Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 08MADRID525, MADRID WEEKLY ECON/COMMERCIAL UPDATE APRIL 28 -

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08MADRID525.
Reference ID Created Released Classification Origin
08MADRID525 2008-05-12 10:58 2011-08-24 16:30 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Madrid
VZCZCXRO1683
RR RUEHAG RUEHDF RUEHIK RUEHLZ RUEHROV
DE RUEHMD #0525/01 1331058
ZNR UUUUU ZZH
R 121058Z MAY 08
FM AMEMBASSY MADRID
TO RUEHC/SECSTATE WASHDC 4752
INFO RUCNMEM/EU MEMBER STATES COLLECTIVE
RUEHLA/AMCONSUL BARCELONA 3417
UNCLAS SECTION 01 OF 02 MADRID 000525 
 
SENSITIVE 
SIPDIS 
 
STATE FOR EUR/WE AND EEB/IFD/OMA 
 
E.O. 12958: N/A 
TAGS: BEXP ECON EFIN EINV ELAB ENRG SP
SUBJECT: MADRID WEEKLY ECON/COMMERCIAL UPDATE APRIL 28 - 
MAY 9 
 
 
MADRID 00000525  001.2 OF 002 
 
 
Table of Contents: 
 
ELAB: Number of Unemployed Jumps in April 
ECON: Inflation Falls in April, Still Expected to Remain High 
EFIN: Solbes Rejects Tax Incentives for Construction Sector 
EFIN: Big Banks Report Strong 1Q Profit Growth 
ECON: GOS delays Taguas Conflict of Interest Report 
BEXP/EINV/ENRG: Iberdrola Renewables Orders 200 Windmills 
from GE for 430 Million Euros 
 
Number of Unemployed Jumps in April 
 
1. (U) According to recently released Ministry of Labor 
statistics, the number of unemployed workers in Spain rose in 
April by 37,542, bringing the total number to over 2.3 
million.  What is significant about the April increase is 
that typically April is a seasonally dynamic month in Spain, 
and has not been subject to adverse employment data (until 
now) in over 20 years. In March, there was a slight decrease 
in unemployment.  Following the data release, the Ministry of 
Labor's Secretary of State for Employment, Maravillas Rojas, 
admitted that the current situation was unfavorable.  Rojas 
did not back away, however, from the government's projections 
that unemployment will ultimately average 9.8% in 2008. 
First quarter data shows that the unemployment rate has 
already attained 9.6%, one full point higher than the 2007 
fourth quarter rate of 8.6%.  A significant portion of newly 
unemployed workers hail from the construction sector. (El 
Pais, 5/8) 
 
Inflation Falls in April, Still Expected to Remain High 
 
2. (U) The preliminary National Statistics Institute 
inflation figure for April was 4.2%, four tenths below 
March's 4.6% and lower than in any of the previous four 
months.  Despite the good news, Second Vice President and 
Finance Minister Solbes later acknowledged that unless oil 
prices declined, inflation would be unlikely to fall to 3% by 
the end of 2008 as the GOS had earlier predicted.  (Europa 
Press, 4/29; El Pais, 5/7) 
 
Solbes Rejects Tax Incentives for Construction Sector 
 
3. (SBU) Second Vice President and Finance Minister Pedro 
Solbes rejected on May 8 Minister of Housing Beatriz 
Corredor's proposal to permit homeowners to deduct from their 
income taxes 20 percent, as opposed to the current 15 
percent, of the costs of improvements to their residences. 
Solbes said the GOS should not try to impede "artificially" 
the necessary adjustment in the construction sector.  The 
Finance Minister has also said that the adjustment in the 
sector should be finished by around 2010, at which time 
overall Spanish GDP growth should rise again to about 3 
percent a year.  (Comment: The assumption that the Spanish 
economy will once again enjoy growth rates of 3 percent or 
more so soon without deeper structural reform may prove to be 
overly optimistic.  Solbes also has called for social 
security and labor reforms during the current government.) 
(El Pais, 5/9; Television Espanola 5/8; Expansion, 5/9) 
 
Big Banks Report Strong 1Q Profit Growth 
 
4. (U) Spain's three largest financial institutions reported 
strong profit growth in the first quarter of 2008. 
Santander's profit rose 22% from the first quarter of 2007, 
to 2.2 billion euros.  Although results were helped by growth 
in Santander's Latin American markets, its Spanish business 
did well also.  BBVA's profit rose 15% to 1.4 billion euros. 
Earlier, the La Caixa savings bank had reported a 13% 
increase to 625 million euros.  (Comment:  The positive 
results have been welcomed by members of the Spanish 
financial sector as a sign of the sector's health despite the 
overall economic difficulties.  GOS and sector 
representatives have lamented what they describe as 
simplistic and overly negative reporting on the sector by the 
English-language press, especially the Financial Times.) 
(Press releases - Santander, 4/29; BBVA, 4/28; La Caixa, 4/24) 
 
GOS Delays Taguas Conflict of Interest Report 
 
5. (SBU) David Taguas, the outgoing director of the 
Presidency Economic Office (with rank just below minister and 
the equivalent of the Chairman of the U.S. Council of 
Economic Advisors), announced after Zapatero's new cabinet 
was named that he would leave government to work for the 
Seopan construction industry lobby.  This has raised conflict 
of interest issues, because Taguas participated in meetings 
involving government contracts with Seopan member companies. 
 
MADRID 00000525  002.2 OF 002 
 
 
A GOS Office of Conflict of Interests has delayed its ruling 
on whether Taguas, planned departure for Seopan is 
consistent with the Law on the Conflict of Interests.  Should 
the Office rule that Taguas is in violation of the law, he 
would be barred from taking another government job for a 
period between five to ten years, and he would not be 
eligible to receive a pension from the government.  (Comment: 
From a strictly financial perspective, Taguas might want to 
take the Seopan job no matter what the Office of Conflict of 
Interests says.  He would reportedly earn one million euros a 
year, while the government pension only runs for 18 months 
and is much lower than the Seopan salary.  On the other hand, 
one wonders whether Seopan might now consider Taguas to be 
damaged goods, as President Zapatero's indication that he 
disapproves of Taguas, planned move may affect Taguas' 
access to GOS officials) (El Pais 5/9) 
 
Iberdrola Renewables Orders 200 Windmills from GE for 430 
Million Euros 
 
6. (U) The windmills, which will have a total production 
capacity of around 300 megawatts, will be delivered to 
Iberdrola Renewables in 2010 and will be used to support some 
of the company's planned investment in the U.S.  Iberdrola 
Renewables selected General Electric despite its parent 
company's ownership of a 24% stake in competing Spanish 
windmill manufacturer Gamesa. (Expansion, 5/9) 
Llorens