The scandalous gaps in the opinion of the commission of inquiry into the crisis show that there are lessons of the disaster still not learned
Since this weekend is officially dissolved the parliamentary commission of inquiry of the financial crisis in Spain, with the chilling result that the major parties do not assume any huge mistakes of the crisis. A sample is that the PSOE and we Can defend even to these heights of the life of the Plan and dismissed it as the list of mistakes of the crisis in the final report. According to internal documentation that has been available to THE WORLD colored in orange (see replay attached) any reference to the one plan, which meant a veto.
Both parties voted later also against that figure as a “colossal error” in the section of conclusions, but there have not been able to stop it before the votes in favour of Citizens, the author of the proposal to include it, and the PP.
The so-called State Fund for Employment and Local Sustainability (Plan E) created by the Government of Zapatero in November of 2008 was, according to a devastating report by the Court of Accounts, one of the greatest extravagances in the history of Spain. Lost in the midst of a recession 7.836 million in projects awarded, mostly without contest, open public and, what is worse is that “in 70% of the records is not credited to the public need for the investment,” according to the report cited. In case outside little, only 4% of the hired workers continued to be in their business when they lost the mana of the plan.
Andalusia was the community benefiting from the Plan And and it is disturbing that the PSOE and we Can, they can win in the elections today, to maintain a vision prone to this type of disastrous plans.
In the documentation you can see also that the PSOE rejected another paragraph censoring a section of the report of the Bank of Spain describing without adjectives how Shoemaker had to raise VAT and cut public spending after the fiasco of the plan and the deepening of the crisis. As if the ZP final would not have made adjustments.
For its part, we Can spot the reference to the Eurozone crisis was started by “mistrust generated at the end of 2009 around the figures relating to Greek public finances”, a phrase that already accepts you even Alexis Tsipras.
It’s a depressing end to the work of the parliamentary commission and that there were times over 20 months ago they anticipated that there would be a final message regenerator. An example was the hard and successful cross-examination that he made the deputy of the PP, Miguel Ángel Paniagua, his former colleague, Rodrigo Rato. Also Alberto Montero (Can), Francisco de la Torre (Citizens) or Pedro Saura (PSOE) put in a tight spot to attendees of all stripes. But the final opinion, but aims proposed in the good direction as the support to the Banking Union, the strengthening of the inspection of the Bank of Spain or the greater protection to the consumer, contains gaps, outrageous as the aforementioned. It is also cleared by the PSOE and the PP that the politicization of the boxes was a key factor in their debacle. Clear that it was, and so, argue industry veterans as the former president of the patronal of the boxes, Juan Ramón Quintás, in his latest article for the Royal Academy of Economic Sciences; or the former chairman of Caja Madrid, Jaime Terceiro in different discourses. However, for example, the PP rejected expressly provided that “the politicization of the councils and their connection with the Autonomous Communities that contributed to inflate the dynamics of bubble”.
The PSOE has introduced with success the conclusion that the Bank of Spain “has failed miserably to curb the credit bubble”; and the PP, in the stage of Miguel Ángel Fernández Ordóñez, “the non-resolution of the problems of the institutions favored the recession.” But then I did not understand that the PSOE delete at the same time, the proposal to “avoid politicization” of the appointment; or that the PP object to choose by “meritocracy”. Above all, because both parties had been committed in 2016 to the contrary in the agreements of investiture with Cs.
Another sign of resistance to the story is that the PSOE -and even partially the PP – have avoided appearing on the report the famous diagnosis of then minister Luis de Guindos on output to Bag of Bankia in 2011 was a political decision in which “the Government buckled wills and made supervisors look the other way”.
there is Also benevolence-general on the cost of the bank bailout and just references to Time or to Narcís Serra as if they did not exist. For its part, We have tried to veto “plan the process of privatization of Bankia”, because he wants to perpetuate as public banking.
And, meanwhile, the Bank of Spain on Friday announced a “reorganization” of your service of studies devoting dozens of posts in management, 15 divisions and 32 units in a structure that multiplies the which he had before the loss of skills currency in favour of the ECB. Stresses in the dome as a senior advisor and with residence in Brussels, which was the former head of the research department of the Bank of Spain during the last two decades, José Luis Malo de Molina and that, according to the PSOE, “failed miserably systems macroeconomic forecast. No institution foresaw the crisis or double-dip recession(…) all institutions were overly optimistic.” In this step, you repeated mistakes for the next crisis.
what Neguri? No, Trebizond
For the first time in 161 years, the BBVA will have a senior executive not Spanish. It was already big news that, after the merger with Argentaria, began to have new executives that were not part of Neguri (Vizcaya), but now the new ceo of BBVA, Onur Genç is in Trabzon (Turkey). He was signed in 2102 by the bank Garanti and BBVA, already a significant shareholder, gave the nod without having just references to him. Genç was winning the Spanish side of the matrix, which entrusted the administration of BBVACompass in the US two years ago and, now you are going to complement to Carlos Torres in the succession of FG. Santander, which joined the Italian Andrea Orcel chief executive and BBVA affirm as well that the Spanish market is only a part of the business. And What About CaixaBank? Also broke his tradition to designate the madrid -and madrid – Gonzalo Cortázar in 2014.
what 404 million less?
The chairman of Bankia, José Ignacio Goirigolzarri, predicts “impact zero” in the current Bankia by the trial that just started against the dome above. Said so on the 27th to questions of nothing less than a competitor as it is the director general of the la Caixa Foundation, and Jaume Giró, in an original colloquium organized by the admission of Bankia in the think tank of corporate reputation Corporate Excellence. However, the trial starts with a strange report of the expert of the Bank of Spain, Antonio Busquets, which reveals now with Goiri to the front, the entity malvendió in 2014 to Mapfre a stake in Aseval and Laietana Vida by 147 million, it 404 million less! of their real value. “It could lead to some kind of compensation for the eventual loss of Mapfre [earlier] in the OPS Bankia”, it points in the tone speculative Busquets. The bank denies.
What is the path to “pending”?
Nadia Calviño is going to be one of the protagonists tomorrow in an act of anniversary of the euro and is going to act out a good relationship with the european commissioner for Economic Affairs, Pierre Moscovici, in spite of the recent suspense delivered by it to your budget plan. In response, the parliamentary spokesman of Citizens, Francisco de la Torre, Calviño diminish the importance of the French is of the opinion that there is “risk of non-compliance” of the rules of the euro and presents as normal the divergences between the European Commission and Spain. In response, the minister surprises by ensuring that the path smoothed deficit you tried to the Government “is still pending to be ratified by the Courts”, when in reality it was formally rejected last July. And insists on his version that not deceived to Brussels when he said 19 that he had the endorsement of the AIReF to your budget plan. Was not the 25.
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