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Today the United States met since the second quarter GDP was revised down from +2.4% to +1.6%. While this figure seems bad, not so much because the market was expecting a downward revision from +2.4% to +1.4%. This has given relief to the markets, which record highs this morning led by the Dow Jones (+0, 60% after opening).

We are waiting for what Ben Breanne may say today about the future of the economy during the Annual Meeting of Presidents of Central Banks, as well as the Consumer Confidence number of Michigan Universidad August (projected at 70 pts.)

With the above, the negative tone continues in international markets, but the contagion to emerging economies has been very limited.

For now, we maintain the negative bias, since there is no sign that this is over. However, we recommend caution in the current levels because the market three weeks of low accumulation

The new rules impose more frequent visits from officials of Euro stat to countries subject to prosecution for excessive deficit.

Thus, when there is reasonable doubt about the accuracy of the deficit and debt figures sent by a government in Brussels, the EU executive will send officials to the country concerned and to review firsthand the central government data, regions municipalities and social security.

In addition, Member States should provide Euro stat with the information required to examine the quality of fiscal statistics. Economic Affairs Commissioner, Olli Rein, said the new audit powers “are an essential requirement to have an economic and monetary union (EMU) strong and functioning effectively.” “We need accurate and reliable statistics on national accounts for EMU to work,” he said.

Rein announced that the first country to send a mission Euro stat when Parliament ratifies the strengthening of its powers would be Bulgaria. “We have some concerns about the functioning of statistics in Bulgaria,” he explained.

The EU executive called for and these additional powers in 2004, precisely when it was discovered that Greece had falsified data to enter the euro. However, the capital has refused to grant.

However, after coming to power, the New Greek socialist government again reviewed in October the deficit forecast for 2009 from 3.7% of GDP was estimated last spring to 12.5%. Subsequently, Euro stat has again revised upwards the Greek deficit last year to stand at 13.6%.

Distrust in the quality of the Greek statistics has been one factor that has aggravated the country’s debt crisis and forced him to benefit from the fund of 110,000 million set by the euro zone countries and the International Monetary Fund avoid bankruptcy. To avoid these problems again in the future, Member States have raised their reserves and have agreed to give more powers to the Audit Commission.

Cava de Burgos was now “fully satisfied” with the authorization of the Government of Castile and Leon Civic joining Bank and said that this decision “represents a major milestone in shaping the Group and facilitates the cruising speed it wants to acquire for its implementation on 1 July. “

The Ministry of Economy and Employment announced this afternoon at Burgos entity authorized to accede to the Institutional Protection System (SIP) which is part of the integration of the Group that conform Cava de Burgos, Cava Navarre and Cava Canaries.

This communication also states the need to obtain licenses from other mandatory to start the integration process must provide both the Bank of Spain and Spanish monetary authority, as the Ministry of Economy and Finance, said in a statement picked up by Europe Regional Government Press.

The authorization also involves compliance with all terms of the contract establishing the SIP. Cava de Burgos must submit periodic information for follow-up, the Ministry of Economy and Employment.

According to Europe Press reported Civic Banking sources, the Ministry of Finance also announced today the signing of the Ministerial Order authorizing the Group to operate, once it received a favorable report by the General Directorate of Treasury and Bank of Spain.

“In front are the relevant entries and other administrative processes to see Civic Banking SIP as the first bank operating in Spain, without consuming resources of Fob, launching a pioneering business model and growth and internationalization as key challenges future, “sources said

PP representative for Grin Canaries, Carlos Rodriguez, said today that the island’s economic activity is “orphaned” financial injection “critical” for promoting it because of unemployment it has.

In addition, Rodriguez accused President José Miguel Perez island from “the other side look as if it were the absolute maximum liability of the economic paralysis” of the island.

“Unemployment gallops at home in Grin Canaries and investment suffers from the inability of the President of the Cabled, Jose Miguel Perez to implement the budget of the corporation” is female representative of the popular island in the corporation told the media.

He said that the Cabled government team has “more than 350 million euros in financial institutions.” “Large, medium, small entrepreneurs, freelancers, we all suffer in Grin Canaries the abandonment of this group of government.

In Spain, one of the elements considered essential to overcome the crisis is improving the productivity of the country.

It is generally diagnosed since the mid-eighties; the growth of total factor productivity in the Spanish economy has been slowing. Among the reasons, the principal, is the lack of utilization of human capital improvement, training and knowledge-and communication technologies and information management in recent years. Obviously, there are other reasons that could be attributed side to corporate culture rather scanty or certain aspects of regulatory and subsidy policies in some sectors have helped strengthen the economy more dynamic and efficient.

At present, the negotiation of labor reform is thinking exclusively in terms of reducing the costs of explicitly linking human-capital increased productivity, but without addressing the two key issues for an economy XXI century in our country: to increase technological capital and its efficient use by companies and the empowerment of human capital-education and lifelong learning.

