Arab Today, arab today spain cancels huge national lottery sale next month
Last Updated : GMT 03:57:31
Arab Today, arab today
Arab Today, arab today

Spain cancels huge national lottery sale next month

Arab Today, arab today

Arab Today, arab today Spain cancels huge national lottery sale next month

Madrid - AFP

Spain scrapped plans Wednesday for a titanic listing of the national lottery next month, aimed at raising up to 7.5 billion euros ($10 billion) for depleted state coffers.The sale of the lottery in October would have been the biggest privatisation in Spain\'s history. It formed a key part of government plans to ramp up income and help mop up the red ink in the annual state accounts, which are creating deep concern on global markets. But the market turmoil, provoked in large part by concerns over how feeble eurozone economies will repay their sovereign debts, made the lottery sale a major gamble. The government had agreed April 29 to sell up to 30 percent of the state\'s ownership of the lottery. \"The market situation now is very different to what it was then,\" the finance ministry said in a statement. The state body responsible for the sale, \"with the due advice, considers that the conditions are not right to guarantee an income that reflects the value\" of the lottery,\" it said. \"The operation can be taken up again when market circumstances make it advisable.\" The climbdown came less than two months after the Socialist government brought forward the sale by a month to October, before November 20 elections it is widely expected to lose to the conservative Popular Party. The sale was formally approved by the cabinet only on Friday -- just five days before its surprise postponement. The listing of the stake in Loterias y Apuestas del Estado, organiser of the country\'s famous El Gordo, or the Fat One, Christmas lottery, was expected to bring in 6.5-7.5 billion euros. The Popular Party, riding high in the polls, had warned Tuesday it would halt huge privatisations of the national lottery and airports if it takes power in the general elections. \"These privatisations must stop,\" said Cristobal Montoro, the Popular Party\'s economic coordinator whose name is among those being tipped as future finance minister if the Socialists are ousted. The privatisations would mean \"selling state assets at a loss,\" said Montoro. \"It is totally unacceptable,\" he added. The government also launched in July the process to privatise 49 percent of the airport operator AENA and the Madrid and Barcelona airports, which it expected to bring in at least 5.3 billion euros. The sale of 90.5 percent of the Madrid and Barcelona airports is scheduled for the end of November. Spain\'s government has not given a timetable for the privatisation of AENA although it said in July that the timing and size of the sale would depend on market conditions so as to seek the best valuation. In a sign of the deep concerns over wild swings on the stock market, Spain and Italy will both extend a ban on short selling of banking and insurance stocks in place since August, the European market supervisor said Wednesday. In short-selling stocks investors are basically betting that they will fall in price. They borrow the stocks from a broker, sell them and then buy them back later at a hopefully cheaper price to pocket the difference. Spain has promised to reduce its annual public deficit from the equivalent of 9.2 percent of gross domestic product last year to 6.0 percent of GDP this year, 4.0 percent in 2012 and 3.0 percent -- the EU limit -- in 2013. It is now scrambling to raise extra money in 2011 to meet those targets -- telling firms to pay tax installments early, lowering state spending on medicines and stimulating new home purchases with a tax cut. Each year of deficit pushes up overall debt, which grew to 65.2 percent of GDP as of June 30 from 57.2 percent a year earlier. Earlier this month, the government passed a constitutional reform to limit future budget deficits and curb the accumulated debt, trying to prove its determination never to slide deep into the red again.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain cancels huge national lottery sale next month Arab Today, arab today spain cancels huge national lottery sale next month

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday