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sábado, 25 de agosto de 2012

No more public money to unrecoverable banks


The European Union is forcing the Spanish government not to allocate more public funds to unrecoverable banks with public budgets, while thousands of Spanish people stay hungry because state budget cuts.
SOURCE EL ECONOMISTA

Spanish government does not want to hear about liquidating financial institutions, but has been forced to explicitly include this possibility in the Royal Decree of the reform that last for Brussels requirement for banks unviable.
However, De Guindos has finally acceded to pressure from Brussels, and the text includes the settlement with the sole exclusion of systemic entities, to safeguard Bankia.


But each time there are more voices that indicate that not only no systemic banks, in a globalized economy as the Spanish, but the government's refusal to close banks with losses, and inject public money at the expense of the welfare of one citizens just trying to hide the bad gestios and criminal liability of political managers of savings banks.
  This is the case of European Commissioners, including Joaquin Almunia, Competition Commissioner, Berguer Michel, European Commissioner of Internal Market or Francisco Viyuela, director of Independent Advisor.

Viyuela says it's cheaper to let drop a bank than inject money public money, because there are investors in those entities that can take those losses.

Viyuela says there are no systemic banks in Spain, "because there is a lot of money from investors and not having to come to depositors."
According Viyuela "Politicians want to avoid at all costs that have been recognized in public the have manged very badly savings banks" because this could lead to criminal and serious legal consequences for their respective parties.



Against let drop banks are the main Spanish political parties and trade unions, all involved in the management of the social savings companyes, also called "cajas de ahorro". To take an example, Cajasol.
¿How was elected the board of Cajasol, the main source of the PSOE, main left party, financiation?. They were appointed a representative of the Junta de Andalucia, another of the city of Seville, and the largest municipalities in the area, one of the Provincial Diputation and other unions representing. The same has happened with other savings similar entities in all the country.

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