Tag: news-articles

Valencia Street Circuit

The Spaniard faces the European Grand Prix with options to overcome. Remember the last Grand Prix in Valencia with bad taste in the mouth. He believes that improvement in the last two races places them among the best. The Spanish driver Fernando Alonso (Ferrari) has declared four days before the start the European Grand Prix, at the Valencia Street Circuit, that his team has already clearly demonstrated in the last two races that has the potential to win. In a few days starts the weekend of the Grand Prix of Europe, the second race of the season which takes place in Spain. It is a very important appointment for the Scuderia Ferrari and me. It will be a new opportunity to run in front of my audience, writes Alonso in his journal on the website of the Italian team. The truth is that I haven’t been very lucky the times that this test was played at the Valencia Street Circuit, especially last year, when, despite having a very competitive car, I ended up in eighth place.

Everyone remembers of what What happened when the safety car came out, but already not worth the return to the matter, recalled Alonso. Last year, the Spanish champion was Valencia with an eighth position after a controversial departure from the safety car which gave to the fret with the work of Alonso and benefited the British Lewis Hamilton (McLaren). The exit of the safety car at Valencia, motivated by an accident at the Australian Mark Webber (Red Bull), resulted in a series of nonsense that directly influenced the performance of Alonso, who happened to be in the middle of traffic on a circuit with little chance to advance of his struggle with Hamilton for second place. I’ve always thought that bad luck and good luck are compensated at the end of the season, and perhaps this unwritten law serves also for racing.

Lower Unemployment

The institution speaks of rigidities rooted in the Spanish system. It also criticizes the fiscal situation of the autonomous communities. The Agency calls for greater decentralization of collective bargaining. The International Monetary Fund (IMF) stressed Friday the gradual recovery of the Spanish economy, but pointed out that it is not enough to reduce the unacceptable rate of 21% unemployment, and warned that half of regional Governments does not reach fiscal objectives. We see two concerns: macroeconomic projections may be somewhat optimistic and regions are not complying with fiscal targets, said James Daniel, j of the Mission of the Fund in Spain, in its report of the periodic review of the Spanish economy. The IMF maintained its forecast of growth for Spain in 2011 in 0.8% of the gross Interior product and 1.6 per cent in 2012, against forecasts of Madrid 1.3% and 2.3%, respectively. The Fund noted that the response of the macroeconomic policy of the Spanish authorities to the crisis has been strong and wide-ranging, although he added that it is not enough urged to continue and deepen these reforms.

Fiscal consolidation in Spain has been ambitious, according to the new IMF report, according to which the central Government’s deficit will be at 6% of GDP by the end of the year, so it is still a way to reach the goal of fiscal balance by 2014. We need that all levels of Government do their part in the massive challenge of building that faces Spain, said Daniel on rrencia to the regional governments. The international agency described unemployment as the real problem of the Spanish economy due to entrenched labour market rigidities. More decentralization in this regard, the recommendations of the Fund are greater decentralisation of collective bargaining, which will allow to link wages with the inflation and a lower unemployment compensation. On the positive side, the IMF noted a better behavior than expected exports and highlighted the global reform of the financial system, especially the savings banks. He has been much progress in the banking sector, which is positive, but the prospects are complicated due to the economic situation of the country, added Daniel. It also assessed that the banking sector has increased its capital volume, you recognized large losses and shown transparency to reveal exposure to troubled real estate assets. On the negative front, the Fund stressed that the real estate and construction sector will remain a headwind for the Spanish economy in the near future. In addition, indicated that picked the inflation has been up in recent months, driven by energy prices and indirect taxes, and is again above the European average. Source the news: the IMF says that the “recovery of the Spanish economy is not enough to lower unemployment”