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148-417: [REDACTED] Line ML-1 opened between Pinar de Chamartín and Las Tablas on 24 May 2007, with 5.4 kilometres (3.4 mi) and nine stations, five of which are underground. Both termini offer connections to lines of the Madrid Metro . The only above-ground stations are Antonio Saura, Álvarez de Villaamil, Palas de Rey, and Las Tablas. Line ML-1 serves the new neighbourhoods of Sanchinarro and Las Tablas , in

296-632: A December 2011 referendum on the new bailout plan, but had to back down amidst strong pressure from EU partners, who threatened to withhold an overdue €6 billion loan payment that Greece needed by mid-December. On 10 November 2011, Papandreou resigned following an agreement with the New Democracy party and the Popular Orthodox Rally to appoint non-MP technocrat Lucas Papademos as new prime minister of an interim national union government , with responsibility for implementing

444-555: A bailout programme. Its rescue package from the ESM was earmarked for a bank recapitalisation fund and did not include financial support for the government itself. The crisis had significant adverse economic effects and labour market effects, with unemployment rates in Greece and Spain reaching 27%, and was blamed for subdued economic growth, not only for the entire eurozone but for the entire European Union. The austerity policies implemented as

592-433: A branch that had been intended to be part of Line 4 since its construction but was operated as a branch of Line 2 until construction works had finished. In the 1960s, a suburban railway was constructed between Plaza de España and Carabanchel , linked to lines 2 (at Noviciado station with a long transfer) and 3. A fifth metro line was constructed as well with narrow sections, but 90 m platforms. Shortly after opening

740-399: A crisis of confidence has emerged with the widening of bond yield spreads and risk insurance on CDS between these countries and other EU member states , most importantly Germany. By the end of 2011, Germany was estimated to have made more than €9 billion out of the crisis as investors flocked to safer but near zero interest rate German federal government bonds ( bunds ). By July 2012 also

888-599: A crisis. Works already started were finished during the 1980s and all remaining projects were abandoned. After all those projects, 100 km (62 mi) of rail track were completed by 1983 and the suburban railway had also disappeared since it had been extended to Alonso Martínez and subsequently converted to the new Line 10 . Work on a major expansion of the metro began in 1995, with 172 km (107 mi) of new line and 132 new stations opened by 2011, built in 4 phases. The average construction pace throughout that era (more than 10 km (6 mi) of new line per year)

1036-459: A day and earned an average of 6,530 pesetas a day in ticket sales. Due to their success, the company decided to expand more, and created 12,000 new shares to sell to the public to raise more funds to fund further expansion. The Company then began to gather materials necessary to expand the Line 1 from Sol with the new stations Progreso , Antón Martín and finally Atocha . The latter was then and

1184-531: A default by the end of November, the Greek parliament passed a new austerity package worth €18.8bn, including a "labour market reform" and "mid term fiscal plan 2013–16". In return, the Eurogroup agreed on the following day to lower interest rates and prolong debt maturities and to provide Greece with additional funds of around €10bn for a debt-buy-back programme. The latter allowed Greece to retire about half of

1332-456: A direct connection between downtown Madrid ( Nuevos Ministerios ) and the airport , a further extension of Line 8, and adding service to the outskirts with a 40 km loop called MetroSur serving Madrid's southern suburbs. MetroSur , one of the largest ever civil engineering projects in Europe, opened on 11 April 2003. It includes 41 km (25 mi) of tunnel and 28 new stations, with

1480-399: A high percentage of debt was in the hands of foreign creditors, as in the case of Greece and Portugal. The states that were adversely affected by the crisis faced a strong rise in interest rate spreads for government bonds as a result of investor concerns about their future debt sustainability. Four eurozone states had to be rescued by sovereign bailout programs, which were provided jointly by

1628-413: A high public debt to GDP ratio (which, until then, was relatively stable for several years, at just above 100% of GDP, as calculated after all corrections). Thus, the country appeared to lose control of its public debt to GDP ratio, which already reached 127% of GDP in 2009. In contrast, Italy was able (despite the crisis) to keep its 2009 budget deficit at 5.1% of GDP, which was crucial, given that it had

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1776-403: A lack of credible commitments to provide bailouts to banks, incentivized risky financial transactions by banks. The detailed causes of the crisis varied from country to country. In several countries, private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble. European banks own

1924-631: A line from Sol to Goya. On 26 December 1921 the Sol-Atocha section of the Line 1 was inaugurated, adding three new metro stops to the line: Progreso, Antón Martín, and Atocha. The king and queen, Don Alfonso XIII and Doña Victoria , attended the inauguration. In 1924, traffic in Madrid switched from driving on the left to driving on the right, but the lines of the Madrid Metro kept operating on

2072-416: A long history: the first trainsets were delivered in 1974 for the newly opened, first wide-profile line 7, while the latest subseries, 5500, of which 24 trainsets of 6 cars each were built, entered service in 1993. They were the last to use the old, square "box-like" design from CAF, which was already becoming unpopular for its exaggerate priming of effectiveness versus aesthetics. The first iteration featured

2220-682: A manufacturer other than CAF, and to a non-Spanish dealer, 37 series 7000 trainsets service the extremely busy line 10. They were the first in the network to feature a full "boa" layout, allowing commuters to traverse the whole six cars. They are extremely functional, with ample 1.3m doors and a sleek, unobtrusive design for a total capacity of 1,260 people per trainset (180 seated). This model also features two TV screens in each car, but they are left unused, both regularly or in emergencies. Series 9000 trains are similar to their previous incarnation, but include better accessibility for disabled people and more safety measures, such as visual and auditive warnings for

2368-400: A maximum of 1,070 passengers (144 seated). The interior distribution is rather like that of series 7000, with a bigger clear area (i.e. without seating) in the first car for people carrying luggage to/from the airport and disabled people in wheelchairs. Like the narrower series 3000 trainsets, its bogies are insonorized and feature a hybrid rubber-pneumatic suspension system. Series 8000 primed

2516-533: A new interchange station on Line 10, connecting it to the city centre and stations linking to the local train network. Its construction began in June 2000 and the whole loop was completed in less than three years. It connects Getafe , Móstoles , Alcorcón , Fuenlabrada , and Leganés , five towns located in the area south of Madrid. As the metro line is part of a project to develop the area, some stations lay in sparsely populated places or were even surrounded by fields at

2664-478: A new, sleeker and rounder design. As it was to serve TFM, the stretch of line 9 connecting Madrid to Arganda del Rey (the first extension of the Metro network outside Madrid proper), its interior resembles the regional Cercanías trains more closely than any other Metro trains: compact seats in couples set perpendicularly to the train walls, more places to grasp in case of a sudden brake/acceleration, etc. They were also

2812-494: A patented system for its installations: a solid rail hung from the ceiling of the tunnels, instead of the usual copper or aluminium wire hung from overhead gantries at regular intervals. This type of overhead line is rigid, making it more robust and less prone to failures. Installations outside tunnels are rare, as they require many more support structures compared to traditional wire based overhead lines, making them more expensive to install. This system of rigid overhead power supply

