How does the recession affect you?

To the margin of the negative information, with which sometimes the means bore and of the impossible economic terms that they use, today we want to ask the citizens who are not expert, but who every day turn out to be affected by the situation and to those that it does not cost them, about a monthly report full of numbers.

Also moving away from the image of serenity that the Government wants to give, as well as the solemn pasimonia with the one that sometimes there confront the crises, the certain thing, it is that the rest of human beings, almost all, we turn out to be affected by the situation, which far from abating, it seems that it is going to exploit.

Apparently the new year that enters, 2010 also is going to be a year complicated in the economic thing, the information that the Government has facilitated till now there are more negatives even that the modality 2009.
But, to the margin of the recession that clearly is one of the words surely more used by the means in the whole year, the true thing is that, we want to know the opinion about all who have turned out to be influenced, for good or for evil, we are not going to be defeatists, of this situation.

The finance blog, wants to know your opinion and knowledge the histories that make a detour to the current situation. So much the positive histories, as for example if you have obtained a work in crisis time or for the most negative histories, but always from the creative side. For example, if perhaps the situation has done that you have had to promote your company and has given one I return as for work and that has served to you to gain more experience, or if on the contrary, you believe that all this is a farce on the part of the system.

All the experiences are valid, real and capable of change.

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Ben Bernanke presents himself of the year, according to the magazine Steal

As every year, the prestigious American magazine Steals it named, to his understanding, who the person of the year 2009 is. The prizewinner in this opportunity is a man who has been named in several occasions in this finance blog. It is a question of the president of the Federal Reservation of the United States, Ben Bernanke.

The proper magazine Steals it was him who informed that the personage of the year 2009 is the person in charge of the FED, Ben Bernanke. This appointment owes to his excellent role at the head of the financial organism in epochs of the world, hardest crisis from the Big Depression of 1929, as they have expressed understood of the topic.

The time appointment coincides with the declarations of the president of the United States, Barack Obama, who months ago emphasized the aptitudes, the temperament, the courage and the creativity of Berbanke, but especially it praised his roll at the head of the Fed in epochs of crisis. As published this one the same finance blog, in this occasion Obama he asked Bernanke the FED to continue in charge of for one more period.

It is important to emphasize that in the last hours it was known that Cómite Bancario of the Senate of North America gave “green light“ so that Bernanke continues at the head of the Federal Reservation of the USA, reported the web site of the news agency Europe Press, that he added that the voting is still missing in the Senate. It is necessary to add that, of achieving one more support, this will be his second period like president of the FED and will go until the year 2014.

Who is Ben Bernanke?

The North American 56-year-old Ben Bernanke, assumed the last 1st of February, 2006 the president's charge of the Federal Reservation of the USA, in full government of the North American ex-president George W. Bush. Of achieving the entire support of the Senate, his second period in the FED will give beginning in February, 2010 and will finish at the beginning of 2014.

It is important to emphasize the confidence that Barack Obama has with Ben Bernanke, although this politician worked with Bush leading the team of economic advisers during the administration of the ex-president, as he informed the version in Spanish of Wikipedia.org, and that was he who gave him the vote of confidence so that it was commanding the FED the latter four years.

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World stadium of South Africa: 600 million dollars

As in previous occasions, this finance blog continues with the journalistic notes related to the next world cup of soccer that will be realized in 2010 in territory of South Africa. Next, and following this subject-matter, one will allude to the millionaire investment realized in the construction of a luxurious sports stadium in Cape Town. It is important to add that in the above mentioned place will dispute a series of parties, including the second meeting of this one so important glass of the world of soccer that will face France and Uruguay.

According to the drawing realized at the beginning of December, the selections mundialistas of France and Uruguay will have to face on Friday, the 11th of June 2010 in Cape Town, South Africa. The above mentioned party will be carried out immediately after the inaugural party between the home team and Mexico, who were chosen to give beginning to the next World cup of Soccer of South Africa 2010.

As informed the news agency EFE, the stadium mundialista where the party will be disputed between France and Uruguay has cost about 600 million dollars. We are speaking about the Stadium Green Point. The above mentioned building located in full City of End, would be prompt by the middle of January, 2010, added EFE.

It is important to emphasize that one is alluding to a millionaire investment in only a building mundialista. That is to say that the entire expense in stadiums in the South African territory must be an even more impressive number, in spite of the financial and economic crisis that it flogged to the world in the last months.

