Hacienda responds to Mas that Catalunya is financially "unviable" without Spain because it is a 'junk bond'

Hacienda responds to Mas that Catalunya is financially “unviable” without Spain because it is a ‘junk bond’

The Ministry of Finance has come to the step of the declarations of the president of the Generalitat of Catalonia , Artur Mas, on the possibility that this Community does not pay the contracted debt , and has indicated that Catalonia without Spain is financially “unviable” because its qualification credit is ‘junk bond’.

The department that directs Cristóbal Montoro has posted on its website a statement in which it tries to dismantle the criticisms leveled by Artur Mas, and in which he warns that if he announces that he will not pay the debt, nobody will lend him money .

“If it announces that it will not pay the debt, who will finance it ?, at what price? If it had not been for the loans granted by the State through the different funds put in place, the Generalitat would not have been able to attend to the maturity of debt that has contracted from previous years, “says Finance.

The ministry added that Catalonia “could not have financed its public deficit, nor could it have supported the financing of public services, nor could it have guaranteed the payment of invoices to many small and medium-sized companies, suppliers of the Catalan Administration”.

The Government reminds the Generalitat that it is not the Spanish State that harms it financially, but that it is thanks to it that it has access to the markets.

“Statements of this kind, in which the head of a Public Administration states that he would not have problems in breaching the obligations contracted, do not help to recover credibility but, on the contrary, seriously affect the prestige of the institutions,” stresses the release.


According to the Ministry of Finance, it would also be a breach of current legislation that does not suit the Catalans, who would be living “in a country that is financially unviable and politically unstable”, with serious consequences for their economy, for their companies and for the sustainability of their social policies, from the payment of pensions to the maintenance of fundamental public services.

“Nobody who founds a state can start its sovereignty process by repudiating the debt,” says Hacienda.

The department headed by Montoro provides data on how Catalonia has managed to finance itself, “despite having closed the doors of the markets”, and the low interest rates it pays.


Between 2012 and 2015, the central government has provided liquidity to Catalonia amounting to almost 50,000 million euros (49,927.9 million).

At present, the debt that Catalonia has contracted with the State is 37,487 million euros, which is 18.4% of its GDP and accounts for 56.1% of its total debt, which amounts to 66,813 million, the 32.8% of its GDP.

The statement stresses that the State “financially supports Catalonia since 2012”, in the same way that it has done with other administrations with liquidity problems to which the markets closed their doors or tried to charge very high interest rates, even unacceptable, for granting them loans.

“Catalonia has managed to finance itself, and the low interest rates that it pays, and that as of this year are 0%, imply important savings in the interest bill.

Specifically, this year the savings will be 1,597.91 million euros, and the forecast for next year is to save another 1,368.71 million more, “he reiterates.

Finally, the Treasury indicates that it is “evident” that Catalonia is now financing itself in good conditions because it is part of Spain.

“The mutualization that the Spanish Treasury has carried out of the debt of the territorial administrations is its bridge with the markets”, and the Spanish State is its bridge with the single currency, it has confirmed.

“If Catalonia left Spain, all those bridges would collapse and it would run out of the financing it needs,” he warns.

Compare credits BBVA Pre-agreed Loan, SpainDuero Scholarship Advance

Compare credits BBVA Pre-agreed Loan, SpainDuero Scholarship Advance

  BBVA Online Pre-Licensed Loan # More info SpainDuero Scholarship Advance # More info
  More info More info
Type of loan Loan Loan
Credit for:
  • Individuals
  • Individuals
Source of income
  • Roster
  • Pension
  • Unemployment benefit
It is a pre-granted credit  
Minimum amount € 1,500
Maximum amount € 15,000 Orientative € 10,000
Minimum term 12 months
Deadline 48 months Orientative 10 months
Accepts ASNEF or similar    
  • Anyone
  • Loan study
Nominal Interest Rate (TIN)    
TAE Comment
  • Interest rate and annual equivalent rate personalized according to the client’s profile.
  • Ask about the interest rate in an entity office
Annual Equivalent Rate (APR)
Addressed to:
  • Existing customers
  • Existing customers
Requires guarantee No warranty No warranty
Maximum age 65 years old
No. of connections 1

  • BBVA Payroll Account
Maximum number of holders 1 person
How is it returned
  • Transfer to account
Allows lack  


  • Loans
  • Minicréditos
  • Mortgages
  • Cards
  • Accounts
  • Deposits
  • To invest
  • Banks
  • ADSL / Mobile
  • Energy


  • Financial calculators
  • Free guides
  • Deposit calculator
  • Mortgage simulator
  • Forum
  • Blog

The company

  • About us
  • Contact us
  • Collaborate with HelpMyCash
  • Work with us
  • Do you want to advertise or include our content, widgets or comparators on your website? contact



Made with in Barcelona


  • Legal warning
  • Privacy
  • cookies
  • © 2018 HelpMyCash SL.

