Majority of investors are worried about the possibility of contagion from the Greek debt crisis resulting which Monday also proved unlucky for the Asian stock markets as they were mostly lower and that too with many of the regional oil and financial stocks taking a beating.

President Obama has recently announced about the draw downing of US forces from Afghanistan due to large number of casualties and the poor state of the economy post which several other NATO countries have also started making plans to scale back their presence in the war torn country.

Spain has recently join the list by announcing that it will start withdrawing it’s 1500 troops that it has in Afghanistan from the first quarter of 2012. The announcement was made by the Spanish Prime Minister Jose Luis Rodriguez Zapatero following the European Union summit in Brussels on Friday.

Though Finance Minister Elena Salgado is really worried about the surge in the borrowing costs but she still says that Spain won’t need a bailout as the yield on the country’s benchmark 10- year bond is at its highest level since
2000.

Undoubtedly, demand for Spanish debt is still strong but Ms Salgado is definitely worried as in an interview today on TVE television in Madrid, she said that “Of course, the yield worries me. We are not, nor will we be, on the verge of any bailout.”

Billionaire investor George Soros has recently announced about the foreseeable departure of Greece from the euro, upon which, Finance Minister Michael Noonan said yesterday that the European leaders think that they can efficiently avoid debt crisis in Ireland and Portugal but the main issue of concern for all is that Greece could trigger problems in larger economies such as Spain.

The European Central Bank Executive Board Member, Jose Manuel Gonzalez-Paramo, recommended Spain to repair the labor laws as any delay in their action was going to result in increase in the interest rates which was going to affect the process of economic development.

The U. K. electrical group Dixons Retail PLC revealed the huge loss it has suffered in Greece and Spain markets.

Dixons stated on its site that its Greek operations are about to end and the assessment of the Spanish business was also disclosed. The Spain market has provided the loss of GBP224.1 million, whereas the same country had helped last year by the profit of GBP112.7 million. The sales were down to down 2%.

Royal Philips Electronics, an electronics manufacturer gave out the profit caveat, by adding Kesa Electricals PLC and Home Retail Group PLC as the growing companies.

On Thursday afternoon, in Valencia, Spain, the Real Club Nautico de Valencia and Italy’s Green Comm Racing has announced their joint challenge the 34th America’s Cup in San Francisco in 2013. The challenging club will be Real Club Nautico de Valencia (RCNV) of Spain and it will be Green Comm Racing team’s operational base. More partners of the America’s Cup will be announced shortly.

The list of competitors for the America’s Cup World Series does not include Team Yachting Australia, which had announced its challenge for the Cup in February.

Most of the European countries including Portugal, Ireland, Greece and Spain are not doing well because the economy of the continent is struggling to cope with the debt crisis. The nations are hoping for as bailout, or exit from the Euro.

The economy of Portugal is getting worse each day because major bad economic decisions have been made in the last years. The total cost for Portuguese consumers and taxpayers has been calculated at 700 million Euros this year. The cost of consumers and taxpayers is growing constantly and the unemployment rate is also going up.

Superbike racing fans geared up for the Superbike World Cup 2011 this past weekend to see the outcome between top racers: Carlos Checa and Max Biaggi.

In the first half of the race, Biaggi did not start off on the right foot and lost the race to Marco Melandri. However, not all hope was lost to defeat Checa, who crashed in the seventh lap.

The Spanish government has asked the Royal Bank of Scotland PLC (RBS) to provide assistance in the privatization of the airports. The government has planned to privatize 49% of the Aena Aeropuertos and has asked the bank to help in arranging bids for the contract.

Last year, Socialist Prime Minister José Luis Rodríguez Zapatero had announced to privatize the Madrid's Barajas and Barcelona's El Prat airports, to overcome the financial deficits by 6% in 2011 and by 4.4% in 2012.