Along with the selections of France, last vicechampion of the world, and Uruguay, there complete the Group A of this world cup of soccer the teams of South Africa and Mexico.

In futures post, this finance blog will keep on reporting about the financial and economic topics related to this glass of the world FIFA.

On the other hand, if this way he wishes it, you can read or reread the previous notes about this championship of soccer that will be disputed in territory of South Africa.

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Air Comet, presents an ERE to his 640 employees

Weeks ago we were already listening for the radio to take control in the most important gatherings of personnel of the air company Air Comet, these were indicating the suspension of payments that they were suffering of hacía months.

After the Records of Regulation of his almost 700 used (ERE), which waits that it should appear today, the Company will declare itself in Creditors' Contest in one month.

The Department of Promotion withdrew yesterday the flight license to the Cia. Air Comet, because of his deficit insolvency situation approaching the debt to 100 million € and having impeded a British Court the fleet of the Company this last Monday.

The State Agency of Safety Airs, AESA, establishes the criteria by means of a Resolution for which he will execute subsidiarily the unfulfilled obligations of Air Comet. It is believed that they are 7000 travelers those who must fly in this Christmastime and close to the affected 40.000. The subsidiary execution will limit itself to attending to the affected persons who are in an urgent need situation to return to his starting points and for those who had the comeback flights compound until the 26th. The rest will have to be claimed in the Airport of Cards and in the Headquarter of Civil aviation, in the field of the Nations, C / by Rivera of the Loire, 46 of Madrid.

Today the AESA has compound 4 flights that will move part of the said passengers, at the last hours of the day. Information phones in national territory: 902333903

ERE to his workpeople

When a company presents his personnel an ERE, it solves of massive form the contracts of employment and in less than 90 days.
The workpeople included in the records receive minimum 20 days for worn out year being 12 monthly salaries the maximum thing. Sometimes it is agreed by the company.

When an ERE is executed, one communicates to the worker for letter his dismissal delivering the settlement and the company certificate, notifying the dismissals to the INEM. The worker has 15 working days to request his welfare before the INEM.

The businessman must give the indemnifications and in case there is nonperformance, the worker has of 1 year to protest before the justice.

FOGASA: Wage cover, it is a state organism that will intervene if the worker does not receive quantities that for law correspond to him and in this case they correspond both to the wages and to the indemnifications.

The salary will not be able to be bigger than the triplo of the Interprofessional Minimum and the indemnifications in his maximum of one year without overcoming the daily quantity the correspondent to the same previous scale.

Image: Ricardo Pérez

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Paul Samuelson dies the Nobel Prize of Economy

Paul Samuelson, who helped to sit the bases of the modern economy, has died in his house of Belmont, Massachusetts, after a brief illness. His death has been confirmed by the Institute of Technology of Massachusetts.

Samuelson was a maximum figure in the application of the mathematical analysis between prices, supply and demand. “Paul Samuelson transformed everything what it touched: the theoretical essentials of his field, the way of teaching economy to the world, the features and the dimension of his department, the practices of investigation of the MIT and the life of his companions and students”, said the president of the MIT, Susan Hockfiel, in a bulletin.

Samuelson was the first American in obtaining a Nobel Prize of Economy, in 1970, the second year that was delivering to itself the award.

Simultaneously, the Swedish Academy quoted Samuelson for “having done more than any other contemporary economist to increase the level of scientific analysis of the economic theory”. Samuelson always insisted that the mathematics were essential for the economic analysis.

In his thesis of 1947, Essentials of the Economic analysis, Samuelson he corrected to his profession for practising “mental gymnastics of a particularly depraved class”.
Between his most out-standing pupils are the president of the Federal Reservation, Ben Bernanke, the Nobel Prize and columnist of the New York Steal, Paul Krugman, and Christina Romer, director of the Council of Economic Matters of the White House.

The textbook of the subject of Samuelson, Economy: an introduction to his analysis, it has been translated in 40 languages and it sold more than four million copies since it was published in 1948.

Paul Anthony Samuelson was born in Gary, Indiana, in 1915. It graduated in the University of Chicago and realized a master's degree and later a doctorate in the University of Harvard.

Even before his Nobel Prize, Samuelson had piled up a list of important awards. He published his first work when he was 21 years old, A. David Wells gained the award in 1941 to write the best doctoral thesis in the University of Harvard on economy, and it was rewarded by the Bats medal, in 1947 granted annually by American Economic Association.

