After adopting the euro, the Spanish economy initially benefited from sharply lower interest rates, spurring a property bubble. However, with the onset of the global financial crisis, property prices collapsed, causing widespread layoffs, and pushing unemployment to more than 26 per cent by the end of 2012. Spain received a bank bailout from the European Central Bank in 2012.
Students from Hong Kong Polytechnic University have won first prize and the Jury's Special Recognition Award at the 7th International Toy Design Competition, in Spain, organised by the Spanish Toy Research Institute.Monday, 5 September, 2011, 12:00am
For a country in the financial pages for the wrong reasons, Spain remains popular with investors who love what the beautiful country has to offer. While the Bank of Spain predicts a further 10 per cent drop before the property market stabilises, some believe prices have bottomed out.2 Sep 2011 - 12:00am
The Spanish real estate slump was one of the worst on record and, to date, private-equity investors, property analysts and even Spain's prime minister agree that the decline in the country's economy and weakening of the property market isn't over yet.24 Aug 2011 - 12:00am
Police are investigating blackmail attempts on at least 18 government officials and celebrities, who received letters containing photographs of them in compromising sexual positions.
The pictures were said to be manipulated and obvious fakes.31 Jul 2011 - 12:00am
For Spanish Michelin-star chef Alejandro Sanchez, tapas in Spain is like dim sum in Hong Kong.24 Jan 2011 - 12:00am
When Lex Keijser says the best way to learn the fashion business is from the ground up, he speaks with the voice of experience.11 Dec 2010 - 12:00am
We have been reminded too often in the past decade that there are many ways to lose one's savings, like putting everything in one basket (the employees who kept their wealth in Enron shares), or giving it to just one investment manager (like Madoff).31 Oct 2010 - 12:00am
After a two-year qualifying process involving 204 nations, and another month of almost non-stop football, there was poetic justice. For it was Spain, a team admired for its commitment to a collective brand of soccer, and winner of the fair play award, which won the World Cup.14 Jul 2010 - 12:00am
Just before 8am, a small shrine to St Fermin is set up in a wall and everyone starts chanting and waving rolled-up newspapers, asking the 12th-century saint to keep them safe. The sun breaks over the tops of the narrow streets as I hear the first fireworks go off. Everyone starts running.7 Jul 2010 - 12:00am