Spain experience double-dip recession

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Spain could soon follow the fortunes of Greece after its Economy Minister, Luis de Guindos, announced that it had entered into its second recession in a three-year period.

Rates for the Spanish government’s borrowing exceeded the 6% mark and follow a 0.3% dip in economic growth in the final quarter of 2011.This fall in GDP is also set to continue into 2012 according to the Economy Minister.

"At the moment I see a first quarter with a similar pattern to the last quarter of last year," he said in an interview published in El Mundo newspaper on Monday.

Fears by investors and economic experts were also allayed by Mr de Guindos who argued that the country has a “Plan B" before adding "Spain is not going to ask for a rescue. No intervention will take place.”

He also confirmed that Spain had no plans to for new tax increases or budget cuts in 2012.

Spain's Treasury has already raised it financing needs by 50% in the first quarter of this year. In addition, Mr de Guindos confirmed that banks had enough liquidity to cover interest payments until 2014.

"Spain has absolutely no financing problems or urgent needs," he added.

The country’s 8.5% figure for public deficit of GDP last year, surpassed its 6% target. However, the government has announced that it will cut deficit to 5.3% this year, falling to 3% in 2013.

Transfer money to Spain

If you are looking to invest in the Spain from UK, think carefully about how you will be transferring money to the country. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money from the UK to Spain, to invest in property or for any other reason, be sure to compare the market before you buy your overseas currency.

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