Wikipedia image

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The Nielsen Company will close and sell several publications

As there was done by the putting in sale of the magazine Playboy, the failure of Reader's Digest or the change of signature of the prestigious publication BusinessWeek, next one will allude to the company The Nielsen Company and his decision to close definitavamente the publications “Publisher and Publisher” and “Kirkus Reviews“ as this way also of selling some others like, for example, “The Hollywood Reporter”.

In several occasions, this finance blog has alluded to the topic of the international mass media and the economic problems that bother them, after the hardest financial crisis from the Big Depression of the year 1929.

In the last days, the press means there has been made echo of important news related straight to the prestigious company Dutch - North American The Nielsen Company. Founded in the year 1923, it has his head office in the city of New York, the United States of America, it is present in about 100 countries and gives work to approximately 36.000 persons, as he informs the version in Spanish of the web site Wikipedia.

According to several press means, The Nielsen Company announced that it will put in sale several of his most important publications, between them ”AdWeek”, “Billboard“, “Brandweek“, “Mediaweek“ and “The Hollywood Reporter”.

Between other things, the company informed that, also, it will close the famous ones “Publisher and Publisher” and "Kirkus Reviews", two well-known magazines of the USA. The closing of the above mentioned publications will be realized of immediate form, published the news agency EFE, which added that this also includes what concerns the part of Internet.

On the same topic, it would be important to add that mister Lachlan Murdoch (son of the Australian millionaire Rupert Murdoch, person in charge of the company of mass media News Corporation) is one of interested so many people in these publications and has clear intentions of being done by them.

As he informed some days ago the web site ElMundo.es, who finally should buy these publications they will have to pay out a sum near to 70 million dollars. How there are other interested parties in these press means, it will be necessary to wait some days more to know that it happens.

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How much does the technical staff of the teams gain mundialistas?

This finance blog will continue with the journalistic notes related to the World cup of Soccer of South Africa 2010, which will begin to be disputed from next June 11 of next year. In this occasion, one will allude to the annual salaries of the technical directors of 32 selections classified to compete for such a valued glass of the world.

Some days ago an interesting classification became public on the salaries that the trainers of 32 selections mundialistas get annually for the work realized in the above mentioned teams of soccer.

Prepared by the Argentine sports newspaper “Olé“, this ranking is headed by the Italian DT Fabio Capello, who at present is at the head of the selection of England. This technical director gains 9.900.000 dollars per year. For his part, the one that less wins annually is the DT of the selection of Nigeria, Shaibu Amodu, who obtains 180.000 dollars for twelve months of work.

Next, there will be announced entirely this classification realized by the Argentine newspaper Olé, which also can be consulted on the proper web page of the sports publication.

01) Fabio Capello (DT of England): 9.900.000 dollars per year.
02) Marcelo Lippi (DT of Italy): 4.100.000 dollars per year.
03) Javier Aguirre (DT of Mexico): 4.000.000 dollars per year
04) Bert van Marwijk (DT of Holland): 2.700.000 dollars per year.
05) Ottmar Hitzfeld (DT of Switzerland): 2.600.000 dollars per year.
06) Joachim Löw (DT of Germany): 2.300.000 dollars per year
07) Vicente del Bosque (DT of Spain): 2.200.000 dollars per year.
08) Carlos Queiroz (DT of Portugal): 2.000.000 dollars per year.

09) Pim Verbeek (DT of Australia): 1.820.000 dollars per year.
10) Carlos Parreira (DT of South Africa): 1.800.000 dollars per year.
11) Dunga (DT of Brazil): 1.250.000 dollars per year.
12) Diego Maradona (DT of Argentina): 1.200.000 dollars per year.
13) Ricki Herbert (DT of New Zealand): 1.200.000 dollars per year.
14) Takeshi Okada (DT of Japan): 1.200.000 dollars per year.
15) Otto Rehhagel (DT of Greece): 1.150.000 dollars per year.
16) Paul Le Guen (DT of Cameroon): 960.000 dollars per year.

17) Marcelo Bielsa (DT of Chile): 850.000 dollars per year.
18) Vahid Halilhodzic (DT of Côte d'Ivoire): 740.000 dollars per year.
19) Raymond Domenech (DT of France): 720.000 dollars per year.
20) Huh Jung-Moo (DT of Republic of Korea): 600.000 dollars per year.
21) Morten Olsen (DT of Denmark): 570.000 dollars per year.
22) Milovan Rajevac (DT of Ghana): 540.000 dollars per year.
23) Radomir Antic (DT of Serbia): 447.000 dollars per year.
24) Bob Bradley (DT of the United States): 400.000 dollars per year.