We use our own and third-party cookies to personalize the content, offer social network functions and analyze our traffic.
To continue browsing, accept its installation and use. You can change the cookie settings at any time.
More information in our Cookies Policy.

Sánchez, pleased with the increase in EU money to Spain in the face of migration

Sánchez, pleased with the increase in EU money to Spain in the face of migration

Brussels, June 29 (EFE) .- The Spanish Prime Minister, Pedro Sanchez, today considered “good news” for Spain that the European Council meeting adopted a commitment to allocate more economic resources to the country to lead the country. response to migratory flows in the western Mediterranean.

Sanchez expressed that satisfaction in statements to journalists at the end of the session of more than thirteen hours of its first European summit and after the difficulties that there were for EU leaders to reach an agreement on the control of migration.

The chief executive explained that the commitment that will be reflected in the Council’s conclusions is to increase those resources (which he did not specify) not only for Spain, but also for transit countries of illegal immigration such as Morocco.

The increase of what the EU contributes to Spain to deal with illegal immigration was one of the objectives of Sanchez at this summit, as he explained on Wednesday in his appearance before Congress to report his position in the Rabbit.

In that appearance he practically made the arrival of more economic resources to Spain after the conversations he had had with the French president, Emmanuel Macron, and the German chancellor, Angela Merkel.

Today he stressed that European leaders recognized the increase in migratory flows in the western Mediterranean and the work that Spain is doing in this area and therefore committed to a greater economic contribution to help in this task.

Sánchez also stressed that “the worst news” after the first session of the summit would have been that no agreement had been reached and a European perspective had not been given to a common challenge, such as immigration policy.

He explained that today’s agreement calls on the next presidency of the EU, Austria, that within a reasonable time the entire process that allows for the creation of a common European asylum system can be completed.

“It is not the best agreement, but it is an important agreement that goes in the direction of continuing to give a European perspective to a European challenge such as migration,” he added.

When asked if Spain will assume disembarkation points for immigrants, he explained that he already has them, as well as with a “perfectly instrumented” device that includes the Salvage Maritime, the Civil Guard, agreements with NGOs, and attention centers for asylees and immigrants. .

“We have a full policy deployed, I think the important thing,” he insisted, “is that economic resources be turned over to help Spain respond to the phenomenon of migration in our country.”

That is what he stressed that Spain needed, a greater European solidarity that has now been recognized.

“We can be frankly satisfied, we have achieved very positive things for the country and, at a European level, we continue to walk in that common response,” he added.

Bárcenas says that his money in Switzerland was "like a pension fund outside of Spain"

Bárcenas says that his money in Switzerland was “like a pension fund outside of Spain”

from commercial operations abroad and has acknowledged that he did not declare it to the Treasury, since he had it “as a pension fund outside of Spain”.

The prosecutor Concepción Sabadell has begun questioning Bárcenas today in the macro trial of Gürtel on the accounts he had in Switzerland, where he managed to accumulate 48.2 million euros. The former treasurer explained that his first account in the Swiss country opened in 1988 and it entered the money from commercial transactions made outside Spain with people who were not residents in this country.

“I did not declare it, they were operations outside Spain with no Spanish residents”

“They were operations carried out outside of Spain and preferred to have that money outside of Spain,” said Bárcenas , who has acknowledged that he did not declare that money to the Treasury. “He did not declare it, they were operations outside of Spain with non-Spanish residents,” he reiterated, adding that “that money had him as a pension fund outside Spain.”

He has assured that he never tried to hide the ownership of the accounts, even when in 1995 he put one in the name of a foundation. “In 1995, I created a foundation, but no one is hiding, it is not a screen society, in any case it would be a blind society, because I was seen perfectly,” he said.

“I have never traveled by car or plane with money to Switzerland”

Bárcenas has assured that he has never traveled to Switzerland with money “neither by car nor by plane” and that all the amounts he had in his banks in the Swiss country were received there for his financial operations, and not in Spain. He has defended that all the money he had in Switzerland received there, either by transfer or, in most cases, in cash income, since about 2.5 million of the 8 that he received in his two accounts were in metal.

That money in cash, he said, he entered either personally after receiving it from investors, or his “partner” and “friend” Iván Yáñez, considered as his front man and who took over the management of his fortune in Switzerland days after the Gürtel case broke out in February 2009.

The money in cash entered him, or he personally after receiving it from the hands of investors, or his “partner” and “friend” Iván Yáñez

The prosecutor asked him specifically about an operation and said that on that occasion he received money from someone, which he did not specify, at the Geneva airport and divided the amount into two. Some part she left in her suitcase at the airport ticket office because, as she said, she was going to enter later in one of her two banks and the other took her to the other entity where she had accounts.

“I had stayed with the person in question, he gave me the funds, I left a part in the luggage, I went to Geneva by train and I put him in the bank”, he said, adding that he finally went skiing and on Sunday In the afternoon, before returning to Madrid, he entered the part he had left at the airport in the same bank, since his manager in the other was not available.

