Spain, of most of the major world economies has been least affected by the US generated sub prime - hipotecas basura - lending crisis. While, in the normal cyclical process, the ecomomy has de-accelerated slightly heading into 2008 the banks have had substantial profit increases for 2007 and forwards:
- Banco Popular: 22.8% profit increase.
- BBVA: 29.4% profit increase.
- Banco Santander: 19.3% profit increase.
This trend was reflected in some of the major commercial groups:
- Telefonica 43% profit increase.
- Iberia 300% profit increase.
- Union Fenosa 55.2% profit increase.
Hence Spain remains a very stable, soundly based, economy and, together with its islands remains a very attractive destination for investment funds. The Canary Islands particularly, due to their unique climatic and investment tax regime advantages, remain primus inter pares in any international context..
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