25) Matjaz Kek (DT of Slovenia): 360.000 dollars per year.
26) Gerardo Martino (DT of Paraguay): 360.000 dollars per year.
27) Rabah Saadane (DT of Algeria): 360.000 dollars per year.
28) Reinaldo Rueda (DT of Honduras): 350.000 dollars per year.
29) Vladimir Weiss (DT of Slovakia): 312.000 dollars per year.
30) Oscar W. Tabárez (DT of Uruguay): 300.000 dollars per year.
31) Kim Jong-Hun (DT of RDP of Korea): 250.000 dollars per year.
32) Shaibu Amodu (DT of Nigeria): 180.000 dollars per year.

In futures post, this blog will keep on reporting about the financial and economic topics related to this glass of the world FIFA.

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How much will the champion gain of World South Africa 2010?

This finance blog will initiate a series of journalistic articles as regards the next World cup of Soccer to be carried out from June 11 until July 11, 2010 in territory of South Africa. In this occasion, one will allude to the sum of money that will gain the soccer selection that I managed to come to the final of the tournament and to rise with such a valued glass of the world.

Every time it is missing less by the beginning of the glass of the world of soccer and they speak already to themselves about numbers and awards. In the last hours, it was announced that the champion of this one so important world cup will pocket 31 million dollars.

It is important to add that this number was announced by the General Secretary of the FIFA, the Frenchman Jerome Valcke, in the frame of a press conference realized in Robben Island, a beautiful island located in South Africa, host country of the world cup of soccer of 2010.

Between other things, Valcke expressed that every selection will gain 9 million dollars only for competing, without importing if she goes so far as to remain eliminated in the first phase or manages to go on to the following rounds, reported the news agency AFP, which he added that 32 teams have already received a million dollars each one.

To finish this note, and as penetrating to the reader to this gentle sports holiday that will begin in the middle of 2010, eight groups will be detailed, with 32 classified selections, of this important tournament.

Group A
South Africa
Mexico
Uruguay
France

Group B
Argentina
Nigeria
Republic of Korea
Greece

Group C
England
The United States
Algeria
Slovenia

Group D
Germany
Australia
Serbia
Ghana

Group E
Holland
Denmark
Japan
Cameroon

Group F
Italy
Paraguay
New Zealand
Slovakia

Group G
Brazil
RDP of Korea
Côte d'Ivoire
Portugal

Group H
Spain
Switzerland
Honduras
Chile

In futures post, this blog will keep on reporting about the financial and economic topics related to this glass of the world FIFA.

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The banking will pay more for the deposits of the clients

The medium banking in Spain will have to increase the remuneration of the deposits of the clients and reduce the financing that it obtains of the exterior, according to the director of the Area of Management of Assets of Banco Popular, José Manuel Piñeiro.

“Facing the future, the entities will have to close the acquaintance as ‘commercial gap’. It will be necessary for his stability to reduce the percentage of dependency on the wholesale markets, what means an increase of clients' deposits in the whole of the debit of the balance”, thinks Piñeiro.

In an article publicadado in the last number of the Magazine of the Stock Exchange, the manager of the Popular pevé that this will lead to a more generous remuneration of the deposits and to an increase the 'spreads' applied to the operations of investment.

Also, it highlights that a narrow relation with the client will be indispensable in the future, not only to fit the insurance incluída in the interest rates applied in every contract of investment, but also to fit the product to the needs of the client.

Thus the clients with needs for investment will reduce the number of financial institutions, what will allow a major business concentration for client, while the key for the knowledge of the clients takes root in the closeness to the same one, stands out Piñeiro.

It is a question, according to the expert, of applying in the future strategies of “differentiation“ that allow the financial institutions to compensate the minor growth of the results thanks to the progress of the profitability of the assets. “The strategies lack of definition only transports a worsening of the results“, supports.

Piñeiro argues that, according to information of the Spanish Bank, the companies that work with only one bank have had less problems to solve his needs for financing, while the problems are increasing as there increases the number of banks with which the company works.

This has to do with the reduction of the deficit of information between the lender and the borrower, for what the information progress becomes also essential to improve the type to be applied in the investment operations.