“My wife, fortunately, in all matters related to the economy, I signed the documents”

The prosecutor has also asked her if her wife, Rosalia Iglesias, knew about these operations and accounts in Switzerland, and he has disengaged her at all times. “Never” knew about it, she said, and if she accompanied him to a bank she did not know where she was, because “Switzerland is not like a BBVA office. You enter a car with a garage, you are accompanied by a very kind gentleman dressed in livery in the elevator and you have no idea where you are. ” His wife, he added, stayed in a small room, where they offered him “a coffee or a Coke,” and he went into the office to deposit the money.

As to whether she and her children knew they were authorized in accounts in Switzerland, she said no, that he put her to sign the documents but they did not know what they were. “My wife, fortunately, in all matters related to the economy, I signed the documents,” and in that case she “understood that what she was signing and I put in the signature was not a problem”.

“Even if it was in French and it was listed as a place of signature, did not you have any problems with Geneva?”, The prosecutor asked her then, to which she replied: “Even if it were in French and it would sign a place in Geneva”.

He complained to Garzón about the “constant” leaks in the summary

The former Treasurer also recalled that he complained to the then judge of the National Court Baltasar Garzón of the “constant” leaks of the summary of the start of the Gürtel case despite the fact that his secret was declared. As he explained, when the case broke out – the first arrests were made in early 2009 – “the restraint was not respected”. For this reason, he complained to Garzón, who also had to tell him that he was a senator and that if he had any evidence against him, he had the obligation to refer the case to the Supreme Court given his status as a gaucho.

Bárcenas took the opportunity to remind the prosecutor that on two occasions, “with very good judgment” he said “there was no reason to impute to me”. Given its approach, Bárcenas also formally complained to the then president of the Senate, Javier Rojo, the “tremendous seriousness” of the attitude of the police to “try to enter” his house without warning that his goal was to deliver a citation.

More disturbed than in the rest of his statement, Bárcenas has told the prosecutor that this question had already been asked “twelve times” and on all those occasions he had already answered that it had nothing to do with the possible “dissensions”, which precisely “Always exist” in the PP as “in any other party”. “What has to do with the dissensions?”, Has continued Bárcenas, for whom it is “absurd” that “they have wanted to take something from where there is absolutely nothing”. He has recognized, however, that at that time he did have professional tension in his work as treasurer. “But dissensions? … I do not know what,” he concluded.

The treasurer faces 42 and a half years of prison accused of illicit association, bribery, money laundering, falsehood, misappropriation and tax crimes

Bárcenas sits on the bench accused for the first time of corruption in the macro trial of Gürtel, which accuses 37 people related to the plot for their corrupt activities in the period between 1999 and 2005.

The extesorero faces 42 years and a half of prison accused of illicit association, bribery, money laundering, falsehood, misappropriation and tax crimes for collecting commissions that supposedly paid entrepreneurs to the Gürtel in exchange for allocations of governments of the PP, as well as to stay Money from a parallel party accounting.

It does not stop to increase the amount of credit cards in Spain

It does not stop to increase the amount of credit cards in Spain

Credit cards

It is no novelty that Spain is one of the European countries that has more cards in circulation. However, it is interesting to know if there are more credit or debit cards . According to the data provided by the Bank of Spain (BdE), in our country, currently, circulate a total of 25,097,000 debit plastics and 44,819,000 credit . We can deduce that there are more plastics that offer credit capital in Spain, since they allow us to make fractioned payments and include many more advantages and benefits, such as insurance, discounts, promotions … than debit.

Discover the ranking with the best cards in the market


For what purpose can the cards be useful?

First of all, debit cards are always associated with a bank account , so its main use will be to make movements with the money that we have in the bank. For example, make payments, transfer, withdraw cash, etc.

The great advantages of these is that they are usually free, that is, without issue or maintenance fee, they allow us to pay online and in establishments, we can extract money without costs in ATMs of our entity and are very useful to take control about our finances and avoid, well, overdependent.

On the other hand, credit cards are also designed to make movements, but with money that we do not have, that is, money on credit . Thus, they can be a more dangerous financial product, because if we are not responsible for their use, we will run the risk of entering into a debt spiral from which it will be very difficult for us to exit. In addition, we must bear in mind that if we do not have one, we will have to wait around 10 days to receive it, as long as the issuer accepts our request.

However, credit cards offer several advantages, such as the option of deciding whether to return the money through full payment (at the beginning of the following month without interest) or split (in monthly fees with fees), including free insurance, promotions, discounts , returns, in some cases it will not be necessary to change banks, etc.

In any case, it will depend on the purpose we want to give the card and our profile, use one or the other.

What are the best credit cards in the market?

