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YOUR SHOUT What do you think?

Here at OPP, we really want to know what your thoughts are on the issues that affect our industry. So, please tell us what you think about the latest news and what you’d like to see discussed by joining our LinkedIn group, tweeting us @oppnews, e-mailing, or writing us a good old-fashioned letter...

The pain in Spain will go on and on until the government reassures the market Dear Editor,

The market is now more concerned about Spain’s fi nances than Italy’s, and the news this month that Spanish debt has been downgraded by credit ratings agency S&P has brought even more speculation. Spanish electors have played their part by voting in a new government even more committed to the austerity policies of Euroland than the outgoing one. The new government willingly signed up to more austerity, but then things started to go wrong. It confessed that there had been slippage last year under its predecessors. The 2011 budget defi cit turned out to be as high as 8.5%. Worse still, the new government said they could not hit 2012’s tough targets. After discussions, they ended up with a revised target of 5.3% of GDP for extra borrowing. And to hit this target there were cuts in spending, a further wage freeze for civil servants, and a ban on external recruitment. There were tax rises, including confi rmation of a very unpopular property tax. There were more promises to clamp down on avoidance and a bid to close various legal loopholes that companies have been using. The billing of the budget as the most austere ever probably outran the reality, but the direction of travel is clear for all to see. So are the problems. Some in the markets worry that the tax rises on the private sector, combined with the spending cuts for the public sector, will reduce demand and output further, which in turn means downwards pressure on tax revenues and upwards pressure on benefi t budgets for the unemployed. With 23%

Events preview:

Here are some key industry meeting points in the coming months. Find out more at:

The French Property Exhibition

Event Date - From : 11 May 2012 To : 12 May 2012 Location : Wetherby Racecourse Organiser : Archant Lifestyle

The British appetite for French living is going strong – recent reports from the uSwitch Quality of Life index have put the country top of the popularity pile among Brits looking to buy property overseas. With a great climate, wonderful food and wine, set to a relaxed pace of life, it’s not hard to see why. The French Property Exhibition on 11 and 12 May at the Wetherby Race Course and Conference Centre is a one-stop shop for anyone considering buying a property in France. It is the perfect place to go for information and inspiration, and visitors will be surprised at how aff ordable it can be. The seminar programme runs all day giving visitors invaluable information on all aspects of the buying process; from health and pensions to tax and mortgages. Visitors can view a wide range of properties for sale and meet property experts, as well as legal and fi nancial advisors. French Property Exhibitions are organised by Archant Lifestyle, the leading publisher of Francophile magazines and websites including French Property News, Living France, FRANCE Magazine and For more information and to register for tickets, visit

The Global Investor Window 2012

Event Date - From : 16 May 2012 To : 16 May 2012 Location : Intercontinental Hotel, Park Lane, London Organiser : UCI International

This is a one-day annual event aimed at bringing together international investment experts and potential business partners, through a series of keynote speeches,

out of work and almost one half of all young people without a job, these are tough times for Spaniards. There is also the problem of Spain’s banks. The government wants the banks to make more provision against future losses, and has asked the banks to come up with another €52 billion this year in extra provisions and capital to make the position more secure. The state of the banks will limit new credit for new projects, making fast recovery

that much more diffi cult to achieve. The rolling Euro crisis contains a toxic combination of weak banks propped up by a weak state, which in turn needs to borrow from those self-same banks. Spanish state fi nances are stretched, though better than those of Greece or Portugal. If the banks need substantial new capital to repair loan losses on construction and property, that will be diffi cult for the state to fi nd. In the meantime, the need to rebuild bank balance sheets is restricting credit growth and general growth. So far this year, the Spanish government has been able to raise all it needs to borrow, and is a little ahead of its programme, but most of the money raised recently has been on short-term loans. This means it will need doing again all too soon. The government has to do more to reassure markets that defi cit reduction targets will be hit and the economy will be able to grow again. Otherwise the bond markets could prove diffi cult to manage. John Redwood, Chairman of Evercore Pan-Asset’s Investment Committee.

showcase presentations, one-to-one meetings and expert workshops. Also, on off er will be expert-lead workshops and plenty of networking time to enable maximum opportunities for you to meet and share practical advice and experiences with the experts. This is a “must attend” event for you if you are seeking investment and / or a partnership in a high quality project or you simply want to hear more about the world investment climate and current investment and partnership opportunities.


Event Date - From : 22 May 2012 To : 23 May 2012 Location : Hangar 11, Tel Aviv Organiser : Evolve Media

Following the success of the fi rst Expo, Evolve Media is launching the second overseas property show In Israel, one of the most active markets in terms of investment companies and individuals. Today, when many traditional markets are suff ering due to the global crisis, it is time to expand and reach those markets that are very much alive. The TLV EXPO provides an excellent opportunity to tap on a market where local real estate prices are still rising, and investors are constantly searching for their next good deal overseas.

Fractional Summit USA 2012

Event Date - From : 01 August 2012 To : 31 August 2012 Location : Inter Continental Hotel, Miami Organiser : Fractional Life

Fractional Summit USA has been devised to attract the brightest and most dynamic minds in the fractional real estate industry to help defi ne the ‘new rules’ and future opportunity within an ever changing market landscape. Fractional Summit is the ideal place to get up-to date with the current market. With its global appeal, the conference is held over 2 days and packed with renowned speakers, group panels and presentations from worldwide experts. The event off ers the perfect platform to network, learn and exchange information and ideas. |MAY 2012

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