2960-485: A possible effect of media reports . Consequently, Greece was "punished" by the markets which increased borrowing rates, making it impossible for the country to finance its debt since early 2010. Despite the drastic upwards revision of the forecast for the 2009 budget deficit in October 2009, Greek borrowing rates initially rose rather slowly. By April 2010 it was apparent that the country was becoming unable to borrow from

3108-430: A project on line 8 connected it to the new T4 terminal of Madrid-Barajas Airport . The Great Recession and subsequent European debt crisis, which affected Spain particularly hard, brought metro expansion to a halt as austerity measures all but dried up available funding. The age of many Madrid Metro stations is evident by their design: Older stations on the narrow lines are often quite compact, similar to stations of

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3256-532: A public debt to GDP ratio comparable to Greece's. In addition, being a member of the Eurozone, Greece had essentially no autonomous monetary policy flexibility . Finally, there was an effect of controversies about Greek statistics (due the aforementioned drastic budget deficit revisions which led to an increase in the calculated value of the Greek public debt by about 10% , a public debt-to-GDP ratio of about 100% until 2007), while there have been arguments about

3404-462: A result of the crisis also produced a sharp rise in poverty levels and a significant increase in income inequality across Southern Europe. It had a major political impact on the ruling governments in 10 out of 19 eurozone countries, contributing to power shifts in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Slovakia, Belgium, and the Netherlands as well as outside of the eurozone in

3552-400: A result of the improved economic outlook, the cost of 10-year government bonds has fallen from its record high at 12% in mid July 2011 to below 4% in 2013 (see the graph "Long-term Interest Rates"). On 26 July 2012, for the first time since September 2010, Ireland was able to return to the financial markets, selling over €5 billion in long-term government debt, with an interest rate of 5.9% for

3700-647: A rule of the Maastricht Treaty ) to 12.7%, almost immediately after PASOK won the October 2009 Greek national elections . Large upwards revision of budget deficit forecasts were not limited to Greece: for example, in the United States forecast for the 2009 budget deficit was raised from $ 407 billion projected in the 2009 fiscal year budget, to $ 1.4 trillion , while in the United Kingdom there

3848-713: A series of financial support measures such as the European Financial Stability Facility (EFSF) in early 2010 and the European Stability Mechanism (ESM) in late 2010. The ECB also contributed to solve the crisis by lowering interest rates and providing cheap loans of more than one trillion euro in order to maintain money flows between European banks. On 6 September 2012, the ECB calmed financial markets by announcing free unlimited support for all eurozone countries involved in

3996-460: A significant amount of sovereign debt, such that concerns regarding the solvency of banking systems or sovereigns are negatively reinforcing. The onset of crisis was in late 2009 when the Greek government disclosed that its budget deficits were far higher than previously thought. Greece called for external help in early 2010, receiving an EU–IMF bailout package in May 2010. European nations implemented

4144-490: A slightly different manner. In 2009, a National Asset Management Agency (NAMA) was created to acquire large property-related loans from the six banks at a market-related "long-term economic value". Irish banks had lost an estimated 100 billion euros, much of it related to defaulted loans to property developers and homeowners made in the midst of the property bubble, which burst around 2007. The economy collapsed during 2008. Unemployment rose from 4% in 2006 to 14% by 2010, while

4292-620: A sovereign state bailout/precautionary programme from EFSF/ESM, through some yield lowering Outright Monetary Transactions (OMT). Ireland and Portugal received EU-IMF bailouts In November 2010 and May 2011, respectively. In March 2012, Greece received its second bailout. Both Cyprus received rescue packages in June 2012. Return to economic growth and improved structural deficits enabled Ireland and Portugal to exit their bailout programmes in July 2014. Greece and Cyprus both managed to partly regain market access in 2014. Spain never officially received

4440-598: A total of 8 aboveground stations. Additionally, some 30 km (19 mi) of Metro Ligero (light rail) lines across serve the various regions of the metropolitan area which have been deemed not populated enough to justify the extraordinary spending of new Metro lines. Combined, they have 38 stops, of which 4 also connect to the conventional Metro system. Most of the ML track length is on surface, usually running on platforms separated from normal road traffic. However, ML1 line has some underground stretches and stations. Traditionally,

4588-704: A tripartite committee formed by the European Commission , the European Central Bank and the International Monetary Fund (EC, ECB and IMF), offered Greece a second bailout loan worth €130 billion in October 2011 ( Second Economic Adjustment Programme ), but with the activation being conditional on implementation of further austerity measures and a debt restructure agreement. Surprisingly, the Greek prime minister George Papandreou first answered that call by announcing

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4736-443: A wood lookalike coating for the inner walls and a novel seat distribution in two-seat rows perpendicular to the train walls, making them look not unlike older regional trains. Subseries 5100–5200 returned to the traditional seating along the train walls, but still included another feature from the first iteration, automatic opening of all the gates in the train. The final subseries, 5500, has a distinct, darker color scheme and returns to

4884-488: A year where the seasonal adjusted industrial output ended 28.4% lower than in 2005, and with 111,000 Greek companies going bankrupt (27% higher than in 2010). As a result, Greeks have lost about 40% of their purchasing power since the start of the crisis, they spend 40% less on goods and services, and the seasonal adjusted unemployment rate grew from 7.5% in September 2008 to a record high of 27.9% in June 2013, while

5032-525: Is a rapid transit system serving the city of Madrid , capital of Spain. The system is the 14th longest rapid transit system in the world, with a total length of 293 km (182 mi). Its growth between 1995 and 2007 put it among the fastest-growing networks in the world at the time. However, the European debt crisis greatly slowed expansion plans, with many projects being postponed and canceled. Unlike normal Spanish road and rail traffic, which drive on

5180-537: Is activated when the train approaches a station or a level crossing with pedestrians, which has given rise to complaints from people living near the tracks because of the noise generated. Safety features also include door activity warnings for passengers and emergency brakes comparatively more effective than in any other train dedicated to Metro service, as the trams, though remaining in their own lanes separated from other traffic, can cross roads and populated areas. Currently, Metro Ligero has four lines, although one of them

5328-682: Is also used in other metro systems. Similar installations exist in some mainline rail tunnels where space is limited, e.g. Leipzig City Tunnel or the lower level of Berlin Hauptbahnhof , The Metro conventional network has 242 stations on 12 lines plus one branch line, totalling 294 kilometres (183 mi), of which approximately 96% of stations are underground. The only surface parts are between Empalme and west of Eugenia de Montijo ( [REDACTED] ); between Lago and north of Casa de Campo ( [REDACTED] ); and between south of Puerta de Arganda and Arganda del Rey ( [REDACTED] ), for