It is complicated to establish which card is better, since it will depend, to a large extent, on the advantages it offers. That is, if, for example, we can be more interested in a plastic with refunds in gasoline than another with discounts in clothing establishments. Thus, it will depend on the particular preferences of each one of us .

In any case, something in which we must always look at whether the card will be free, the cost that will apply to us to return the capital in a fractional manner and the links that require us , among others. Below we show a table with the best credit cards in the current market:

Cards Cost for deferred payment Advantage I’m interested
Classic EVO Finance Visa Card 21.00% APR
  • There are no emission or renewal commissions
  • We do not need to change banks
  • Free insurance for purchases, accidents and travel assistance
Apply for
WiZink Gold credit card 27.24% APR
  • No emission or maintenance commission
  • Discounts of up to 50% in establishments
  • Free purchase and accident insurance
Apply for
Gold Visa of ING Direct 15.00% APR
  • No issue or maintenance fees
  • 3% refund at Galp and Shell gas stations
  • Discounts in hundreds of establishments
Apply for


The ten best-selling cars in Spain during the first half of 2018

The ten best-selling cars in Spain during the first half of 2018

With the month of June concluded, we can take stock of how vehicle sales are evolving so far in 2018. During this month a total of 142,728 units have been registered, that is, 7.9% more than in the year past. In the accumulated, during the first six months of this year, 737,670 copies have been registered , which represents an increase of 9.9% when compared to the same period of 2017.

June data reflect a certain stagnation of sales to individuals , who have suffered an increase of only 1.3% , while those of companies and rental companies grow by 13.5% and 13.8% , respectively. The president of ANIACAM, Germán López Madrid , says it is difficult to know the cause of the break, although perhaps the political situation this month, with great uncertainty in the future has influenced consumer confidence and purchases have been postponed, which is not sure they recover.

The accumulated figures of the first semester of the year allow us to make a ranking of the ten most sold models so far in 2018. Right in the middle of this year we can say that the bestsellers of the automotive sector are those listed below.

1. Seat León (21,204 units)

Seat LeonThe compact sedan of the Martorell brand continues to maintain its leading position in the Spanish market. This car was sold in 2017 and, at the moment, it seems to follow the same path. The third generation of the model has virtues and arguments to convince consumers. To his great technological dose in matter of security, infotainment and connectivity, it is necessary to add a complete equipment and a wide mechanical range with alternatives for all the needs. It is sold in versions of gasoline, diesel and compressed natural gas.


2. Seat Ibiza (19,610 units)

Seat Ibiza Seat Ibiza

Another model of the Martorell firm occupies the second position of the list (as happened in the annual sales ranking of 2017). This is the Ibiza, the long-lived utility of Seat that is already in its fifth generation. This specimen arrived on the market last year, making a qualitative leap in all aspects. Larger, livable, safe, dynamic, technological, comfortable and with a greater endowment in connectivity. And all this with a generous supply of propellers that includes a hybrid variant of compressed natural gas.


3. Volkswagen Polo (17,183 units)

Volkswagen Polo

The Volkswagen group holds the registration podium for the first half of 2018. The third is occupied by the Polo, a direct rival to the aforementioned Ibiza. The sixth generation of the model is larger and habitable. Its load capacity, encrypted 351 liters is one of the largest in the segment. The renewal of the vehicle has been accompanied by an improvement in its dynamic behavior, as well as an expansion of the equipment, in which there is no shortage of technologies in terms of safety and connectivity. The wide mechanical offer includes a sport version GTI of 200 CV.


4. Dacia Sandero (16,728 units)

This sedan, manufactured by the low cost brand of Renault, is still part of the best selling cars in Spain. The best argument that wields in the market is the price. It is presented as a simple and cheap alternative to models such as the Renault Clio or the Opel Corsa. Produced in Romania, it is a vehicle of basic qualities and a bare-bones equipment. Hence, its price starts from only 7,340 euros, corresponding to the variant 1.0 SCe of 73 HP. In addition to this engine, the range has another gasoline (TCe 90 hp) and two diesel (dCi 75 hp and 90 hp). There is also a version of Liquefied Petroleum Gas (LPG).



5. Volkswagen Golf (16,559 units)

Volkswagen Golf R Volkswagen Golf R

The gestural control to manage the entertainment system without having to touch it already points to the great technological load that the latest generation of Golf assembles. Do not skimp on endowments to ensure the comfort and safety of the occupants. Driving assistance aids offer a high level of protection underway. The catalog includes various body options (three and five doors, familiar -Variant-, camper -Alltrack- and monovolume -Sportsvan-), as well as an extensive mechanical range, with versions of gasoline, diesel, hybrid (GTE) and electric (e-Golf).

