SPAIN TO OFFER RESIDENCY TO FOREIGN HOUSE BUYERS

Spain is to offer foreigners residency permits if they buy houses worth more than 160,000 euro ($200,000) as part of an attempt to reduce the country's bloated stock of unsold homes. Trade Ministry secretary Jaime Garcia-Legaz said the plan, expected to be approved in the coming weeks, would be aimed principally at the Chinese and Russian markets as the domestic demand was stagnant and showed no sign of improving. Spain has more than 700,000 unsold houses following the collapse of its real estate market in 2008. The country's economy is struggling and is currently in recession with 25 percent unemployment. Thousands of houses have been repossessed by banks and their owners evicted because they cannot pay their mortgages. The government last week approved a decree under which evictions would be suspended for two years in specific cases of extreme need. The country's offer beats others in bailed-out countries such as Ireland and Portugal, where residency papers are offered to foreigners buying houses worth more the 400,000 euro and 500,000 euro, respectively. It was not immediately clear if the residency would only refer to Spain, and not the European Union. The stricken state of the country's real estate market was highlighted Monday by figures from the Bank of Spain which showed that the level of bad debt in the country's banks had risen to a record 10.7 percent of their loan total in September. The bank said the amount totaled 182 billion euro, up from 179 billion euro in August -- the 15th monthly increase in a row. The 16 other countries that use the euro have agreed to lend Spain up to 100 billion euro to help support the country's banks weighed down by these bad loans and investments. On top of the bank loan, Spain has been under pressure to apply for more outside financial aid to help it manage its debt and deficit. The European Central Bank has insisted on the move before it will make good on its pledge to buy the bonds of certain troubled countries to help lower their borrowing costs. Spain says it is waiting to know all the conditions that might come attached to the rescue package before making a decision. Source: MARTINEZ ECHEVARRIA I PEREZ I FERRERO ABOGADOS www.martinezechevarria.com

1948 OLYMPICS - LONDON

Opening date: 29 July 1948 Closing date: 14 August 1948 After a 12-year break due to World War II, the Games return triumphantly to London. Rising to the challenge The Olympic Games had not been held in either 1940 or 1944 due to World War II, and London was called upon at short notice to host them. Despite shortages of essential products due to rationing, the city rose magnificently to the challenge - a true victory over dark times. Innovation and progress The London Games were the first to be shown on home television, although very few people in Great Britain actually owned sets. Starting blocks for athletes in sprint races were introduced for the first time, and the Empire Pool was the first covered Olympic pool to be used at the Games. Memorable performances Seventeen-year-old American Bob Mathias won the decathlon only four months after taking up the sport. He remains the youngest athlete in Olympic history to win a men’s athletics event. The dominant woman of the Games was sprinter Fanny Blankers-Koen of the Netherlands. She entered four sprint events and won all four. Overcoming adversity Karoly Takacs was a member of the Hungarian world champion pistol shooting team in 1938 when a grenade shattered his right hand - his pistol hand. Takacs taught himself to shoot with his left hand and, 10 years later, he won an Olympic gold medal in the rapid-fire pistol event. NOCs 59 Athletes 4,104 (390 women, 3,714 men) Events 136 Volunteers n/a Media n/a Events Artistic Gymnastics Athletics Basketball Boxing Canoe / Kayak Flatwater Cycling Road Cycling Track Diving Equestrian / Dressage Equestrian / Eventing Equestrian / Jumping Fencing Football Hockey Modern Pentathlon Rowing Sailing Shooting Water polo Weightlifting Wrestling Freestyle Wrestling Greco-Roman Participation Many countries, including Burma, Ceylon, Lebanon, Puerto Rico, Syria and Venezuela, were represented for the first time. On the other hand, there were no athletes from Japan, Germany or the USSR. Innovation in athletics Introduction of blocks to facilitate the start for athletes in sprint races (100m to 400m). Recognition Diplomas awarded to the first six athletes. Swimming under cover The Empire Pool was the first covered Olympic pool in history. Located not far from Wembley, it could house 8,000 spectators. As its length exceeded the regulatory 50m for an Olympic pool, a wooden platform was constructed to shorten it and to house the judges and officials. Ceremonies London, Wembley Stadium, 29 July 1948, Opening Ceremony: last torch-bearer John Mark passing the Tribune of Honour, is applauded by members of the Organising Committee. Official opening of the Games by: His Majesty King George VI Lighting the Olympic Flame by: John Mark (athletics) Olympic Oath by: Donald Finlay (athletics) Official Oath by: The officials' oath at an Olympic Summer Games was first sworn in 1972 in Munich. Olympic medallists Fanny Blankers-Koen Veikko Huhtanen Paavo Johannes Aaltonen James Price Jr. Mclane Ann Elisabeth Curtis Above and beyond Fanny BLANKERS-KOEN In 1999, Fanny Blankers-Koen was voted Female Athlete of the Century, thanks largely to her four gold medals at the 1948 London Games.