5476-623: Is currently doing service on line 9b (TFM). In 2013, 73 of the 108 cars ordered were sold to Buenos Aires for operation on Line B of the metro system; the sale totalled €32.6 million for the retirement of Japanese-built units, with a further 13 cars ordered at a later date. These trains have been widely criticised in Argentina, and been called the worst purchase in the history of the Buenos Aires Underground. Ansaldobreda series 7000 & 9000 : The first purchase to

5624-504: Is in an open cut between two separate tunnels). Line ML-3 serves Ciudad de la Imagen, an employment centre with an audiovisual theme, and ends in Boadilla del Monte . The first 50 to 75 metres (164 to 246 ft) of track are shared with Line ML-2. As with Line ML-2, Line ML-3 serves the western suburbs of Madrid. Both lines are in a special fare zone designated as "Metro Ligero Oeste". Provision has been made for three additional stations on

5772-506: Is located outside the city of Madrid in its entirety: Until the early 1990s and the transfer of the Metro system to the Autonomous Community of Madrid , the rate of investment in the network by the central government was extremely low, and thus very old trains were used way beyond their intended lifespans. Particularly loathed was the case of line 5, which was serviced by the nearly 40-year-old series 300 and 1000 from CAF. It

5920-498: Is made up of: CAF series 2000 : This series has two separate sub-series usually called A and B. The first batch, while reliable and practical, was extremely "box-like" in its looks. They are nicknamed 'Pandas', after a car by Seat with the same name and similar boxy design. In contrast, the B sub-series train sets can be told apart by its sleeker, rounder forms, which has granted them the nickname of "bubble" ( burbuja ) for their round driver cabin window. Series 2000A are currently

6068-812: Is not the norm. Most stations are built with two side platforms , but a handful of them (the busiest transfers) have a central island platform in addition to the side platforms theoretically dedicated to exits. This system was originally used on the Barcelona Metro and is called the Spanish solution . The 12 stations with this setup are: Two stations have cross-platform interchange arrangement with two island platforms, which allows extremely fast transfers between lines. Both of these stations are on Line [REDACTED] , with cross-platform interchanges at Príncipe Pío (with [REDACTED] ) and Casa de Campo (with [REDACTED] ). On both occasions, Line 10 uses

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6216-445: Is now an important train station for mainline rail. On 31 July 1920 the company submitted it proposal to extend Line 1 from Atocha to Puente de Vallecas . In 1921 the company declared its interest in beginning the line from Sol to Ventas , with the first phase of the project being built from Sol to Goya , along Calle Alcalá . Work began on 27 March 1921 to expand the Line 1 from Atocha to Vallecas, and to begin construction on

6364-438: Is required for passengers to change to smaller trains to continue their journeys, normally to towns outside Madrid like Alcobendas or Coslada . This is done so the island platform can be used for passengers to change easily between trains. In the latter three stations, the island platform is equipped with fare gates for tickets to be validated for travel between fare zones. These stations are: Since 1999 Metro de Madrid has used

6512-620: Is to say paying out their private creditors with new debt issued by its new group of public creditors known as the Troika. The shift in liabilities from European banks to European taxpayers has been staggering. One study found that the public debt of Greece to foreign governments, including debt to the EU/IMF loan facility and debt through the Eurosystem, increased from €47.8bn to €180.5bn (+132,7bn) between January 2010 and September 2011, while

6660-454: The 2007–2008 financial crisis ), it was still one of the fastest growing in the eurozone, with a public debt-to-GDP that did not exceed 104%, but it was associated with a large structural deficit . As the world economy was affected by the 2007–2008 financial crisis , Greece was hit especially hard because its main industries— shipping and tourism —were especially sensitive to changes in the business cycle. The government spent heavily to keep

6808-616: The Complutense University of Madrid . As part of the project, provision has been made for a future station at Prado de las Bodegas, which is subject to further development. The station will also provide a connection to the planned Metro Ligero Line ML-4, to Estación de Las Rozas. [REDACTED] [REDACTED] Line ML-3 also opened on 27 July 2007, between Colonia Jardín and Puerta de Boadilla, with 13.7 kilometres (8.5 mi) and 15 stations, two of which are underground. The two are Colonia Jardín and Montepríncipe (which

6956-496: The Fuencarral district. [REDACTED] [REDACTED] Line ML-2 opened on 27 July 2007, between Colonia Jardín and Estación de Aravaca in the neighbourhood of Aravaca , in the western communities of Boadilla del Monte and Pozuelo de Alarcón . It is 8.7 kilometres (5.4 mi) long and has 13 stations, three of which are underground. They are Colonia Jardín, Somosaguas Sur, and Avenida de Europa. Line ML-2 also serves

7104-464: The Greek government-debt crisis hereby is forecast officially to end in 2015, many of its negative repercussions (e.g. a high unemployment rate) are forecast still to be felt during many of the subsequent years. During the second half of 2014, the Greek government again negotiated with the Troika. The negotiations were this time about how to comply with the programme requirements, to ensure activation of

7252-496: The Hellenic Financial Stability Fund (HFSF), along with establishment of a new precautionary Enhanced Conditions Credit Line (ECCL) issued by the European Stability Mechanism . The ECCL instrument is often used as a follow-up precautionary measure, when a state has exited its sovereign bailout programme, with transfers only taking place if adverse financial/economic circumstances materialize, but with

7400-726: The International Monetary Fund and the European Commission , with additional support at the technical level from the European Central Bank . Together these three international organisations representing the bailout creditors became nicknamed "the Troika ". To fight the crisis some governments have focused on raising taxes and lowering expenditures, which contributed to social unrest and significant debate among economists, many of whom advocate greater deficits when economies are struggling. Especially in countries where budget deficits and sovereign debts have increased sharply,

7548-557: The Paris Metro . They were decorated with tilings in different colour schemes depending on the station similar to the scheme architect Alfred Grenander implemented at Berlin U-Bahn around the same time. In recent years, most of these stations have been refurbished with single-coloured plates matching those in the newest ones, alongside other improvements such as modernized signalling technology and elevators. The stations built between

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7696-658: The Swiss franc . In September 2011 the Swiss National Bank surprised currency traders by pledging that "it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs", effectively weakening the Swiss franc. This is the biggest Swiss intervention since 1978. Despite sovereign debt having risen substantially in only a few eurozone countries, with the three most affected countries Greece, Ireland and Portugal collectively only accounting for 6% of

7844-403: The light rail lines are low-floor articulated trams in a five-section "boa" configuration, which allows for a maximum of about 200 passengers per tram (60 seated). They can reach a top speed of 100 km/h (65 mph), but in practice, they are limited to 70 km/h (45 mph) in most track stretches, and even less in urban sprawls. The tram features a bell-like proximity warning that

7992-470: The youth unemployment rate rose from 22.0% to as high as 62%. Youth unemployment ratio hit 16.1 per cent in 2012. Overall the share of the population living at "risk of poverty or social exclusion" did not increase notably during the first two years of the crisis. The figure was measured to 27.6% in 2009 and 27.7% in 2010 (only being slightly worse than the EU27-average at 23.4%), but for 2011