6. Nissan Qashqai (15.9562 units)

Nissan Qashqai

We are clear that the SUV segment has grown the most in recent years. Although the supply of this type of car is growing, only the Qashqai has managed to be placed in the ranking of the 10 best-selling cars so far in 2018 (it was also the only one that was part of the list of the 2017 annual count) . The current model is an update of the generation launched in 2014. Apart from some subtle aesthetic changes, the model incorporates new equipment. The most important one corresponds to the ProPILOT driving assistance system, which controls the direction, acceleration and braking of the vehicle when driving in a single lane on the highway.

7. Renault Clio (15,711 units)

Renault Clio Renault Clio

Available with five-door body (4.06 m long) and a familiar Sport Tourer (4.26 m), the French utility sold today is a fourth-generation upgrade, launched in 2013. The range of engines includes two high-performance alternatives for those looking for powerful cars: the first is the RS 200 hp and the second corresponds to the RS Trophy 220 hp. Obviously, there are other alternatives both diesel and gasoline.

8. Fiat 500 (15.2542 units)

Fiat 500 Fiat 500

The small Italian utility is for sale in our country for a price that starts at 8,800 euros. Its small size – 357 centimeters in length – allows it to move like a fish in water through large cities. Those who need a copy of five doors, with a larger trunk, can opt for the 500L version. Likewise, the brand offers more sophisticated versions, such as the so-called Collezione, with specific finishes and equipment. The same happens with the Mirror variants. The mechanical range includes a version fed with Liquefied Petroleum Gas (LPG).

9. Renault Megane (15,171 units)

Renault Megane Renault Megane

The compact diamond brand has been commercial success for more than two decades. The fourth generation of the compact, a direct rival to the aforementioned Seat León, exhibits an image with characteristic aesthetic features of Renault. Equipped with a good habitability, it offers one of the best trunk of the C segment (434 liters). Its equipment includes elements of comfort, security and connectivity, such as the R-Link2 system with 8.3-inch touch screen or the Multi-Sense and head-up color display. Recently, the company launched the most radical version of the catalog: the RS, with 300 HP and four steering wheels (4 Control).

10. Opel Corsa (14,706 units)

Opel CorsaThe fifth generation of the Opel Corsa is available with a body of three and five doors. Rival models like the Hyundai i20, the aforementioned Renault Clio or the Peugeot 208, stands out in four essential points: it is more sophisticated, offers greater precision in driving, elevates comfort and its mechanics are more efficient. The catalog of engines includes a powerful alternative of gasoline, the OPC, which develops no less than 207 HP.

Avramopoulos: in Spain there is no migration crisis, there is a “manageable”pressure

Avramopoulos: in Spain there is no migration crisis, there is a “manageable” pressure

Brussels, Aug 4 (EFE) .- The European Commissioner for Immigration, Dimitris Avramopoulos, said in an interview with Efe that Spain is not going through a migration crisis at this time and that the pressure the country faces due to the increase in arrivals from Morocco It is “manageable”.

“It is up to the Government of Spain to find a way to better control the situation, because for the moment the situation is manageable, we are not in a crisis in Spain right now, it is pressure, yes, and we have to be better prepared for the future,” said Avramopulos, who met this Friday in Madrid with members of the Executive of Pedro Sánchez.

The European Immigration official insisted that Spain “is not alone” in this task and will have the “practical, financial and political” support of the Commission, a message that it conveyed to the vice president, Carmen Calvo; to the Foreign Minister, Josep Borrell; to the Interior, Fernando Grande-Marlaska, and the Employment, Magdalena Valerio, in their meetings.

Asked if the situation could evolve into a crisis, Avramopoulos said that the goal is precisely to “prevent” this from happening and that Spain become a nucleus where immigrants are stranded indefinitely waiting for their asylum claims to be resolved.

“I think the situation has to be put under control in general, everyone who arrives on the European coasts must be immediately registered, identified and divided, something that has already been done with great success in Italy and Greece in the last two years, “he said.

“Right now the pressure is on Spain,” added the Greek commissioner, who was “sure” that the Government of Pedro Sanchez “is taking this reality into account” and will adopt the measures “he believes necessary” to guarantee this process.

On the possibility that Spain install for this one of the “controlled centers” agreed by the leaders of the European Union (EU) in June, in which it would be distributed quickly to immigrants among those entitled to asylum and those who must be returned, Avramopoulos said that Spanish legislation does not allow its construction.

Now, he said, the Spanish government “can find other alternatives” based on experience in other Mediterranean countries.

For the Commissioner, who on Friday announced the granting of three million euros in emergency assistance to support the Civil Guard, Spain has not taken too long to ask for help to Brussels, as it reacted in view of the “huge” increase in arrivals in the last two months, in which more than 14,000 arrivals have been registered.

The country “has shown an exemplary European spirit” in the face of immigration, said Avramopoulos, who praised the June reception of the Aquarius ship with 630 migrants on board, which Italy prevented from landing, but stressed that situations such as this can not be allowed. in “permanent”.