It is a fact that the Spanish business community, without exception, brings them to heave the empowerment of human capital – only 18% of companies used the funds for employee training last year by the deduction of contributions to Social Security – and many do not invest what they should invest in technological capital and the only thing they want is cheap labor.

The labor reform, as is being proposed we turn to an intensive economy-wage labor increasingly devalued the sole policy objective of reducing the rate a few points of unemployment.

No need to resort to the statistical series to observe that countries with higher productivity and adding value often have higher wages. While in Spain, with low wages, companies tend to invest less in capital improvements to its human and technological.

The chair of the Finance Committee of the National Assembly (AN), Deputy Ricardo Sanguine, attributed the decline in economic activity in Venezuela to the national electricity crisis.

Indicators of Central Bank of Venezuela (BCV) showed the close of the first quarter of this year a significant fall in gross domestic product (GDP) of 5.8 points.

“We are in an energy crisis, and all productive activity, industrial, service, agriculture, electricity demand,” said the deputy Sanguine interviewed by José Vicente Hoy.

This is the fourth quarter continued to decline in the Venezuelan economy. ‘This had been observed’, Sanguine said.

‘It warned that we were down this quarter but did not imagine that 5.8 points, which is a substantial rate, which are visible from the effects of the oil sabotage and coup detach. “

The congressman recalled that despite the economic downturn in the episodes mentioned that took place in 2002, ‘advanced greatly and the following year we had significant growth, not seen in the history of Venezuela’s economy. “

‘on this occasion can not be different, “said Rep. Purist.

“We are encouraging the development of productive activities of social property, social production companies in all areas: agriculture, industry, service, distribution and marketing of products,” he said.

Sanguine said that the state control of strategic companies that were in private hands would boost the economy.

Venezuela faced in late 2009 and early 2010 an electricity crisis due to a severe drought that affected the course of the rivers that feed the main dams that generate electricity to the country.

This situation prompted the government to build national systems of electricity production alternatives to hydropower. The Geri dam supplies the country 70% of its energy.

Economists and analysts said in recent days the possibility that the United States suffer a recession due to double Europe’s financial crisis, caused by the ballooning budget deficit of Greece, Spain and Portugal.

The Nobel laureate economist Joseph Stilts said last week the international press that a strong dollar and a weak European economy increased the possibility of two U.S. recessions.

Such a scenario sparked investor nervousness, which caused the three major U.S. stock indexes posting their worst May since 1940, when Franklin Delano Roosevelt held the presidency of the United States.

During this month, which officially ended last Friday in the U.S. after the Memorial in War-the three main stock indexes recorded a loss of eight percent from April.

On 5 May, the Dow Jones index in New York lost almost a thousand points in minutes, a drop caused in part by a technical error still completely unclear.

During this month weighed Greece’s inability to finance its budget deficit, disclosed by the loan of billion-trillion dollars, in English-committed to the country by the European Union (EU).

In addition, uncertainty about the future of Europe increased in recent days to rescue the bank in Spain Camases and because the stock rating cut by Fitch is rating grade sovereign debt of that country.

Fitch followed the example of other rating agencies, which had already downgraded the sovereign debt of Spain, the same as that of Portugal and Greece.

European Financial difficulties have pushed the euro to its lowest valuation since April 2000, with a low monthly until 28 May to 7.7 percent against the dollar.

The crisis in Europe, analysts, could affect the U.S. economy is in a first stage of recovery and with an unemployment rate remains at 10.0 percent.

During the week, the secretary general of the Organization of Trade in Europe, John Monks, said that Europe was heading to another stage of contraction, if not place more resources to the continent.

For his part, economist at New York University who predicted the recession started in 2008, Muriel Robin, has indicated that a stock market decline of 20 percent is likely in the coming months.

The new British government said its priority is to solve the massive financial problems. And it is the “number two” of the Ministry of Finance, the liberal David Laws, admitted this weekend that took money improperly diems and he lied to Parliament last year.

The MP and Treasury chief secretary admitted it had received more than 40,000 pounds ($ 58,000) for his second home. The house, however, belongs to her partner, a relationship that stealing from their friends and family, DPA said.

Laws had the opportunity last year to clarify this point in the investigation initiated by the Parliament by the fraud of diets in the House.

The millionaire congressional representative and former banker he had only the forward flight. Therefore, on Saturday afternoon packed his bags and left his post just three weeks after occupying it.

“I can not escape that some of what I did was wrong,” said Laws in their official explanation. “I do not know how I can do my work for the Treasury deciding if I should clarify the revelations about my private life and public,” he said, clarifying that it intended to protect your privacy.

