How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Wednesday 24 December 2014
- Mr Grumpy v Angeles Duran
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
China says mulling Spanish investment, including banks
China is in talks to invest in Spain, including in the reorganisation of troubled Spanish savings banks, China's Ministry of Foreign Affairs said on Thursday.
The remarks confirm earlier comments from Spain that Madrid and Beijing were discussing possible investments, although the two have never shed light on the size of any deals.
"At present, related bodies are in communication with Spain to discuss all kinds of investment opportunities, including in the reorganisation of Spanish savings banks," ministry spokesman Hong Lei told a regular news briefing.
Worried that it too may be engulfed by Europe's debt crisis, Spain wants to attract new capital into its banks to assure investors its financial system does not need be bailed out, unlike Greece, Ireland and Portugal.
Spanish regional banks, or cajas, are Madrid's biggest headache right now after a bursting of the country's property bubble saddled banks with billions of euros in bad debt.
Madrid has estimated that the banks need at least 15 billion euros in new capital.
To that end, Spanish Prime Minister Jose Luis Rodriguez Zapatero visited China and Singapore last week to persuade them that Spain's public debt and banks were a good investment.
Some confusion accompanied the trip however, after China's sovereign wealth fund denied a comment from a Spanish government source that it may invest $9 billion in Spain.
Beijing is a natural target in Madrid's hunt for capital since China has $3.05 trillion worth of foreign exchange reserves and is looking for places to invest that mountain of cash.
Latest News & Stories
- Latin Americans lead increase in foreign visitors to Spain
- Spain increases minimum wage
- Study into Spain's Taxi Fares
- Spain's Felipe VI condemns corruption in first Christmas speech
- Guardia seize 26 Tons of illegal kebab meat
- Sister’s trial looms over King Felipe VI’s first Xmas address
- Cheaper Liquidity Shows Central Support for Spain Regions
- Spain's MasMovil acquires Neo, gains 4G licence
- Spanish soprano Montserrat Caballe settles tax evasion case
- Spain allocates further EU700,000 in startup grants