8140-512: The €62 billion in debt that Athens owes private creditors, thereby shaving roughly €20 billion off that debt. This should bring Greece's debt-to-GDP ratio down to 124% by 2020 and well below 110% two years later. Without agreement the debt-to-GDP ratio would have risen to 188% in 2013. The Financial Times special report on the future of the European Union argues that the liberalisation of labour markets has allowed Greece to narrow

8288-460: The 1992 Maastricht Treaty , governments pledged to limit their deficit spending and debt levels. However, some of the signatories, including Germany and France, failed to stay within the confines of the Maastricht criteria and turned to securitising future government revenues to reduce their debts and/or deficits, sidestepping best practice and ignoring international standards. This allowed

8436-591: The 5-year bonds and 6.1% for the 8-year bonds at sale. In December 2013, after three years on financial life support, Ireland finally left the EU/IMF bailout programme, although it retained a debt of €22.5 billion to the IMF; in August 2014, early repayment of €15 billion was being considered, which would save the country €375 million in surcharges. Despite the end of the bailout the country's unemployment rate remains high and public sector wages are still around 20% lower than at

8584-537: The ECB's TARGET2 system. The Deutsche Bundesbank alone may have to write off €27bn. To prevent this from happening, the Troika (EC, IMF and ECB) eventually agreed in February 2012 to provide a second bailout package worth €130 billion , conditional on the implementation of another harsh austerity package that would reduce Greek expenditure by €3.3bn in 2012 and another €10bn in 2013 and 2014. Then, in March 2012,

8732-565: The EU itself pays to borrow from financial markets. The Euro Plus Monitor report from November 2011 attests to Ireland's vast progress in dealing with its financial crisis, expecting the country to stand on its own feet again and finance itself without any external support from the second half of 2012 onwards. According to the Centre for Economics and Business Research , Ireland's export-led recovery "will gradually pull its economy out of its trough". As

8880-456: The Euro-zone. Due to a delayed reform schedule and a worsened economic recession, the new government immediately asked the Troika to be granted an extended deadline from 2015 to 2017 before being required to restore the budget into a self-financed situation; which in effect was equal to a request of a third bailout package for 2015–16 worth €32.6bn of extra loans. On 11 November 2012, facing

9028-441: The Greek bailout program was aimed at rescuing the private European banks – mainly from France and Germany. A number of IMF Executive Board members from India, Brazil, Argentina, Russia, and Switzerland criticized this in an internal memorandum, pointing out that Greek debt would be unsustainable. However their French, German and Dutch colleagues refused to reduce the Greek debt or to make (their) private banks pay. In mid May 2012,

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9176-446: The Greek economy, with return of a government structural surplus in 2012, return of real GDP growth in 2014, and a decline of the unemployment rate in 2015, it was possible for the Greek government to return to the bond market during the course of 2014, for the purpose of fully funding its new extra financing gaps with additional private capital. A total of €6.1bn was received from the sale of three-year and five-year bonds in 2014, and

9324-406: The Greek fiscal budget, while most of the money went to French and German banks (In June 2010, France's and Germany's foreign claims vis-a-vis Greece were $ 57bn and $ 31bn respectively. German banks owned $ 60bn of Greek, Portuguese, Irish and Spanish government debt and $ 151bn of banks' debt of these countries). According to a leaked document, dated May 2010, the IMF was fully aware of the fact that

9472-555: The Greek government accounts. Much of the rest went straight into refinancing the old stock of Greek government debt (originating mainly from the high general government deficits being run in previous years), which was mainly held by private banks and hedge funds by the end of 2009. According to LSE, "more than 80% of the rescue package" is going to refinance the expensive old maturing Greek government debt towards private creditors (mainly private banks outside Greece), replacing it with new debt to public creditors on more favourable terms, that

9620-416: The Greek government did finally default on parts of its debt - as there was a new law passed by the government so that private holders of Greek government bonds (banks, insurers and investment funds) would "voluntarily" accept a bond swap with a 53.5% nominal write-off, partly in short-term EFSF notes, partly in new Greek bonds with lower interest rates and the maturity prolonged to 11–30 years (independently of

9768-407: The Greek government now plans to cover its forecast financing gap for 2015 with additional sales of seven-year and ten-year bonds in 2015. The latest recalculation of the seasonally adjusted quarterly GDP figures for the Greek economy revealed that it had been hit by three distinct recessions in the turmoil of the 2007–2008 financial crisis : Greece experienced positive economic growth in each of

9916-523: The IMF official who heads the bailout mission in Greece, stated that "in structural terms, Greece is more than halfway there". In June 2013, Equity index provider MSCI reclassified Greece as an emerging market, citing failure to qualify on several criteria for market accessibility. Both of the latest bailout programme audit reports, released independently by the European Commission and IMF in June 2014, revealed that even after transfer of

10064-450: The Madrid Metro has 1,710 escalators and 559 elevators . On 19 September 1916, a royal decree approved the 4-line plan for the creation of the metro of Madrid. The engineers who created the plan, Mendoza, González Echarte, and Otamendi then began the process of raising the 8 million pesetas to begin the first phase of the project, the construction of Line 1 from Sol to Cuatro Caminos . Carlos Mendoza made contact with Enrique Ocharán,

10212-490: The Madrid metro was restricted to the city proper, but today nearly one third of its track length runs outside the border of the Madrid municipality. Today, the Metro network is divided in six regions: At most of the borders between the regions, one has to switch trains even when staying in the same line, because the train frequency is higher in the core MetroMadrid than in the outer regions. Madrid also has an extensive commuter train ( Cercanías ) network operated by Renfe ,

10360-815: The Metro Ligero are painted red and blue, while the trams used in Parla are lime green. Car 153 was loaned to Buenos Aires starting in 2008 for use on the Tranvía del Este demonstration tram service at Puerto Madero. In May 2009, six (165-170) were sold to TransAdelaide for use on the Glenelg line in Adelaide , Australia. In December 2017, Adelaide received a further three (150, 154, 155). [REDACTED] Madrid Metro Network map [REDACTED] The Madrid Metro (Spanish: Metro de Madrid )

10508-472: The Metro, in recent years the Italian AnsaldoBreda has also provided trains for the wide-profile lines. Every rolling unit in the Madrid Metro has a unique ID that singles it out in the whole network. Those IDs are grouped by the rolling unit model (the "series") and thus is used to categorize the trains, as they bear no user-visible statement of the model specified by the manufacturer. An ID

10656-415: The Netherlands, Austria, and Finland benefited from zero or negative interest rates. Looking at short-term government bonds with a maturity of less than one year the list of beneficiaries also includes Belgium and France. While Switzerland (and Denmark) equally benefited from lower interest rates, the crisis also harmed its export sector due to a substantial influx of foreign capital and the resulting rise of

