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### Viewing cable 08MADRID1003, MADRID WEEKLY ECONOMIC UPDATE, SEPT. 15-19

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
08MADRID1003 | 2008-09-22 05:05 | 2010-12-18 12:12 | CONFIDENTIAL | Embassy Madrid

`

    VZCZCXRO7912
    RR RUEHLA
    DE RUEHMD #1003/01 2660559
    ZNY CCCCC ZZH
    R 220559Z SEP 08
    FM AMEMBASSY MADRID
    TO RUEHC/SECSTATE WASHDC 5346
    INFO RUEHLA/AMCONSUL BARCELONA 3583
    RHMCSUU/DEPT OF ENERGY WASHINGTON DC
    RUCPDOC/DEPT OF COMMERCE WASHDC
    RUEATRS/DEPT OF TREASURY WASHDC

` `

    C O N F I D E N T I A L SECTION 01 OF 02 MADRID 001003

    SIPDIS

    STATE FOR EUR/WE, EEB/IFD/OMA
    COMMERCE FOR 4212/DON CALVERT
    TREASURY FOR IA/OEE W.LINDQUIST

    E.O. 12958: DECL: 09/19/2010
    TAGS: ECON ECPS EFIN ELAB ENRG EWWT KNNP SOCI
    SUBJECT: MADRID WEEKLY ECONOMIC UPDATE, SEPT. 15-19

    REF: MADRID 985

    Classified By: Deputy Chief of Mission Arnold A. Chacon for Reason 1.4(
    b)

    Contents:

    EFIN: Reactions to U.S. Financial Turmoil
    EFIN: 2009 Budget to be Austere
    ELAB/SOCI: Immigrant Return Incentive Approved
    ENRG/EFIN: Energy Commission Fears Problems Unless GOS
    Increases Electricity Charges
    EWWT/KNNP: GOS on Track to Implement Radiation Detection
    Maritime Portals by Late 2009
    ECPS: Vodafone Launches 670 Million Euro Suit Against
    Telefonica
    EFIN: Sabadell Sells Half of Insurance Business for 750M Euros

    Reactions to U.S. Financial Turmoil

    ¶1. (SBU) Spanish government officials and press followed the
    U.S. financial turmoil closely during the week. President
    Zapatero and Second Vice President and Economy and Finance
    Minister Solbes reassured Spaniards that Spain's financial
    sector was safe and its financial firms solvent. Zapatero
    claimed that the turmoil proved that the U.S. subprime
    mortgage crisis was the origin of Spain's difficulties.
    Solbes later acknowledged that Spain's housing and inflation
    problems predated the international credit crisis but said
    they would have been manageable without the credit crisis.
    Some of Zapatero's political allies described USG actions as
    proving the inadequacy of unregulated markets and the value
    of economic intervention.

    ¶2. (U) Solbes' ministry announced that Spanish financial
    firms had only limited direct exposure to Lehman Brothers.
    62 insurance companies had 281 million euros in exposure,
    0.2% of the sector's total exposure. 45 pension funds had
    exposure totaling 0.07% of assets, and investment funds had
    300 million euros in Lehman bonds or shares, 0.13% of the
    sector's assets. Solbes and visiting European Commissioner
    for Economic and Monetary Affairs Joaquin Almunia called for
    more centralized EU financial supervision. (All Media)

    2009 Budget to be Austere

    ¶3. (U) Secretary of State for Treasury and Budget Carlos
    Ocana announced September 18 that because of
    lower-than-expected growth, the 2009 budget will be more
    restrictive than the GOS had anticipated in June. Press
    reports suggest that the 2009 budget proposal the GOS is
    negotiating with parliamentary groups will include a deficit
    of 2% of GDP. (Europa Press, 9/18; El Pais 9/17)

    Immigrant Return Incentive Approved

    ¶4. (U) The Council of Ministers approved Labor Minister
    Corbacho's proposal to allow unemployed immigrants to obtain
    all of their unemployment benefit if they agree to leave the
    country and not return for three years. Immigrants from the
    19 non-EU countries that have Social Security agreements with
    Spain will be able to participate, receiving 40% of the
    benefit in Spain and the remaining 60% a month later in their
    country of origin. Of the 165,000 immigrants registered as
    unemployed in July, over half were from either Ecuador or
    Morocco. The incentive must be reviewed by the Council of
    State before it can take effect. (El Pais, 9/19; Council of
    Ministers, 9/19)

