Welcome to my weekly account of movement in the foreign exchange rates. So just one week has passed, and you might be forgiven for thinking that there was no EU summit at all last Friday. Because today, the yield on Spanish bonds again sits at 7.00%. The pound meanwhile (at 1.2560) is at its highest point against the euro since October 2008. Pessimistic business as usual for Europe then, when just seven days ago the outlook looked much rosier. So what’s happened? This week, the reversal in Europe’s fortunes can be attributed squarely to the European Central Bank. Speaking yesterday, its President Mario Draghi said things that not just implied the future impotence of the ECB to aid the … [Read more...] about ECB interest rate cut sends euro to 2012 low
Expats
New co-payment scheme for Spanish medical prescriptions
This is the information we are aware of at the time of writing. On July 1 a co-payment system for prescriptions in Spain was introduced. Everyone now has to make a contribution towards the cost of medical prescriptions in Spain according to their income. This new co-payment system is being implemented in two stages: Stage 1 From July 1 anyone given a prescription in Spain should notice that it will include the percentage of the cost of the medication that they have to pay. This percentage will be taken from information about your income obtained from the annual resident tax declaration (IRPF). Anyone with an income greater than €18,000 a year will have to pay half the cost of the … [Read more...] about New co-payment scheme for Spanish medical prescriptions
Euro up as Spain, Italy take a stand
That, at least, is the takeaway from yesterday’s EU summit, in which Spain and Italy won significant concessions to keep themselves solvent, only by telling Germany they would block “everything” unless immediate steps were taken to help them. Does it sound professional? No. But insofar as Mariano Rajoy and Mario Monti were desperate, it probably doesn’t matter. Moreover, the panicked tactics of the Spanish and Italian premiers have provided the breakthrough the markets were looking for. On Friday, the euro climbed 1.00% against the pound and US dollar and, compared to the brief rally that followed Spain announcing its bailout, this one looks set to last. “At last,” the markets are saying, … [Read more...] about Euro up as Spain, Italy take a stand
Euro holds firm as crisis drags on
Welcome to my weekly account of changes in the euro exchange rate. This is intended as a brief guide to what’s affected the exchange rate this week, to help you decide when’s the best time for you to change currencies. Exchange rates: GBP to EUR: +1.06% (1.231 to 1.243) USD to EUR: +0.80% (0.791 to 0.797) As you can see here, the euro has held more or less stable in the past week. Yes, the pound has gained more than a cent, but this is within the range established these last six weeks, between 1.23 and 1.25. Of course, this doesn’t mean to say nothing’s happening in Europe. Quite the opposite. Right now, politicians seem to be doing more and saying more than any time I can recall … [Read more...] about Euro holds firm as crisis drags on
Euro gains in spite of Spain’s bailout
Here is my latest update of the euro exchange rate, covering the 8th to 15th June 1012. This is intended as a brief guide to what’s affected the exchange rate this past week, to help you decide if now’s the best time for you to change currencies. Exchange rates: GBPEUR: 1.2264 (-1.54%) USDEUR 0.7973 (-1.36%) You can’t have missed it, but the big news this week was Spain’s acceptance of a €100bn bailout for its banks from the EU, and the ensuing doubt about whether this would be enough to solve Spain’s problems. But in spite of there being every chance that the crisis will continue, the euro gained against both the pound and US dollar this week, as crisis fatigue set in. Why has … [Read more...] about Euro gains in spite of Spain’s bailout
Despite slump, Scandinavians still show interest in Spanish real estate
Sweden is one country where people still seem to be buying property in Spain, primarily as holiday homes. After all, with continuous darkness in some parts of Sweden during the winter months you can understand why buying a €60,000 to €120,000 house in the sun is such a desirable prospect. "The Swedish and Norwegians are definitely buying," says Oscar, a Swedish conveyancing expert at Ábaco. So for those interested in selling a property, what are they looking for? "They usually want somewhere that’s not too isolated and a property that is in good order. They like things to be tidy and to work. They are quite particular about what they’re buying and you can expect some searching … [Read more...] about Despite slump, Scandinavians still show interest in Spanish real estate
Euro declines on Spanish bank run rumours
Here is my latest update on the euro exchange rate, covering the 18th to 25th May 2012. This is intended as a brief guide to what’s affected the exchange rate this past week as well as what might happen next, to help you decide if now’s the best time for you to change currencies. This past week: 1. The euro fell to 1.27 against the US dollar, its lowest point since July 2010. This is as markets (over?) reacted to speculation Greece will exit the euro inside weeks. In addition, the suspension of Bankia shares, as the troubled Spanish bank announces it needs €12bn more in aid, contributed to concerns about a bank run in Spain. How might this affect you? Obviously, if you reside in … [Read more...] about Euro declines on Spanish bank run rumours
Embassies and consulates in Spain
Here we take a look at the differences between embassies and consulates and their functions. What does an embassy do? The function of the embassy is to protect the interests of a country in the country the embassy is located. Its activities might include: • Negotiating with the host country’s government • Promoting a good relationship between the two countries • Formulating methods of encouraging economic, cultural and scientific growth • Preparing treaties (commercial and political) • Organising state visits There is only one embassy of a particular country to be found in a host country and it is usually located in the capital city. Spanish and foreign consulates There can be … [Read more...] about Embassies and consulates in Spain
Euro to end as Greece exit nears?
Here is my latest update of the British pound to euro exchange rate, covering the 11th to 18th May 2012. This is intended as a brief guide to what’s affected the exchange rate this past week as well as what might happen next, to help you decide if now’s the best time to change currencies. Pound to euro: -0.72% decrease on the week (from 1.254 to 1.245) +2.33% increase on the month (from 1.217 to 1.245) This past week: 1. Right-wing UK newspapers including The Telegraph and Daily Express have been openly discussing this week the possibility that the euro might soon end, as economists put the odds of Greece leaving the euro at 50.0% and above. 2. The pound has lost a cent against … [Read more...] about Euro to end as Greece exit nears?
From abroad or in Spain? Obtaining a foreigner’s identification number
You need an NIE if you live in Spain. Your foreigner’s identification number (Número de Identificación de Extranjeros) is the key to everything from buying your home to collecting your mail. It can also be essential for the non-resident too. If you want to make a house purchase or you have been left Spanish property in a relative’s will you need an NIE to make the transaction. If you need to get an NIE as quickly as possible then you may prefer not to have to travel to Spain at all. Until 2011 it was possible to obtain a power of attorney in your home country which enabled someone in Spain to act on your behalf and obtain the NIE for you. However, in April 2011 a new regulation stipulated … [Read more...] about From abroad or in Spain? Obtaining a foreigner’s identification number