To this end, he said, one of the things agreed between Spain and Brussels is to work together in strengthening relations with countries of origin and transit of immigration, for which they even plan to combine their dialogue missions with the countries of the Sahel, Tunisia and, especially, Morocco.

“It is clear that we need to increase our support to Morocco: not only more, but faster,” said the commissioner, who acknowledged that the Trust Fund for Africa “does not have enough” for the EU’s objectives and requires that the countries contribute more funds.

In addition to “a lot of money,” he said, Morocco needs technology, equipment and infrastructure to monitor an especially long border.

Avramopoulos acknowledged that the EU faces the “problem” that some member states “are totally reluctant” to participate in the common migration policy, especially the quota system for the distribution of refugees, and insisted that the Dublin system should be reformed. Currently, it is “obsolete, dead” after the 2015 crisis.

“Europe will need it in the future” because “we do not know what lies ahead,” said the commissioner, who warned that today “geopolitical volatility” means that “the instability centers go from the border of Tunisia to Ukraine” and the rise of populisms on account of immigration.

“The simplistic populist narratives about immigration today could be a very dark and heavy cloud for the future of Europe and should be avoided at all costs,” he warned.

Guillermo Valcárcel: “In Spain greed drags us”

Guillermo Valcárcel: “In Spain greed drags us”

Survive to tell it. Guillermo Valcárcel knows as few the world of brick: He spent ten years between works, first in the private company and, finally, as inspector of urbanism of the City of Madrid. They were the happy years of the pitch , of “Spain is doing well” or “We are going to beat Germany”. The technical architect – now a publicity director – jumped out of the ship in 2008, disgusted by so much stress, but had plenty of time to witness the urban blunders, the enormous power of the promoters over the town halls, the rampant corruption … He collects everything in The wave that swept Spain (ed. RBA), a book in which he alternates the historical review of how the collapse of the main sector of the Spanish economy with personal experiences and anecdotes was reached. Bittersweet memories of a world “on the verge of disappearing”.

In the book explains that the real business of the construction industry was not so much the houses as the ground.

Yes, during the brick boom the houses doubled their price, but the land increased fivefold. Soils are divided into two types, to simplify it a lot: rural land and urban land, which is where we build houses. The difference between the price of one and another is multiplied by a thousand. In the book I give an example of how with an investment of 100,000 euros you can get up to 90 million. There is nothing in the world that can match that benefit. The business consisted in making us a rural land that we knew was going to become urban. In theory, that an Urban Plan passes through one of your lands is somewhat casual, as if you had touched the lottery. But in reality it’s the other way around, you cause me to go to the place where you have land. The great movement of briefcases and money occurred here. In fact, the larger promoters made homes simply by advertising. I have been with promoters who have assured me that they were in construction because they had to face it, but that was not really their business. On the ground is where the municipalities took their spurious benefit, not in the licenses, which is the easiest to detect. Possibly, this is where most of the corruption was, which has not been detected because there is no way to locate these movements.

You affirm that influence peddling in the management of Urban Planning of the town halls has been generalized.

Without a doubt. If we look at provincial capitals, towns … We will see that there has always been a promoter or construction company that has grown explosively at the same time as the city was developing. Do not tie many ends. Companies that started with 10 million budget and at five years had 10 billion. Wow! I’ve seen it in Guadalajara, Valladolid, Burgos … If a promoter wanted to buy a plot to start building, the town hall told them to talk to the promoter who owned that area. The provincial capitals were fiefs in which the town councils were captives. You arrived in Guadalajara and Rayet and Arcesa were the promoters, owners and ladies. If you wanted to build, you bought the plot from them.

When talking about provoking refers to putting briefcases on the table?

Of course, I can not think of another way. When a city council creates an Urban Plan, it has an asset that will move hundreds of millions of euros. It can happen that he executes it without being pressured, without anyone thinking: “If I’m going to get 100 million profit, why do not I give this guy a million?” But let’s not be innocent. Theoretically cities grow where technicians say, but generally a city has so much space around it that in the end there will always be a subjective element. The amount of money that moves is very beast, and is left in the hands of the weakest link in the state, the municipalities.

You get to compare the valuation of a land with the speculation in stock market.

If I have land on which houses are going to be built in ten years and I calculate that then its value will be X, I can multiply the value of the land. As happened in the crack of 29 and as it has happened now, everything that is done in anticipation of the future is calculated as something linear, without taking into account that unforeseen events may occur. In the end everything becomes pure speculation.

The brick boom has left many people on the road. But who are the true beneficiaries of this disaster? Are there names and surnames?

The first is banking, which flooded the market with credit. When one buys a land, it assumes a risk, but the bank never loses because it does not acquire the land, it gives you the credit for you to do it, and whatever happens you have to return it. The example is clear: The savings banks that did get into debt with the construction fell, the big banks that were only lending money there they are. To know who was covered it would be enough to know who the owners of the land were of all the urban plans that were started. The construction companies that set up their promoters to sell large plots of land are still in the same position as in 2007 in the ranking of major construction companies in the world this year. FCC, ACS, Dragados, Acciona, Ferrovial … In 2007 both they and the banks sold their promoters at the maximum value. Who bought them? The promoters of always, that thought that they were going to be lined, but to the six months they were not worth anything.