10804-462: The South was incentivized to borrow because interest rates were very low. Over time, this led to the accumulation of deficits in the South, primarily by private economic actors. A lack of fiscal policy coordination among eurozone member states contributed to imbalanced capital flows in the eurozone, while a lack of financial regulatory centralization or harmonization among eurozone states, coupled with

10952-429: The Troika calculations were less optimistic and returned a not covered financing gap at €2.5bn (being required to be covered by additional austerity measures). As the Greek government insisted their calculations were more accurate than those presented by the Troika, they submitted an unchanged fiscal budget bill on 21 November, to be voted for by the parliament on 7 December. The Eurogroup was scheduled to meet and discuss

11100-426: The United Kingdom. The eurozone crisis resulted from the structural problem of the eurozone and a combination of complex factors. There is a consensus that the root of the eurozone crisis lay in a balance-of-payments crisis (a sudden stop of foreign capital into countries that were dependent on foreign lending), and that this crisis was worsened by the fact that states could not resort to devaluation (reductions in

11248-593: The accumulation of deficits in the South, primarily by private economic actors. Comparative political economy explains the fundamental roots of the European crisis in varieties of national institutional structures of member countries (north vs. south), which conditioned their asymmetric development trends over time and made the union susceptible to external shocks. Imperfections in the Eurozone's governance construction to react effectively exacerbated macroeconomic divergence. Eurozone member states could have alleviated

11396-410: The assistance of other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The eurozone crisis was caused by a sudden stop of the flow of foreign capital into countries that had substantial current account deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of

11544-493: The bus and Metro hub Príncipe Pío ( [REDACTED] [REDACTED] [REDACTED] ). Notes: Traditionally, the trains operating in the Madrid Metro have been built and supplied by the Spanish company Construcciones y Auxiliar de Ferrocarriles (CAF) . This was particularly true under Francisco Franco 's dictatorship, due to the politic of autarky his administration initially pursued. However, despite CAF still working for

11692-408: The clock during these days from 2023 onwards. It has only stayed open 24 hours during the 2017 World Pride and during the 2021 Madrid snowstorm . A light rail system feeding the metro opened in 2007 called Metro Ligero ("light metro"). The Cercanías system works in conjunction with the metro, with a majority of its stations providing access to the underground network. As of January 2024,

11840-466: The combined exposure of foreign banks to (public and private) Greek entities was reduced from well over €200bn in 2009 to around €80bn (−€120bn) by mid-February 2012. As of 2015 , 78% of Greek debt is owed to public sector institutions, primarily the EU. According to a study by the European School of Management and Technology only €9.7bn or less than 5% of the first two bailout programs went to

11988-467: The cost-competitiveness gap with other southern eurozone countries by approximately 50% over the past two years. This has been achieved primary through wage reductions, though businesses have reacted positively. The opening of product and service markets is proving tough because interest groups are slowing reforms. The biggest challenge for Greece is to overhaul the tax administration with a significant part of annually assessed taxes not paid. Poul Thomsen,

12136-492: The countries being most at risk and various policy measures taken by EU leaders and the ECB (see below), financial stability in the eurozone improved significantly and interest rates fell steadily. This also greatly diminished contagion risk for other eurozone countries. As of October 2012 only 3 out of 17 eurozone countries, namely Greece, Portugal, and Cyprus still battled with long-term interest rates above 6%. By early January 2013, successful sovereign debt auctions across

12284-414: The crisis and impossibility to form a new government after elections and the possible victory by the anti-austerity axis led to new speculations Greece would have to leave the eurozone shortly. This phenomenon became known as "Grexit" and started to govern international market behaviour. The centre-right's narrow victory in 17 June election gave hope that Greece would honour its obligations and stay in

12432-416: The director of Banco de Vizcaya , who offered 4 million pesetas on the condition that the public pledged an additional 4 million. Mengemor published a brochure to persuade people to make donations. The men were able to raise 2.5 million pesetas of the 4 million they needed. King Alfonso XIII intervened and invested 1.45 million pesetas of his own money. The first phase of construction

12580-411: The eastern and northern outskirts as well ( Coslada , San Fernando de Henares , Alcobendas , San Sebastián de los Reyes ). For the first time in Madrid, three interurban light rails ( Metro Ligero or ML) lines were built to the western outskirts ( Pozuelo de Alarcón, Boadilla del Monte ) – mL2 and mL3 – and to the new northern districts of Sanchinarro and Las Tablas – mL1. As a last minute addition,

12728-477: The economy functioning and the country's debt increased accordingly. The Greek crisis was triggered by the turmoil of the Great Recession , which led the budget deficits of several Western nations to reach or exceed 10% of GDP. In the case of Greece, the high budget deficit (which, after several corrections, had been allowed to reach 10.2% and 15.1% of GDP in 2008 and 2009, respectively ) was coupled with

12876-406: The euro currency declined in response to the downgrade. On 1 May 2010, the Greek government announced a series of austerity measures (the third austerity package within months) to secure a three-year €110 billion loan ( First Economic Adjustment Programme ). This was met with great anger by some Greeks, leading to massive protests , riots, and social unrest throughout Greece. The Troika ,

13024-490: The eurozone but most importantly in Ireland, Spain, and Portugal, showed investors' confidence in the ECB backstop. In November 2013 ECB lowered its bank rate to only 0.25% to aid recovery in the eurozone. As of May 2014 only two countries (Greece and Cyprus) still needed help from third parties. The Greek economy had fared well for much of the 20th century, with high growth rates and low public debt. By 2007 (i.e., before

13172-433: The eurozone's gross domestic product (GDP), it became a perceived problem for the area as a whole, leading to concerns about further contagion of other European countries and a possible break-up of the eurozone. In total, the debt crisis forced five out of 17 eurozone countries to seek help from other nations by the end of 2012. In mid-2012, due to successful fiscal consolidation and implementation of structural reforms in

13320-416: The fallout from a Greek exit would wipe 20% off Greece's GDP, increase Greece's debt-to-GDP ratio to over 200%, and send inflation soaring to 40–50%. Also UBS warned of hyperinflation , a bank run and even " military coups and possible civil war that could afflict a departing country". Eurozone National Central Banks (NCBs) may lose up to €100bn in debt claims against the Greek national bank through

13468-417: The figure was now estimated to have risen sharply above 33%. In February 2012, an IMF official negotiating Greek austerity measures admitted that excessive spending cuts were harming Greece. The IMF predicted the Greek economy to contract by 5.5% by 2014. Harsh austerity measures led to an actual contraction after six years of recession of 17%. Some economic experts argue that the best option for Greece, and

13616-462: The financial stability of the economy. As of January 2009, a group of 10 central and eastern European banks had already asked for a bailout . At the time, the European Commission released a forecast of a 1.8% decline in EU economic output for 2009, making the outlook for the banks even worse. The many public funded bank recapitalizations were one reason behind the sharply deteriorated debt-to-GDP ratios experienced by several European governments in