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The real estate agency of Dubai World lost 2.465 millions

Nakheel, the real estate property of Dubai World, has announced that it had a few losses of 13.400 million dirhams (3.650 million dollars, 2.465 million euros) in the first semester, due to the depreciation of assets and the fall of income.

The income for his part, lowered 78 %, up to 1.780 million dirhams (327,46 million euros). Nakheel has reduced the value of areas and of some projects in construction up to his commercial value after the collapse of the real estate prices.

According to the document obtained by Bloomberg, this information contrasts with the profit of 2.650 million dirhams (487,5 million euros) of the same period of last year. At the end of June, Nakheel had a few entire assets of 147.000 million dirhams, opposite to 155.500 millions at the end of December of last year. The debit for his part, was promoting 73.300 million dirhams.

Dubai World began last week to speak with his creditors to restructure his 26.000 million debt dollars, which include 3.520 million dollars of Islamic bonds that mature on December 14 expressed by Nakheel.
According to the sources consulted by Bloomberg, Dubai World he would have been negotiating yesterday with his six principal creditors.

On the other hand, the country is investing in the creation of new industrial mega-parks, to which a specific regulative legal frame is applied to them for business, in end garantista, what favors the investment and the rapid installation of the new companies, as well as a capital comeback of 100 % and other advantages that join the proper ones of this city, like the abundant energy of low cost and an excellent port and airport infrastructure.

In the city of Dubái the port Port Rachid is and to 35 km from the city, close to the forntera with Abu Dhabi, there is the biggest port of the world constructed by the man and the biggest port of Middle East: Jebel Ali.

Image CC of Stewie1980

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Imaginarium reduces his starting price to bag

Imaginarium, the Spanish multinational specializing in the sale of toys and products for the infancy, stumbles at least of 24 hours for his début on the Stock-exchange Alternative Market (MAB). It will do it at a price below due incialmente and without the OPV (old actions) of one of his shareholders, Caja de ahorros de la Inmaculada. It will only sell in bag those of new emission, cutting this way the free float away and preventing from being too many qualifications in sale.

This will be the second exit to bag on the Stock-exchange Alternative Market. The first one was that of Zinkia, producer of famous cartoon Pocoyó. Then, the company at that José Maria Castillejo presides also turned out to be forced to reduce the price for his stock-exchange début and to limit the offer to the actions proceeding from the increase in capital, suppressing the OPV that it was affecting to the qualifications in hands of the associates of the producer. Nevertheless and despite the initial doubts, Pocoyó shot 27 % in his début.

Definitely, the price will be 4,31 euros for action, below the pitchfork foreseen in the informative document of the laying, understood between 4,94 and 5,79 euros by action, as he informed today the company. With this price, the company will have a value for 61,02 million euros, opposite to the status of between 69,95 and 81,98 million due euros initially. Bearing in mind that the nominal value of the qualifications of Imaginarium is 0,03 euros, the definitive price implies a premium of emission for 4,28 euros for action.

Of the same way, due to the market conditions, the company, the Savings bank of the Blessed Virgin Managerial Development, Society of Risk capital of Diet Simplified (I FELL DOWN SCR) and Banesto Bolsa, entity colessor, has decided to exclude from the sale offer the actions initially offered by CAI.

This way, the entire size of the offer remains established in 2,85 million actions, of which 450.000 are proper qualifications of the society and 2,4 million actions of new emission, representative jointly of 16,36 % of the share capital of Imaginarium after the subscription offer. Thus colessor suppresses the call option green shoe granted by CAI SCR in favor of the entity.

Image CC of Moranga

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The bag of Dubai loses more than 7 % after three days closed

The bag dubaití, that from the last Wednesday was closed, has quoted again today with falls near to 6 % in 1.970,20 points and with a scarce hiring volume. The market of Dubai has closed the meeting with a loss of 7,3 %, while elprincipal indicator of Abu Dhabi for his part, has collapsed 8,3 %.

This way, the markets of the emirates have quoted again for the first time from the last Wednesday, when Dubai World announced his plans of asking for a moratorium to pay his debts. The sale orders have dominated a day in which scarcely there were buyers. Both bags have lost approximately 10.000 million dollars of his value, according to AFP.

Most harmed they have been the construction sector and the financier. This way, the biggest real estate property development company of the United Arab Emirates, Emaar Properties PJSC sinks close to 10 %, the same percentage as Aldar Properties. For his part, Air Arabia has stepped back 9,62 %.

