least for most of the sector, which hid delinquencies with refinancing that sought to contain the number of bad debt and provisions. The new dome of the Bank of Spain decided last October to hold institutions accountable more detailed on refinanced loans to prevent cover-ups.

The first to apply the new regulations has been BBVA. The entity has 28.981 million refinanced in all countries in which it is present. Sources of the Bank itself admitted that of the total amount, 9,000 are qualified as non-performing, according to the Bank of Spain regulations. Of them, 5.8 billion have their origin in Spain and the rest out.

6,000 million refinanced mortgages for private individuals are

With regard to the nearly 29,000 million refinanced, the majority is also in Spain: 19.570 million. This figure represents 10% of the total loan portfolio. The amount is relevant because the crisis is already going for the fifth year in Spain. The rate of default of the BBVA in Spain is 6.9%. Bank admits that in the case of retail customers the purpose of refinancing "is to avoid non-payment due to temporary liquidity problems, with structural solutions that will not increase the debt and to facilitate your payment". The Bank ensures that in any case, the refinancing "is a way of delaying recognition of losses".

The 20 billion that are not non-performing loans, 22% correspond to promoters, 37% companies are not related to the brick, 30% to mortgages for individuals and 11% to other activities. José Carlos Díez, Intermoney Chief Economist, believes that "in an economic depression as the Spanish, that will destroy 20% of employment, is necessary a plan to stabilize the debt of the families. In Spain, 9% of the mortgages, about 500,000 households, are vulnerable and it will have to be restructured."

BBVA has divided loans into three categories: normal, when they are aware of special tracking payment; substandard, "because there are material questions of a possible non-compliance", and dubious, "when the client is aware of payment, but there are doubts that may violate the terms of the refinancing".

Finance; Economic; Business

Finance; Economic; Business

The benefit of Vodafone Spain falls 44% in its last fiscal year

Vodafone not things going well in Spain. The consumption crisis has hit him. So much so that it has motivated a radical turn to his trade policy and even a change in the directive dome. The reasons of the turbulence must be sought in the results. Vodafone Spain recorded a net profit in its last fiscal year of 2011 (from 31 March 2011 to 31 March 2012) of 372,5 million euros, which represents a decrease of 44.3% with respect to the previous year, according to accounts deposited in the register. The British multinational does not publish the results of its subsidiaries.

The fall of results is much worse than the evolution of income, they reached 5,418 million, a decrease of 9.9%. Also dropped by 41.2%, to 534,6 million operating result. The reason is the increased commercial costs that, along with falling prices, has prompted a strong narrowing of margins.

The Spanish subsidiary account contrasts with the general progress of the group. Thus, worldwide revenues grew 1.2% up to 46,400 million pounds (55.860 million euros) and gross operating profit (Ebitda) of the Vodafone Group fell only 1.3 per cent to £ 14,500 m.

The company has justified the deterioration of their results the ERE that negotiates with unions for 900 workers

The company has justified the deterioration of their results the record of employment regulation which negotiates with unions for 900 workers. In 2012, Vodafone Spain announced a record of regulating temporary employment (ERTE) 15 days for all workers, but not resorted to layoffs. According to the accounts of the registry, the template in Spain just dropped: went from 4.394 in 2011 to 4.368 in 2012.

The multinational is aware of the bad situation of the Spanish market. In their latest accounts has provided 4 billion pounds (5 billion euros) by the depreciation in value of its business in Spain, Italy, Portugal and Greece, and it is estimated that half of this amount corresponds only to Spain.

Vodafone wants to straighten the situation with an aggressive trade policy. Its new CEO, Antonio Coimbra, has presented Vodafone network, the closest thing on the market to a flat-rate, with free calls and unlimited text (SMS) messages to any number 24.

Finance; Economic; Business

Finance; Economic; Business