13764-520: The first section of Line 5, the platforms of Line 1 were enlarged from 60 to 90 m, permanently closing Chamberí station since it was too close to Iglesia (less than 500 m). Chamberí has been closed ever since and was recently reopened as a museum. In the early 1970s, the network was greatly expanded to cope with the influx of population and urban sprawl from Madrid's economic boom. New lines were planned with larger 115 m long platforms. Lines 4 and 5 were enlarged as well. In 1979, bad management led to

13912-436: The first to include luminous panels stating their destination, as the line they service was effectively split in two stretches, and travellers had to switch trains at Puerta de Arganda. Finally, they primed the "boa train" layout, but the walkable aisle only spanned two cars, while a trainset would usually carry 4 or 6. These trains are equipped with automatic train protection (ATP) and automatic train operation (ATO). Series 6000

14060-501: The head to the tail without actually exiting the train. This has earned them the nickname of "boa", a term usually applied in Spain to double-length buses with such joints. They are currently servicing lines 2, R, 3, 4 and 5. Series 3000 trains look rather like a narrowed version of series 8000, while the interior uses mainly yellow and light blue tones. CAF series 5000 : Currently servicing line 9 and occasionally line 6, this model has had

14208-463: The imbalances in capital flows and debt accumulation in the South by coordinating national fiscal policies. Germany could have adopted more expansionary fiscal policies (to boost domestic demand and reduce the outflow of capital) and Southern eurozone member states could have adopted more restrictive fiscal policies (to curtail domestic demand and reduce borrowing from the North). Per the requirements of

14356-464: The inclusion of air conditioning and station announcements through pre-recorded voice messages and LED displays. They are currently used in line 5, with no plans for retirement. CAF series 3000 : The newest of the narrow line trainsets, series 3000 were commissioned for the reopening of line 3 after its complete renewal in the early 2000s. Their constituent subunits can be completely joined through crossable articulations , making it possible to go from

14504-409: The introduction of regenerative braking in the Madrid Metro. The system reverses the normal circuit of the electric motors when braking, thus making the deceleration return power to the network. Also, they feature the now-standard informative panels and gate activity warnings in the interior. A second batch was ordered for line 11 to replace the series 3000 operating on the line since the extension of

14652-478: The journey, a lunch was served on the Cuatro Caminos platform, and the engineers were congratulated for creating a "miracle." Two days later, on 19 October 1919, the Madrid metro was opened to the public. On its first day, 390 trains ran, 56,220 passengers rode the metro, and the company earned 8,433 pesetas in ticket fares. During November and December 1919, the metro had an average of 43,537 passengers

14800-413: The late 70s and the early 90s are slightly more spacious, with most of them having cream-coloured walls. On the other hand, the most recent stations are built with space in mind, and have natural-like lighting and ample entryways. The colour scheme varies between stations, using single-colored plates and covering the whole station in light colors. Recently built transfer stations have white walls, but this

14948-547: The left hand side. In 1936, the network had three lines and a branch line between Ópera and the old Estación del Norte (now Príncipe Pío ). All these stations served as air raid shelters during the Spanish Civil War . After the Civil war, the public works to extend the network went on little by little. In 1944, a fourth line was constructed, absorbing the branch of Line 2 between Goya and Diego de León in 1958,

15096-493: The line to La Fortuna in 2010. The original batch currently services lines 12 and 8, while also providing rush hour support to lines 9 and 10 while the second batch currently services line 11. CAF series 8400 : Derived from the recent series 8000 trains, the 8400 series are the newest train type to enter service on the Madrid Metro on line 6 since 2010 to complement the older series 5000 serving on that line. It currently services line 6. Alstom Citadis 302 : The vehicles serving

15244-432: The line: Retamares Oeste, Ciudad Financiera Este, and Ciudad Financiera Oeste. None of the three are scheduled to open until further development takes place. [REDACTED] [REDACTED] The Parla Tram , which opened on 6 May 2007, is also known as ML-4 . [REDACTED] The three Metro Ligero lines are operated by a fleet of 70 low-floor Alstom Citadis model 302 trams. Unlike the Madrid Metro, trams operate on

15392-496: The loan time to 15 years. The move was expected to save the country between 600 and 700 million euros per year. On 14 September 2011, in a move to further ease Ireland's difficult financial situation, the European Commission announced it would cut the interest rate on its €22.5 billion loan coming from the European Financial Stability Mechanism, down to 2.59 per cent—which is the interest rate

15540-438: The markets; on 23 April 2010, the Greek government requested an initial loan of €45 billion from the EU and International Monetary Fund (IMF) to cover its financial needs for the remaining part of 2010. A few days later Standard & Poor's slashed Greece's sovereign debt rating to BB+ or " junk " status amid fears of default , in which case investors were liable to lose 30–50% of their money. Stock markets worldwide and

15688-615: The member states. Despite different macroeconomic conditions, the European Central Bank could only adopt one interest rate, choosing one that meant that real interest rates in Germany were high (relative to inflation) and low in Southern eurozone member states. This incentivized investors in Germany to lend to the South, whereas the South was incentivized to borrow (because interest rates were very low). Over time, this led to

15836-468: The more numerous in the network: 530 cars were built and delivered between 1985 and 1993, having serviced every narrow profile line. They are also among the oldest stock in operation in the Madrid Metro. The most reliable ones are being refurbished and painted with new, lighter colors like the ones used in Series 3000. Series 2000B were delivered in lesser numbers (about 126 cars) between 1997 and 1998, with

15984-471: The national budget went from a surplus in 2007 to a deficit of 32% GDP in 2010, the highest in the history of the eurozone, despite austerity measures. With Ireland's credit rating falling rapidly in the face of mounting estimates of the banking losses, guaranteed depositors and bondholders cashed in during 2009–10, and especially after August 2010. (The necessary funds were borrowed from the central bank.) With yields on Irish Government debt rising rapidly, it

16132-519: The national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due to macroeconomic differences among eurozone member states prior to the adoption of the euro. It also involved a process of debt market contagion. The European Central Bank adopted an interest rate that incentivized investors in Northern eurozone members to lend to the South, whereas

16280-661: The national rail line, which is intermodal with the metro network. In fact, 22 Cercanías stations have connections to the Metro network, which is indicated on the official map by the Cercanías logo. Many of the new lines since 1999 have been built to link to or end at Cercanías stations, like the ML2 line , which ends at the Aravaca station providing a fast entry into Madrid though the C-7 or C-10 commuter lines and arriving in only one step to

16428-498: The needed austerity measures to pave the way for the second bailout loan. All the implemented austerity measures have helped Greece bring down its primary deficit —i.e., fiscal deficit before interest payments—from €24.7bn (10.6% of GDP) in 2009 to just €5.2bn (2.4% of GDP) in 2011, but as a side-effect they also contributed to a worsening of the Greek recession, which began in October 2008 and only became worse in 2010 and 2011. The Greek GDP had its worst decline in 2011 with −6.9%,

