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source: trasparency.org
Transparency International has consistently warned Europe to address corruption risks in the public sector to tackle the financial crisis, calling for strengthened efforts to corruption-proof public institutions.
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Denmark, Finland and New Zealand held on to their top slots in the ranking, while Afghanistan,North Korea and Somalia remained at the bottom.
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Greece is ranked the most corrupt country in the 27-nation European Union.
source: bloomberg
“I’m waiting the decisions of the European Central Bank. On that basis I will act in the interests of the euro and Spain. When there are countries financing itself at negative rates and other with too high yields, it means that something is wrong in the monetary union. If the ECB way of action will be positive for the whole EU, I will make demand, otherwise not.“
Mariano Rajoy
source: Corriere della Sera
Data released last week showed that customers withdrew €74bn of deposits in July alone – equivalent to 4.7% of total deposits and the biggest monthly outflow since records began. Since June last year, clients have withdrawn €233bn (see chart), or 13% of the total then.
source: IFR
- In our view, Spain’s commitment to the ongoing implementation of a comprehensive fiscal and structural reform agenda remains strong.
- We are therefore affirming our long – and short -term sovereign credit ratings on Spain at ‘BBB+/A-2′.
- The outlook on the long-term rating is negative, reflecting our view of the multiple risks to Spain’s economic rebalancing, the potential for the crystallization of additional contingent liabilities, and the effectiveness of the eurozone policies in stabilizing funding markets.
- Our current net general government debt projections reflect our assumption that official loans to distressed Spanish financial institutions will eventually be mutualized among all eurozone governments, and thus Spanish net general government debt would remain below 80% of GDP beyond 2015.