Is not that a scam?

No, it’s playing. The problem is that you play with perspectives to ten years, and you can go right or wrong. They thought that the value of housing was always going to rise.

But if they all casually sold in 2007 … Maybe they had information that others did not have.

Clear. There is the play. The bank and the big construction companies came out clapping and continue giving them, delighted to have met. What did they know? We will never know. What did they do to the promotoras? Without a doubt. All those who bought real estate in 2007 are now looking in the trash.

The book, apart from being informative, also seems a tribute to all those construction workers who today must be having a hard time.

It is a complete tribute to what I lived for ten years. During that time I met some of those people who moved land, which for me is not the real world, and I met a real world that is also the rural Spain, our grandparents, which is still maintained in the world of building. A very hard Spain to which he was not used, very hard in many aspects but very vital in others. Actually the book started there, for remembering that world and those people so strange and so funny that is about to disappear.

Why did you leave the construction?

For personal reasons My vocation was the cinema, and while I was working I started to study it at night. Between 2006 and 2007 all of us who worked in the sector had gone through a time of great stress, we were exhausted. People lost kilos, divorced … I decided that I had seen everything I had to see. But we did not see the blow that was approaching.

Did not they see it?

We all knew that a crisis was coming. But everything was so inflated that we thought the crisis would be good because it was going to clean the sector. No one ever imagined that activity in construction would fall by 90%.

Do you think we have learned the lesson or will we return to an economic model based on construction?

We have not learned anything, and the best example is Eurovegas. But it is not only the model of construction, it is that of easy money. If the bank arrives tomorrow and says it gives you credit to buy stamps because it is where the future is, all of Spain would be filled with stamps until it burst! That is the problem: we sold ourselves, until the last. We are dragged by greed. You stand for a while but you end up falling, and it’s sad. I would like to think that we learn, but I do not have anything clear. The crisis of 1929 is nailed to what we have now a century later.

There are few alternatives in a country with hardly any industry and where the main companies are still those of construction.

The terrible thing is that industry and agriculture fell at the same time that construction was growing. But in this country it is difficult for people to understand that it is better to invest in sectors of long-term growth but that they provide stability and growth instead of an explosion of bills, a blow. In addition, just as everyone thought that the crisis was going to hit another, everyone wanted to get their pinch. Like the people who sold the apartment before writing it. People think that they did not provoke anything, that they only tried to benefit as others have done before. That is the thought that leads us to everything else.

Social entrepreneurs in Spain have more difficulties to obtain financing than men, according to a study

Social entrepreneurs in Spain have more difficulties to obtain financing than men, according to a study

Social entrepreneurs in Spain have more difficulties in obtaining financing than their male counterparts, according to the report ‘Investment with a gender focus: an opportunity for the ecosystem of the European social enterprise’, which the Institute of Social Innovation of ESADE, in collaboration with the EY ‘Foundation.

The study, for which it has been consulted, among others, a hundred Spanish social entrepreneurs, highlights that 26 percent of social entrepreneurs get to gather all the external financing they seek, compared to 46 percent of entrepreneurs Yes, he does it.

In this regard, he points out that this circumstance occurs because the investor’s support is similar in both profiles during the early stages of the company, but only 20-30 percent of female entrepreneurs reach the acceleration and financing phases, a proportion that increases to 70-80 percent in the case of male entrepreneurs.

However, in the international area of ​​the report, it is highlighted that the Spanish social investment ecosystem is more gender aware than that of other European countries.

In relation to the causes of these differences in social investment, the researcher of the Institute of Social Innovation of ESADE and co-author of the report, Mar Cordobés, explained that the reasons range from the sectors in which social entrepreneurs usually undertake, that, In his opinion, “they are less valued by investors”, even differences in the attitude of men and women to finance.

Specifically, it has affirmed that the investors “feel less comfortable” than the men at the time of speaking with external investors or of using the financial terminology.

“Social enterprise has the potential to be a very important tool for empowering women and promoting gender equality, but its enormous potential is not being fully utilized, as the ecosystem seems to lack awareness and urgency about problem, and social finance run the risk of reproducing the same gender deficit as traditional finance, “stressed the also researcher of the Institute of Social Innovation of ESADE and co-author of the report, Leonora Buckland.


The average profile of the social entrepreneur in Spain, according to the study of the Institute of Social Innovation of ESADE, is between 40 and 50 years old (42%), is married or lives as a couple (65%), has children or people his position (60%) and has post-university studies (61%).

In addition, their companies are young (less than five years old) and, although the average number of members per company is 3.2 (1.4 are women and 1.8 are men), 22 percent of companies have a single partner and, of these, three out of four have been founded by women.