16576-670: The old red corporate image), but they were also retired with the arrival of more series 2000B and, finally, series 3000. European debt crisis The European debt crisis , often also referred to as the eurozone crisis or the European sovereign debt crisis , was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states ( Greece , Portugal , Ireland and Cyprus ) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without

16724-444: The outside tracks, so passengers unboarding there leave through the "right" side of the train instead of the usual left side. In addition, 10 stations are built with just one island platform instead of the usual side platforms. These stations are: Another system is where there is one island platform with one side platform. This system is used in two stations on lines 2 and 4 as termini, and three stations on Lines 7, 9, and 10 where it

16872-464: The payment of its last scheduled eurozone bailout tranche in December 2014, and about a potential update of its remaining bailout programme for 2015–16. When calculating the impact of the 2015 fiscal budget presented by the Greek government, there was a disagreement, with the calculations of the Greek government showing it fully complied with the goals of its agreed "Midterm fiscal plan 2013–16" , while

17020-492: The positive effect that it help calm down financial markets as the presence of this extra backup guarantee mechanism makes the environment safer for investors. The positive economic outlook for Greece—based on the return of seasonally adjusted real GDP growth across the first three quarters of 2014—was replaced by a new fourth recession starting in Q4-2014. This new fourth recession was widely assessed as being direct related to

17168-427: The premature snap parliamentary election called by the Greek parliament in December 2014 and the following formation of a Syriza -led government refusing to accept respecting the terms of its current bailout agreement. The rising political uncertainty of what would follow caused the Troika to suspend all scheduled remaining aid to Greece under its second programme, until such time as the Greek government either accepted

17316-426: The previous maturity). This counted as a "credit event" and holders of credit default swaps were paid accordingly. It was the world's biggest debt restructuring deal ever done, affecting some €206 billion of Greek government bonds. The debt write-off had a size of €107 billion , and caused the Greek debt level to temporarily fall from roughly €350bn to €240bn in March 2012 (it would subsequently rise again, due to

17464-478: The previously negotiated conditional payment terms or alternatively could reach a mutually accepted agreement of some new updated terms with its public creditors. This rift caused a renewed increasingly growing liquidity crisis (both for the Greek government and Greek financial system), resulting in plummeting stock prices at the Athens Stock Exchange while interest rates for the Greek government at

17612-449: The private lending market spiked to levels once again making it inaccessible as an alternative funding source. Faced by the threat of a sovereign default and potential resulting exit of the eurozone, some final attempts were made by the Greek government in May 2015 to settle an agreement with the Troika about some adjusted terms for Greece to comply with in order to activate the transfer of the frozen bailout funds in its second programme. In

17760-429: The problem of risky loans. Another factor that incentivized risky financial transaction was that national governments could not credibly commit not to bailout financial institutions who had undertaken risky loans, thus causing a moral hazard problem. The Eurozone can incentivize overborrowing through a tragedy of the commons . The European debt crisis erupted in the wake of the Great Recession around late 2009, and

17908-454: The process, the Eurogroup granted a six-month technical extension of its second bailout programme to Greece. On 5 July 2015, the citizens of Greece voted decisively (a 61% to 39% decision with 62.5% voter turnout) to reject a referendum that would have given Greece more bailout help from other EU members in return for increased austerity measures. As a result of this vote, Greece's finance minister Yanis Varoufakis stepped down on 6 July. Greece

18056-402: The public, and the government debt of several states was downgraded. The crisis subsequently spread to Ireland and Portugal, while raising concerns about Italy, Spain, and the European banking system, and more fundamental imbalances within the eurozone. The under-reporting was exposed through a revision of the forecast for the 2009 budget deficit from "6–8%" of GDP (no greater than 3% of GDP was

18204-452: The rest of the EU, would be to engineer an "orderly default ", allowing Athens to withdraw simultaneously from the eurozone and reintroduce its national currency the drachma at a debased rate. If Greece were to leave the euro, the economic and political consequences would be devastating. According to Japanese financial company Nomura an exit would lead to a 60% devaluation of the new drachma. Analysts at French bank BNP Paribas added that

18352-500: The resulting bank recapitalization needs), with improved predictions about the debt burden. In December 2012, the Greek government bought back €21 billion ($ 27 billion) of their bonds for 33 cents on the euro. Critics such as the director of LSE 's Hellenic Observatory argue that the billions of taxpayer euros are not saving Greece but financial institutions. Of all €252bn in bailouts between 2010 and 2015, just 10% has found its way into financing continued public deficit spending on

18500-425: The right , Madrid Metro trains use left-hand running on all lines because traffic in Madrid drove on the left until 1924, five years after the system started operating. Trains are in circulation every day from 6:00 am until 1:30 am, though during the weekends, this schedule is to be extended by one more hour in the morning in 2020. Furthermore, the regional government intends to keep stations opened around

18648-495: The right. The trams have a maximum speed of 70 km/h (43 mph) and are capable of carrying 200 passengers, 54 seated. They are currently assembled into 30-metre (98 ft) train-sets, but are designed so that they can be expanded to 45 metres (148 ft) in the future. The Citadis 302 model as used on the Metro Ligero is similar to those used by the Parla Tram in the southern suburb of Parla . However, those used on

18796-506: The royal family, and others, then took part in the first official metro ride which went from Cuatro Caminos to Río Rosas , and took 40 seconds. There they stopped for one minute, before traveling to the Chamberí station which took 45 seconds. The trip went all the way to the end point, Sol. The king and his family then rode the metro back to Cuatro Caminos from Sol, this time without stopping. The journey took 7 minutes and 46 seconds. After

18944-492: The scheduled bailout funds and full implementation of the agreed adjustment package in 2012, there was a new forecast financing gap of: €5.6bn in 2014, €12.3bn in 2015, and €0bn in 2016 . The new forecast financing gaps will need either to be covered by the government's additional lending from private capital markets, or to be countered by additional fiscal improvements through expenditure reductions, revenue hikes or increased amount of privatizations. Due to an improved outlook for

19092-567: The severe GDP drop during the handling of the crisis . Greece's bailouts successfully ended (as declared) on 20 August 2018. The Irish sovereign debt crisis arose not from government over-spending, but from the state guaranteeing the six main Irish-based banks who had financed a property bubble . On 29 September 2008, Finance Minister Brian Lenihan Jnr issued a two-year guarantee to the banks' depositors and bondholders. The guarantees were subsequently renewed for new deposits and bonds in

19240-458: The sold 6000s. CAF series 8000 : Originally designed for the MetroSur line 12, 45 trainsets were built and delivered by CAF in 2002. Each one is composed of three cars or four cars joined in the "boa" layout, with the three car version servicing line 12 and the four car version servicing line 8 as-is, while line 9 & line 10 services use two such trainsets to form a MRM-MRM configuration for