    Energy Commission Fears Problems Unless GOS Increases
    Electricity Charges

    ¶5. (U) According to the National Energy Commission (CNE), if
    the GOS does not drastically increase electricity tariffs,
    then it runs the risk of accruing an additional debt of up to
    5 billion euros in 2009 to add to the 9 billion it already
    has with electricity companies. Under Spain's partially
    liberalized electricity price system, tariffs for the captive
    markets are set by the government. Companies that serve this
    portion of the market often must sell electricity to
    consumers below cost, producing a deficit that runs into
    billions of euros which the GOS is obliged to reimburse.
    With a deficit of 9 billion (partially financed by private
    banks), the CNE fears that additional debt may incur serious
    financial difficulties. Energy Secretary-General Pedro Marin

    MADRID 00001003 002 OF 002

    told reporters that the next tariff increase would not take
    place until January. Comment: Given Spain,s economic woes
    and rising unemployment, the GOS will find it politically
    difficult to raise electricity prices by too much. The GOS,
    which has been under pressure from the European Commission to
    abolish regulated tariffs and from the CNE to raise tariffs,
    has said in the past that it needs several years to raise
    regulated prices enough to bring them fully in line with
    costs. Recent GOS tariff increases have been above the rate
    of inflation but below CNE requests. (Expansion, 9/18; ABC,
    9/17, Embassy)

    GOS on Track to Implement Radiation Detection Maritime
    Portals by Late 2009

    ¶6. (C) Spanish Customs officials told a DOE Megaports
    visiting team and Emboff September 15 that the GOS was on
    schedule to install radiation detection portals at the
    maritime ports of Valencia and Barcelona by late 2009. The
    GOS will shortly solicit bids from companies interested in
    undertaking this Megaports project at each port. The bidding
    and award process is expected to take 6 months, followed by
    the construction and installation, which is expected to take
    up to 9 months. The visiting DOE Megaports team was in
    Madrid September 15 to add final technical suggestions to the
    RFP document prepared by Spanish Customs. Comment: The only
    obstacle the GOS may face in implementing Megaports may be
    the upcoming year,s budget, which is expected to be strained
    given the current economic woes. (Embassy)

    Vodafone Launches 670 Million Euro Suit Against Telefonica
    Subsidiary

    ¶7. (U) Vodafone has filed suit against Telefonica Moviles de
    Espana in Spanish court (1st instance court in Madrid)
    demanding reparation in the amount of 670 million euros.
    Vodafone asserts that Telefonica abused its dominant position
    in the mobile phone market between 1995-1999, blocking
    Vodafone,s Airtel from gaining access to its network and
    ultimately blocking Airtel from hundreds of millions of euros
    in profits. According to the Spanish press, Vodafone,s suit
    builds on the 2006 Supreme Tribunal,s decision that
    determined that between 1996-1999, Telefonica engaged in
    conduct that blocked or hindered Airtel,s access to the
    network, conduct which did not comply with Spain,s law
    against anti-competitive practices (Ley de Defensa de
    Competencia).This is the largest judicial suit presented in
    Spain against a Spanish multinational company. (El Pais, 9/15)

    Sabadell Sells Half of Insurance Business for 750M Euros

    ¶8. (U) Banco Sabadell, Spain's sixth largest banking
    institution, will sell half of its insurance business to
    Zurich Vida for 750 million euros plus the possibility of up
    to another 150 million euros over ten years, depending on the
    evolution of future business. Sabadell is following other
    Spanish banks that have sold or are studying selling part of
    their insurance business to raise funds. Comment: Spain's
    financial press gave this action very little coverage, which
    suggests that it was not a panic sale. Sabadell's stock
    price is down 40% from its peak of last year, but that is
    actually less of a drop than most Spanish banks have
    suffered. (Expansion, 9/19)

    Aguirre

`