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Finance

Finance

crisis economic market bbva 090817

In 2007, one of the biggest financial crisis in modern history started, one that has brought drastic changes to the world’s economy.

The bursting of the financial bubble caused by subprime mortgages triggered a deep economic recession, especially in countries such as Spain.  The crisis also resulted in record-high unemployment rates that still affect large segments of the population.  This is how the crisis that started a decade ago has evolved and affected people and the economy.

BBVA has sold one of the largest loan portfolios in the Spanish market to an affiliate of Cerberus Capital Management, L.P. The portfolio, which has a gross nominal value of nearly 600 million euros, consists of loans from real estate developments distributed throughout Spain, with the largest number in Andalusia, Madrid and Catalonia.

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Consumer debt in the U.S. continues to be pervasive some seven years after 2008’s economic downturn. If you count yourself as one of those still struggling, take heart. With a dose of discipline and self control, you could potentially loosen debt’s vice grip on your life.

 

Market analysts have positively evaluated the half-year results BBVA presented yesterday. The general opinion is that BBVA Group reported solid results that confirm its ability to generate strong rates of growth throughout 2017. The results were better than expected in the principal income statement categories and business areas.

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Between January and June 2017, BBVA Group posted a net attributable profit of €2.31 billion, up 25.9% from the same period a year earlier (+30.8% in constant terms). The solid performance of recurring revenues, moderation in operating expenses and a drop in impairment losses on financial assets are the main factors that supported this growth.