19388-422: The sovereigns to mask their deficit and debt levels through a combination of techniques, including inconsistent accounting, off-balance-sheet transactions, and the use of complex currency and credit derivatives structures. From late 2009 on, after Greece's newly elected, PASOK government stopped masking its true indebtedness and budget deficit, fears of sovereign defaults in certain European states developed in

19536-405: The three first quarters of 2014. The return of economic growth, along with the now existing underlying structural budget surplus of the general government, build the basis for the debt-to-GDP ratio to start a significant decline in the coming years ahead, which will help ensure that Greece will be labelled "debt sustainable" and fully regain complete access to private lending markets in 2015. While

19684-605: The time of opening. Most of the efforts of Madrid regional government in 2000s were channeled towards the enlargement of the Metro network. In the 2003–2007 term, President Esperanza Aguirre funded a multibillion-euro project, which added new lines, and joined or extended almost all of the existing metro lines. The project included the addition of 90 km (56 mi) of railway and the construction of 80 new stations. It brought stations to many districts that had never previously had Metro service ( Villaverde , Manoteras , Carabanchel Alto , La Elipa , Pinar de Chamartín ) and to

19832-444: The train gates and more effective emergency brakes, they also brought small aesthetic changes like the removal of the wood effect from the ceiling and the change of the red top stripe of the doors to a blue color. Series 7000 currently service the main part of line 10 from Puerta del Sur to Tres Olivos and occasionally on line 9; while series 9000 comprise the main fleet of line 7 and 12, occasionally on line 10, and on line 9 to cover for

19980-510: The underground network towards the airport. The enlarged Line 9 was the first to leave the outskirts of Madrid to arrive in Rivas-Vaciamadrid and Arganda del Rey , two satellite towns located in the southeast of Madrid. Control of the network was transferred to a public enterprise, Metro de Madrid S.A. In the early 2000s, a huge project installed approximately 50 km (31 mi) of new metro tunnels. This construction included

20128-434: The updated review of the Greek bailout programme on 8 December (to be published on the same day), and the potential adjustments to the remaining programme for 2015–16. There were rumours in the press that the Greek government has proposed immediately to end the previously agreed and continuing IMF bailout programme for 2015–16, replacing it with the transfer of €11bn unused bank recapitalization funds currently held as reserve by

20276-489: The usual on-demand opening of train gates with a button on each one. Being the oldest rolling stock in operation in the wide profile lines, many cars were retired or sold to the Buenos Aires Underground for operation on Line B to make up for shortfalls on the line following extensions. CAF series 6000 : This model, of which 29 trainsets were built and delivered in 1998, was the first by CAF to feature

20424-723: The value of the national currency to make exports more competitive in foreign markets). Other important factors include the globalisation of finance ; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2007–2008 financial crisis ; international trade imbalances; real estate bubbles that have since burst; the Great Recession of 2008–2012; fiscal policy choices related to government revenues and expenses; and approaches used by states to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses. Macroeconomic divergence among eurozone member states led to imbalanced capital flows between

20572-873: The wake of the Great Recession. The main root causes for the four sovereign debt crises erupting in Europe were reportedly a mix of: weak actual and potential growth ; competitive weakness ; liquidation of banks and sovereigns; large pre-existing debt-to-GDP ratios; and considerable liability stocks (government, private, and non-private sector). In the first few weeks of 2010, there was renewed anxiety about excessive national debt, with lenders demanding ever-higher interest rates from several countries with higher debt levels, deficits, and current account deficits . This in turn made it difficult for four out of eighteen eurozone governments to finance further budget deficits and repay or refinance existing government debt , particularly when economic growth rates were low, and when

20720-617: Was a final forecast more than 4 times higher than the original. In Greece, the low ("6–8%") forecast was reported until very late in the year (September 2009), clearly not corresponding to the actual situation. Fragmented financial regulation contributed to irresponsible lending in the years prior to the crisis. In the eurozone, each country had its own financial regulations, which allowed financial institutions to exploit gaps in monitoring and regulatory responsibility to resort to loans that were high-yield but very risky. Harmonization or centralization in financial regulations could have alleviated

20868-409: Was among the fastest in the world at that time and was equalled or surpassed by only very few metros in the global north (one notable example being Seoul Metro ) either then or since. This included the extension of lines 1, 4 and 7 and the construction of a new Line 11 towards the outlying areas of Madrid. Lines 8 and 10 were joined into a longer Line 10 and a new Line 8 was constructed to expand

21016-420: Was characterized by an environment of overly high government structural deficits and accelerating debt levels. When, as a negative repercussion of the Great Recession, the relatively fragile banking sector had suffered large capital losses, most states in Europe had to bail out several of their most affected banks with some supporting recapitalization loans, because of the strong linkage between their survival and

21164-461: Was clear that the Government would have to seek assistance from the EU and IMF, resulting in a €67.5 billion "bailout" agreement of 29 November 2010. Together with additional €17.5 billion coming from Ireland's own reserves and pensions, the government received €85 billion , of which up to €34 billion was to be used to support the country's failing financial sector (only about half of this

21312-420: Was disturbed for several years as some stations at a time were closed and refitted, while line 3 was closed for two consecutive summers in order to expand its platforms to 90 m. Then, new rolling stock was also requested: 1998 saw the arrival of the first CAF series 2000B, retiring the infamous series 1000. Initially, the better-preserved series 300 were refitted and painted in the new blue-white colour scheme (from

21460-469: Was finished in 1919. It was constructed in a narrow section and the stations had 60 m (200 ft) platforms. The enlargement of this line and the construction of two others followed shortly after 1919. The Madrid metro was inaugurated on 17 October 1919 by King Alfonso XIII. At the time of inauguration, the metro had just one line, which ran for 3.48 kilometres (2.16 mi) between Puerta del Sol and Cuatro Caminos , with eight stops. The king,

21608-483: Was not uncommon that a child would ride to school on the same train his/her parents took decades earlier. Some renewals, along with the purchases of series 2000A and 5000, were started by the socialist regional government of Joaquín Leguina , but in 1995 the People's Party took over the government with the promise to widely extend and improve the Metro service. New lines were built and old ones refurbished: line 5 service

21756-455: Was the first developed country not to make a payment to the IMF on time, in 2015 (payment was made with a 20-day delay ). Eventually, Greece agreed on a third bailout package in August 2015. Between 2009 and 2017 the Greek government debt rose from €300 bn to €318 bn, i.e. by only about 6% (thanks, in part, to the 2012 debt restructuring); however, during the same period, the critical debt-to-GDP ratio shot up from 127% to 179% basically due to

21904-430: Was used in that way following stress tests conducted in 2011). In return the government agreed to reduce its budget deficit to below three per cent by 2015. In April 2011, despite all the measures taken, Moody's downgraded the banks' debt to junk status . In July 2011, European leaders agreed to cut the interest rate that Ireland was paying on its EU/IMF bailout loan from around 6% to between 3.5% and 4% and to double

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