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Tag Archives: Europe – Spain

Green-Energy Zombie Abengoa Threatens to Default 3rd Time Since Enron-Style Collapse, Blames Covid, Begs for Fresh Bailout

In the forlorn hope the world’s biggest green-energy zombie will somehow survive the oncoming storm. By Nick Corbishley, for WOLF STREET: When it comes to amassing and defaulting on insurmountable debt loads and then having the debt restructured to live another day, few companies can hold a candle to Abengoa, the global green energy giant, headquartered in Spain, famed for cooking its books with Enron-esque aplomb before collapsing in 2015. Reverberations were felt the world over,...

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Third Mega-Crisis in 12 Years: Eurozone Economy Plunges at Fastest Rate on Record

First the Global Financial Crisis, then the Euro Debt Crisis, now the Big One. By Nick Corbishley, for WOLF STREET: In its 21 years of official existence, the Eurozone has already been through two brutal crises — the Global Financial Crisis and one of its own doing, the Euro Debt Crisis — that nearly tore the bloc apart. Now, it is in the grip of another one that is already exacting a larger toll than the first two, despite having barely begun. The preliminary GDP in the first quarter...

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Airbnb Gets Disrupted. Hosts, “Super-Hosts” Try to Survive. Apartments in Prime Locations Suddenly Flood Rental Market

Big driver behind soaring rents — the “Airbnb effect” that removed countless properties from global cities’ long-term rental markets — reverses. By Nick Corbishley, for WOLF STREET: With many of the world’s most popular tourist destinations locked down, and many flights canceled, making international tourism all but impossible, the world’s biggest disruptor of global tourism, Airbnb, faces a starkly different market reality. As of mid-April, new bookings on the company’s portal had...

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Service Sector Falls Off Cliff in the Eurozone, Manufacturing Not Far Behind

It will likely take “several years before the output lost due to the virus outbreak is fully regained.” By Wolf Richter for WOLF STREET. “At this stage, we can only tentatively map out the scale and gravity of the coronavirus shock to our economies. While the immediate fallout will be far more severe for the global economy than the financial crisis, the depth of the impact will depend on the evolution of the pandemic, our ability to safely restart economic activity and to rebound...

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European Banks Reveal Scale & Complexity of Crisis. Shares Hammered Back to 1987 Level

They haven’t gotten over Financial Crisis 1 and the Euro Debt Crisis. Now there’s a new crisis. Deutsche Bank’s CEO going on TV to soothe nerves didn’t help matters. By Nick Corbishley, for WOLF STREET: The biggest European banks have started to report their earnings against a bleak backdrop of locked down economies, plunging economic activity, surging business closures and rising loan defaults. Each earnings call laid bare the scale, scope and complexity of the problems and challenges...

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Life Under Draconian Lockdown: I Can Barely See the Light at the End of this Long, Dark Tunnel

The process of reopening Spain has been dubbed, rather ominously, “Operation New Normality.” By Nick Corbishley, for WOLF STREET: “Is there any light at the end of this long dark tunnel?” That’s a question many people are asking themselves in Spain, whose government has implemented one of the most draconian anti-Covid lockdown regimes in the world and is now beginning to loosen some of the restrictions. Sunday was the first time in 43 days that children were allowed to venture out,...

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Tourism in Southern Europe, Accounting for 13%-21% of GDP, is on its Knees. When Will it Get Back Up Again?

The economies are still incredibly fragile, even eight years after the last crisis. By Nick Corbishley, for WOLF STREET: The tourism industry is in the “eye of the hurricane”, says Manuel Butler, executive director of the World Tourism Organization. “It was the first sector to be afflicted by the virus crisis and, unlike other crises, is likely to be the last to recover from it.” Tourist spending across Europe already slumped 68% year-on-year in March, when the lockdowns began to...

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Farm-Labor Crisis under COVID-19 Sends Countries Scrambling

Miserable, crowded living conditions of Europe’s foreign farm workers put them at much greater risk. And they’re staying away. By Nick Corbishley, for WOLF STREET: In one of the many paradoxes of the new world we live in, Western European countries that have seen millions of jobs wiped out in a matter of weeks are now facing an acute shortage of agricultural laborers. Farmers in Germany, France, Italy, Spain, the UK and other parts of Western Europe have come to rely on huge numbers of...

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Construction Activity Plunges in Germany, France, & Italy

And construction companies “aren’t expecting a swift recovery.” By Nick Corbishley, for WOLF STREET: The signs of strain continue to come thick and fast for the Eurozone’s economy. At the end of last week, it registered a fall-off-the-cliff collapse in its all-important services sector. Also confirmed was a vertiginous downturn in manufacturing. Now it’s the construction industry. The IHS Markit Construction PMI for the Eurozone, which tracks how executives of unnamed companies...

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CoronaWar Battlegrounds: New York Leads in Growth, Minnesota Bends it Best. California Hot Spots v. Italy & South Korea. Pain in Spain

Madrid area hospitals were forced into wartime-triage, denying care to the elderly in order to give the young a better chance. By Wisdom Seeker, a WOLF STREET Commenter with a physical sciences Ph.D., San Francisco Bay Area: This post takes a fresh look at key battlegrounds in the CoronaWar which we discussed last week. For local readers, I’ll take a unique and fresh look at the Bay Area, LA and California. Around the US and globally, Spain joins Italy’s misery, but New York continues...

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