Last year the Liberal Democrats were one of the more militant forces against fraud scandal in Parliament diets. As members of the new coalition led by the “Tory” David Cameron, the Liberal party also pledged to solve the problem.

The struggle to clear cases of fraud provided the leader of the Liberal Democrats, Nick Clegg, very popular. In numerous statements, the new “number two” of the British Government boasted that no member of his party was implicated in the scandal.

Confidence in the government team suffered its first setback Cameron. The executive sought to focus its direction on the economy, foreign policy and internal security, while calling for making the government more transparent.

“It is clearly a bitter and tragic setback (for Laws),” said Economy Minister, the conservative Vince Cable. Within 24 hours, the crisis was overcome and the replacement for Laws, up to now minister for Scotland Danny Alexander, assumed office.

The recent announcement by the head of the Ministry of Finance and Public Credit, in relation to the intention to limit the transactions in dollars in the bank counters as a mechanism to prevent money laundering, have a regressive effect wing border region’s economy and thus this effect will affect the rest of the economy.

This is considered the vice president of the National College of Economists, José Luis Contreras Valenzuela, saying While it is important to implement control mechanisms to prevent money laundering as part of a strategy against organized crime, it is also true that policies are implemented should not affect the smooth running of the economy.

Nor should become inhibitors of economic activity, because the crisis deepened generate better conditions for the rise in crime, he said.

“We must not fail to see that crime and the illegal actions take place more rapidly when the conditions of economic activity suffer a crisis so deep that even we could not get out. In addition, have enough memory to remember that these conditions have worsened in recent years, “he said.

He said it is important that public policy have as its fundamental objective to create conditions for healthy growth of the economy, creating jobs, facilitating the operations of enterprises and productive assets in order to create jobs and revive the market.

However, if we persist in implementing measures to absurdities such as limited-counter foreign exchange transactions, an economy where many commercial transactions occur in dollars, we think that a measure such as the Ministry of Finance audience, he said.

Contreras Valenzuela said that this business practice every day in the border cities, demand for a facility and foreign exchange controls and implemented as the one introduced by it, pushed to the users of dollars of housing market change, promoting speculation and black market dollars.

He said that in the six northern border states of Mexico accounts for forty percent of the national population in border cities like Ciudad Juarez, Tijuana, Medical, Matamoras, Reins, Nuevo Laredo, Nogales and Ague Pieta, focuses almost twenty million Mexicans.

Crude oil futures in the U.S. fell in May closed on Friday and the biggest monthly decline since December 2008, during the financial crisis.

The contract fell to risk aversion that caused the reduction in credit rating of Spain.

In the New York Mercantile Exchange, crude for June delivery fell 58 cents, or 0.78%, to 73.97 dollars per barrel, trading from 73.13 to 75.72 dollars.

Crude for the nearest contract fell 12.18 dollars, or 14.1% compared to April, its biggest percentage drop since December 2008, when prices declined by 18.1% from the previous month.

London Brent crude on the ICE closed at 74.02 dollars.

Fitch Ratings downgraded the credit rating of Spain on a step, saying the country’s economic recovery would be “weaker” than projected by the Government, due to the severe austerity measures adopted this week.

“Oil futures are down a lot and all down to the news of the credit downgrade of Spain. Looking long weekend, crude oil has clung to the stock market is falling because of fears in euro area, “said Mark Waggoner, president of Excel Futures in Bend, Oregon.

The Dow and S & P 500 in May recorded its worst monthly percentage drop since February 2009.

The euro fell after the decision of Fitch Ratings to downgrade the rating to Spain.

Weak economic data in the United States also pressured crude prices.

U.S. consumer spending was unexpectedly flat in April, although disposable income posted its biggest increase in nearly a year, the Commerce Department said.

The Institute for Supply Management-Chicago said its index of business activity in the Midwest fell in May. The business grew by less than expected after the decline in employment data.

U.S. consumer sentiment rose slightly in May compared to April but remained near the levels reported since February, while inflation expectations one year climbed to a record since October 2008, a survey group of Thomson Reuters and University of Michigan.

Earlier in the session, crude futures rose sharply on the rise of the euro and global equities.

Oil prices were extremely volatile in May. U.S. crude hit an intraday low of 64.24 U.S. dollars on May 20 before the expiry of the position in June, nearly $ 23 below a maximum at $ 87.15 3 May, and its highest level for 19 months.

The volatility made investors cautious, although some oil traders say the market would have found a floor.

A survey on Friday of the Organization of Petroleum Exporting Countries (OPEC) showed a rise in crude supply in May to its highest level in 17 months.

Oil demand in the United States climbed nearly 7% in the last four weeks, said the Energy Information Administration (EIA for its acronym in English), and led by a 16% rise in demand for distillates, which include diesel and heating oil.