The local analysts impute this collapse to “the exaggerated informations of the western means”, according to the Hamam words to the-Shamaa, of Al-Fajr Securities, gathered by AFP. “We hope that the foreign investors should keep on going out of the market, a movement that, obviously it terrifies the local investors”, he has told and has anticipated that hope that the falls should continue tomorrow.

Also, the bag of Saudi Arabia, the most important of the countries of the gulf, will be closed until Saturday, and neither it opened today that of Kuwait, the second one of the region.

Meanwhile, the markets of the USA. have started the week with the look put in Dubai, after last week they were avoiding better the 'shock' generated by the risk of non-payment of the debt of that country. After Thursday to remain closed, day in which the panic exploded, as a result of the day of Thanksgiving, and to close with falls on Friday after a half meeting for the festivity of Black Friday, has come the moment from that the investors analyze the situation of the Arab state while the informations happen I half-close to this crisis.

Image CC of Stewie1980

He translates

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For The Wall Street Journal, the unemployment is the chronic illness of Spain

The Wall Street Journal, as they were already doing The Economist and Bloomberg last week, he dedicates an article to revise the situation of Spain with adjectives few benevolentes. The head property of Rupert Murdoch affirms that the unemployment is a “chronic illness” in the country and that the Spanish have got accustomed to her.

Irwin Stelzer, the author of the article and recognized economist and member of Hudson Institute, identifies the explosion of the real estate bubble, which “has struck Spain with more force than to no other European country“, like the origin of the current situation for which now the Spanish active population crosses.

Also, it is remembered that the unemployment valuation is located in 19,3 % - in accordance with the last information published by the office of statistics community Eurostat - and heads for 20 %. Also, according to the expert, everything points that the tendency does not go revertir to the rise in for the time being for several motives.

To start, Seltzer defends the idea of that the Spanish “have accustomed” to coexist with very high unemployment valuations: between 1884 and 1998 it was located between 16 % and 23 %, and in the last 30 years it has not ever gone down 9 %. For this motive, he affirms that the Spanish have the impression of which it is a question of a “natural condition” and quotes Jaime García-Legaz, General Secretary of Faes, who affirms that “many people have the impression of which the unemployment is like a Spanish pandemic”.

Also he thinks that another factor that it helps to that in Spain the excessive employment destruction is accepted with “relative calmness” is the system of social services. The high subsidies that Spanish receive idle, “between 80 and 90 % of the last salaries for two years”, it does that they push “almost any job vacancy” back.

In this point, the economist affects on a new problem on which echo has already been done from diverse institutions. All the more time a person remains in the lists of the INEM, less attractive it will be for the company that, also, she will turn out to be braked by the high cost that of the dismissal in Spain, which the author of the article places between 30 and 45 days for worn out year - those that correspond for the indefinite contracts-.

Finally, Seltzer points at the submerged economy, which contributes income extra and brakes even more the Spanish without work to leave his condition of stopped.

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Funcas: the GDP will fall down 3,7 % this year and the unemployment will rub 20 % in 2010

The Foundation of the Savings banks (Funcas) has supported in-3,7 % the fall of the GDP this year and in-0,6 % the descent waited in 2010, according to the last estimations of November, which worsen the forecasts of the Government for both years in a tenth and in three tenths, respectively.

This result for this year owes to a fall of 6,5 % of the national demand, which will not be able to be compensated by the growth of 2,9 % of the external demand.

This way, for 2010, the forecast of growth of the national demand has deteriorated from a valuation of-1,5 % up to-1,7 %, although this slightly more negative evolution waited for the components of demand has been resisted by an improvement of the expectations for the exports, which will grow 2,1 %, opposite to the previous forecast of 0,8 %. This way, the external demand will contribute 1,2 points to the growth of the Gross National Product.

The quarterly profile waited by the panel of forecasts corresponds to a few valuations that are going to be supported without changes in-0,3 % in the fourth trimester of 2009 and first of 2010, what it implies that up to the second trimester of next year an improvement will not take place, when the GDP c omenzará already to register positive growth valuations in interquarterly terms.

These consensus forecasts for the industrial activity have improved, up to a change of-17,4 % in 2009, but the improvement has been more significant in the forecast corresponding to 2010, which has been located in-2,7 %, 2,4 points more than in the September panel.

As for the inflation / deflation, the estimations of the panel of Funcas have been modified perceptibly to the fall, up to-0,3 % of average this year and a 1,3 % the next one, two and three tenths less than the previous survey, respectively.

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