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European Commission

The ultimatum also affected Slovenia, Greece, Italy, Poland and Portugal. Spain assures that it has already transposed the greater part of the directive. The European Commission has launched an ultimatum to Spain to apply the Community legislation which aims to strengthen the capital of banks and improve the policy of remuneration of bank managers. The deadline to transpose this directive into national law expired on January 1, 2011. The ultimatum from Brussels takes the form of a reasoned opinion, the second stage of an infringement procedure. If within two months of the Spanish authorities do not correct the situation, the EU Executive could take the case before the Court of Justice of Luxembourg (TUE).

The directive in question aims to ensure the financial solvency of the banks and investment companies as well as tackle the excessive and imprudent risk-taking in the banking sector favoured by some poorly designed remuneration that have caused the bankruptcy of different entities and brought problems to the society as a whole, according to the Commission emphasised. The current financial crisis proves how it is important to address those two points for citizens, enterprises and the society as a whole. If common standards are not observed in the same grade across the EU, this could give rise to loopholes that could be exploited, the EU Executive in a statement has criticized. In addition to Spain, the ultimatum also affected Slovenia, Greece, Italy, Poland and Portugal. The Commission will also urges Belgium, Slovakia, Luxembourg and Sweden to give fulfillment to the parts of the directive have not yet been implemented. Shortly after they knew the news, the Ministry of economy and finance has submitted a statement which says that Spain has already transposed the greater part of the European capital requirements directive to its internal regulations. Imminent approval of fact, the Department directed by Elena Salgado stresses that the directive is already transpose in its entirety and, of course, through the sustainable economy Act amending the investment coefficients, own resources and obligations of information act to financial intermediaries. In addition, obligations on remuneration contained in the Spanish apply retroactively from January 1, 2011, as established in the directive.

In the same way, the Ministry ensures that the remaining part of the transposition of technical and regulatory character, will be completed with the imminent adoption of the Royal decree amending the text on own resources of entities that is at a very advanced stage of processing. It also recalls that, prior to the adoption of the law of sustainable economy, the Bank of Spain already had and exercised oversight of the remuneration of the directors of the financial sector capacity way ctiva. Finally, the Economic Department points out that the European directive was adopted largely at the mercy of the political momentum that gave Spain when he occupied the Presidency of the Council of the European Union by the year 2010. Source of the news:: the European Commission urged Spain to monitor the pay of bank executives.

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Italian Government

Councils will be forced to sell its assets with mechanisms of incentives and disincentives entered in the stability pact, he said Tremonti. The Minister of economy, whose weakened image inside and outside the Government has also fostered the concern about Italian finances, said that within those privatizations may not be the distribution of water, something that was discarded in rrendum last June. Tremonti also said that the austerity plan will be reinforced throughout the four years which should cover, 2011-2014, and denied that the recent turbulence in the markets are a problem only Italian. We have under tension to markets at this moment, and if we look at risk (of debt) premiums have more or less than 40% of the euro area (in a similar situation). And I say this not to rid myself of the responsibility, but to say that the problem is not in the country, but is the whole structure of European architecture, said the Minister.Everything that has caused the crisis is there yet.

The new rules have not been implemented. There have been three lost years, He added. Italian banking system together with Tremonti intervened also in the Assembly of the ABI, the Governor of the Bank of Italy and next President of the European Central Bank (ECB), Mario Draghi, who insisted on the strength of the Italian banking system in view of the results of tests of solvency will be known on Friday. Italian banks have demonstrated and continue to demonstrate strength and reaction capacity in serious times, but not only during the acute phase of the financial crisis, which has saved them a model solidly anchored in the core business of banking activity, said Draghi. The Bank of Italy has also resisted at the later stage, when the crisis has followed a deep recession in all advanced countries, grueling in Italy because he came from a decade of stagnation in turn followed by a slower recovery that in other places, added. The next ECB President expressed the need for Italy to approve structural reforms as soon as possible and He said that if the Government not tackles cuts in other items of expenditure other than those referred to in its adjustment plan, will have to raise taxes. After three sessions of turbulence, the stock exchange of Milan lived this Wednesday a day smoothly and the risk premium on Italian debt moderated this Wednesday, once yesterday Tuesday will mark a new record in the 347 basis points. Fitch qualifies to Italy’s stable measurement of Fitch risk agency said Wednesday that budgetary adjustment and fiscal reform plan approved by the Italian Government on June 30 is going on the right track so Italy can keep their current high credit rating of AA-, with investment grade. Fitch forecast that the Italian Government probably will reduce the budget deficit as planned, so the Agency maintains the stable Outlook for the qualification of Italy. The Agency indicates that its forecasts of growth for the Italian economy in 2011 are of 0.7%, compared with 1.1% of the Government, and that, despite this, still hopes the Executive of Silvio Berlusconi to reduce the budget deficit to 3.9% of GDP. Source of the news: Berlusconi will submit its adjustment plan to a vote of confidence

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Puerto Rican Constitution

Then, on the same ballot, they were asked which, irrespective of the that they had answered the previous question, choose between annexation, independence or free associated sovereign State. A binding query was not after his victory on Tuesday, the President-elect Garcia Padilla said he will address the issue, without giving more clues, although it faces the dilemma to meet the wish expressed in the consultation by the population and maintain the tenets of his party, favourable to the current model because it believes that it helps keep the Puerto Rican identity. The result of the query, without legal and convened unilaterally by Fortuno, who aspired to run for reelection, is a message to Washington in favor of ending more than one century of colonial rule. The victory of the no is a personal triumph for the outgoing Fortuno, President of the new progressive party (PNP), training that for decades has advocated the annexation of the island to USA. In addition, the result breaks a trend to the inertia that goes back to 1967, when it were consulted for the first time on the matter and won with the 60.4% of the vote the Commonwealth option promoted by the PPD, compared with 48.6% did want to join United States. Similar queries, in 1993 and 1998, returned to confirm the tendency towards immobility of Puerto Ricans, who followed the theses of the PPD, whose founder, Luis Munoz Marin, negotiated in the 1950s with Washington the present status.

The arrival of millionaire social aid each year from EE UU to an island whose income is half that of the poorest State in the country’s North and the right to bear U.S. passport have remained satisfied Puerto Ricans for decades, since at the same time maintaining a distinctive identity. The ball into the roof of Washington the Executive must now wait to know what the Washington reaction to the result, although during these past four years Congress has ignored the annexationist claims of the Government of San Juan. In March 2010 the Working Group of the President Barack Obama was the first U.S. delegation moved to Puerto Rico for explore a solution to the question of sovereignty. The Puerto Rican Constitution, passed by Congress in Washington and in force since 28 July 1952, is subject to that camera, which also implies that the local Supreme Court decisions may be appealed to the U.S. Supreme Court.UU. The Constitution defines the island as a free associated State, whose citizens have American citizenship since 1917 and enjoy administrative autonomy similar to that of other States in the North American country. EE UU decides which laws apply in Puerto Rico and what not, and its residents have no representation vote in the U.S. Congress.

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