How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
... Telefonica are NOT the only service provider of Telephone Lines, Internet Access or Mobile Phones?
Tumbit recommends Telitec Communications. Find out how Telitec Communications can help you here!
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily brief -Tuesday 6 December 2016
- When Expat Eyes Are Smiling
- 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
- Spain detains 30 in operation targetting illegal firearms
- Spain's Tuenti launches festive promo, offers 4GB for EUR 14
- Two left dead by torrential rains and flooding in southern Spain
- Spanish unemployment sees first November rise in three years
- US developer planning mega-resort outside Madrid
- Spain to hike taxes on tobacco, alcohol and soft drinks to raise €8 billion
- Spain PM says must maintain policy of fiscal consolidation
- Bullish Spanish opposition calls on government to repeal “gag law”