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Spanish Companies Attract More Overseas Funding

Source: El Pais - Thu 26th Dec 2013
Spanish Companies Attract More Overseas Funding

Successive financial reforms, a European bailout and the recapitalization of Spain's banks have all failed to reanimate the credit sector of Spain's economy. But recent figures issued by the Bank of Spain show that the number of loans to the country from overseas are higher than at the outset of the crisis.

One of every €3 loaned to Spanish companies originates from abroad, according to the figures released for October. When the economic meltdown started in 2008, Spanish banks accounted for 76.2% of all loans to domestic firms; 5 and a half years later, financing from overseas has risen to 33.2%, a record figure in the bank's historical series.

International credit lines to non-financial Spanish entities stand at €331 billion, according to the Bank of Spain, more than €4 Billion up on the figure at the end of 2012.