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Alfonso Guerra

In Spain 23rd November 2023

A crazy day: “Where has it been seen that laws are written by criminals? That already invalidates the amnesty,” explains former PSOE Nº 2 Alfonso Guerra

Yesterday, Spain had breakfast with a first council of ministers in which the president, Pedro Sánchez, wrote to his 22 ministers to ask them to “honour their word” – which, said by someone who has done everything he said he was not going to do (“getting into bed” with Podemos, agreeing with Bildu, pardoning the Procés prisoners, granting amnesty to Puigdemot and company…) may seem like a bad joke in…

Market chart

In Spain 23rd November 2023

Market consensuses almost never get it right

Julio López (Attitude Gestión SGIIC)| Wittgenstein, the Austrian philosopher who took British nationality in 1939, was once in a train station talking to a friend. Suddenly, the train started to pull away and Wittgenstein ran after it, managing to get on. Behind him stood his friend on the platform. -Don’t worry, madam,” said a station attendant, “there’s another train leaving in ten minutes. -“You don’t understand. He had come to…

comisioneuropeaTC

In Spain 22nd November 2023

Brussels warns Sánchez of “very difficult” deficit and debt situation and calls for “credible strategy” for adjustment

Brussels has been giving the new government of Pedro Sánchez economic homework to do from the first day of his mandate. Ursula von der Leyen’s Commission warned on Tuesday that Spain’s fiscal situation is “very difficult” due to high deficit and debt levels and called for “a credible medium-term fiscal strategy”. In the absence of new adjustments, the EU executive could open a sanctioning procedure against Spain for excessive deficit…

Gobierno 1

In Spain 21st November 2023

A renewed government that needs to land: “by their deeds you will know them”

Fernando González Urbaneja | Pedro Sánchez’s new government follows the model of the previous one: on the one hand a coalition government with five portfolios from the minority group and 17 under the discipline of the president, including four described as independents, although very close to the PSOE and Sánchez. The 22 members of the cabinet belong to six parties (PSOE, PSC, Sumar, Comunes, Izquierda Unida and Más País). But…

Spain ratings

In Spain, Relevant News Item 21st November 2023

Fitch confirms Spain’s rating at ‘A-‘, outlook Stable while Moody’s warns of “negative impact” of political deals

Bankinter| Fitch confirmed Spain’s rating last Friday, based on the diversification of the economy and institutions, backed by eurozone membership. The Stable outlook is based on the expectation that the new government will continue to implement policies in line with the Recovery and Resilience Plan. Despite this, it also cautions that “increasing political polarisation” and reliance on separatist support “could pose challenges”. The outlook for GDP growth of +2.3% in…

Gobierno 1

In Spain 20th November 2023

New government: not a day’s respite

Fernando González Urbaneja| Pedro Sánchez will announce his new government today, that of the 15th Legislature, which will not enjoy a single day of respite, harassed by his adversaries in the opposition and the coalition that supports him. So far, there have been five and a half years of Sánchez’s presidency over four legislatures: the 12th, which began with Rajoy’s presidency derailed by the first successful motion of censure in…

repsolrenovables

In Spain 19th November 2023

Repsol sells 49% stake in renewable assets of Ebro project to Pontegadea for €363 million

Bankinter| Repsol (REP) has sold a 49% stake in renewable assets of the Ebro project, 618MW, to Pontegadea for €363 million. This represents a valuation of the entire portfolio €740 million. It comprises twelve wind farms in Huesca, Zaragoza, Teruel, Valladolid, Albacete and Cádiz. Assessment: Positive news because it strengthens alliances with Pontegadea, with whom it has already closed three operations in renewables (49% of the Delta project for €245…

utilities

In Spain 18th November 2023

Endesa, Acciona Energía and Iberdrola to be most affected by new government, with impact on EPS due to tax on windfall profits

Morgan Stanley | Pedro Sanchez won an absolute majority in the congressional investiture vote, which should allow him to continue as Prime Minister for the next four years. However, the Spanish government will be an eight-party coalition, similar to the previous coalition government, which will include PSOE and Sumar, along with regionalist parties ERC, Junts, PNV, Bildu, BNG and CC. Analyst Rob Pulleyn expects the confirmation of the new Spanish…

sanchez

In Spain 17th November 2023

Sánchez proposes social agenda in health, housing and education; implementing it depends on autonomous communities, where PSOE is weak

Aurelio Medel / Cinco Días | All the cards have been dealt to play the 15th legislature of Spanish democracy, which should last until 2027, something that today seems a chimera. Pedro Sánchez and Yolanda Díaz, leaders of the PSOE and Sumar, will be the key figures in the next government thanks to the support of all the Basque and Catalan nationalist and pro-independence parties. To achieve this, they have…

Roig Boluda

In Spain 17th November 2023

Sánchez’s government pact “leads to a destructive and divisive drift” summarises president of Valencian entrepreneurs

The president of the Asociación Valenciana de Empresarios (Valencian Association of Entrepreneurs), Vicente Boluda, has expressed his “concern” about the pacts that Sánchez has agreed to continue in the Moncloa and has denounced that the Government pact of Pedro Sánchez “leads to a destructive and divisive drift”. According to him, the government is leading citizens to confrontation and struggle between employers and workers, between some regions and others… And he has…