Calls to Minister De Guindos to Marbella The bank warns that lowering sal...
will trigger mortgage delinquencies and put them on the brink of a second bailout The leaders of the big banks are concerned about the IMF's proposal, also supported by the European Commission, to reduce salaries by 10% in Spain. They have warned the Government that if Spaniards lose purchasing power they will once again put the financial system on the ropes by skyrocketing mortgage defaults. Evo Banco is sold in August. The Government and the Bank of Spain seek to deliver a coup in the middle of summer to demonstrate to Brussels that the banking restructuring is continuing The Bank of Spain will also be monitored. The Government includes it in the Transparency Law and will have to present its accounts annuallyThe International Monetary Fund (IMF) last week advised a 10% salary reduction in Spain in the next two years, combined with a cut in social contributions and followed by an increase in VAT on reduced products rather than on general products.
which would allow the country to improve its GDP by 5% and reduce the unemployment rate between six and seven percentage points. Following the IMF recipe , the European Commissioner for Economic Affairs, Oli Rehn, also recommended to Spain, hours later, a social pact between unions and employers to accelerate the benefits of the labor reform and achieve more salary flexibility, with a model that contemplates lower salaries up to 10% in two years. In exchangeMiddle East Mobile Number Listfor the salary reduction , employers would have to commit to “significant” increases in hiring, while the Government would contribute to this dynamic by allowing a reduction in Social Security contributions of around 1.7%, according to the idea. of the IMF. Rise in mortgage delinquencies Well then. As El Confidencial Digital has learned from financial sources familiar with the contacts, these messages from the IMF and the European Commission have intensely mobilized the banking leadership in the middle of August and have 'caught' Luis de Guindos resting for a few days in Marbella ( Malaga).
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But that has not prevented the Minister of Economy from being able to find out the reaction of some economic and business sectors on the proposal, for example from bankers. And the message that has been sent to De Guindos from the bank is clear: lowering salaries by 10% will trigger mortgage delinquencies . They argue that the problem is that families are very in debt : if one earns 1,000, and their salary is reduced by 10% - but the mortgage does not go down -, they will have problems meeting all their commitments at the end of the month. And one of those defaults may begin to be, cutting salaries, mortgages and bank loans again . Doubts about banking and second bailout The banking sources to which ECD has had access explain that in a scenario in which non- payments to financial entities increased , doubts would return to the Spanish financial sector. This circumstance could also cause a new 'hole' in banking , which would once again put Spain on the verge of a second bank bailout .
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