Regarding gender, entrepreneurs dedicate more hours than entrepreneurs to their companies, but they recognize in a smaller proportion that the social impact is the main objective of their company (51% of men compared to 83% of women) . The professional career and training also varies, since they have more experience in entrepreneurship, although they have more training (32% of women versus 20% of men).

With regard to equality policies within the social enterprise, the report reflects that women entrepreneurs demonstrate a greater degree of commitment to gender equity, an objective to which they give a 4.07 out of 5 in relevance, while men only give it 3.85. The importance that both groups give to the issue is high (62%, women, 52% men), but this circumstance is hardly reflected in concrete measures within the company.

On the other hand, the ESADE report also studies the financing of social entrepreneurship in Europe and if it has an adequate gender equality perspective. For this, it has analyzed the responses of more than forty experts and social investors.

In this sense, it concludes that, at this time, and except in the case of the United Kingdom, financing “is not particularly aware of this issue”. On the one hand, the report indicates that “there is no” a critical mass of social initiatives that have policies of gender equality in their business plan and, on the other, “no investor” conceives them as an important requirement when financing a project.

Precisely, the study reflects that, although this circumstance is key in this sector in particular, most European social investors do not see an urgent need to work in this direction.

Finally, the report points out that investment in a gender approach is a “dynamic form of impact investment” that is growing “rapidly” in the United States, although it has yet to “take root in Europe”.

Spain, the second country in the world with the most external debt

Spain, the second country in the world with the most external debt

Washington, (Europa Press) .- The debt of Spain with the exterior reached in 2013 the 1.4 trillion dollars ( 1.1 trillion euros ), which makes it the second country in the world most indebted to the outside after United States, according to the International Monetary Fund (IMF) in the fourth chapter of the new edition of its report ‘Global Economic Perspectives’.

The negative balance of 1.4 trillion dollars (1.1 trillion euros) of net external assets of Spain is only surpassed by the 5.7 trillion dollars (4.5 trillion euros) of the United States and is quite above the third indebted country, Brazil with 750,000 million dollars.

However, if compared to the proportion that these assets represent of GDP in the case of Spain, the percentage reaches 103.1%, while in the United States equivalent to 34% and in Brazil to 33.4%.

According to the statistics of the Fund, Spain’s foreign debt is much higher than that of 2006, when it was 862,000 million dollars, which was equivalent to 69.7% of GDP.

By contrast, the largest creditors in the world in 2013 were Japan and China with a positive balance of net external assets of 3.06 and 1.69 trillion dollars (2.42 and 1.34 trillion euros), respectively.

Despite this indebtedness, the current account balance of Spain has decreased considerably in recent years, as it closed 2013 with a surplus in contrast to the deficit of 111,000 million dollars in 2006, the second largest in the world.

Less imbalances

On the other hand, the IMF considers that, despite the progress made in reducing current account imbalances, there is still room to reduce the “excessive” current account deficits and surpluses in several advanced and emerging economies.

The institution led by Christine Lagarde emphasizes that global imbalances were reduced by more than one third between 2006 and 2013, which has led to a decrease in the concentration of imbalances and the associated systemic risks.

This has coincided with a reduction in the largest deficits (the United States and the euro area economies subject to tensions) and surpluses (China and Japan). However, he cautions that surpluses in the core countries of Europe have remained important, and current account balances have deteriorated in some emerging markets.

The fund highlights that, to a large extent, the adjustment of the imbalances of flows has been driven by weak demand in deficit economies, which has been accompanied by an increase in unemployment in these countries.

Differences in growth due to a faster recovery of emerging markets and commodity exporters have also helped this adjustment. However, there has been much less recourse to the reorientation of expenditure.

The IMF expects that the reduction of imbalances will be lasting, because a large part of the losses in production are structural, even when in the medium term deficit economies reduce their production gaps. However, it warns that there is a risk that the imbalances will expand again once the economies recover completely.

Risks to the economy

In this context, the Fund notes that, although the current situation points to a decrease in external vulnerabilities in the coming years, some economies remain at risk.

In 2006, current account balances and balances in net external assets of a series of economies approached or exceeded thresholds associated with previous crises. Since then, many of these economies have become less vulnerable, and the most recent projections indicate that external vulnerabilities will continue to decrease in the coming years.

“However, although the systemic risks posed by global imbalances have diminished, there is still room to reduce excessive current account deficits and surpluses in several advanced and emerging economies,” he warns.

In this context, he argues that policy efforts in search of global rebalancing remain “a priority” and believes that a reduction in net external liabilities in debtor economies requires improvements in current account balances and further growth. solid.

“Stronger external demand and greater reorientation of spending would contribute to both roles, and it would be useful to take measures to achieve stronger and more balanced growth in the major economies, including those with surpluses that have room for maneuver to respond through “, adds the fund.