If Irene Montero or Iñigo Errejón were ministers they would not have supported - in theory - accompany Pedro Sánchez to his meeting on Tuesday behind closed doors with about twenty leaders of Wall Street. They are investors capable of sinking Spain into the markets with a click and the socialist leader put on a silk glove. He claimed that he had not yielded ministries with economic power to Podemos, limited any possible labor reform to what the social agents agree - including CEOE - and assured that his tax policy will not reach levels that harm business development.

Sanchez showed at the meeting, according to attendees consulted, a profile of moderate and pro-business social democrat. It is not the first time he has done it and he is right in dealing with it - and in English - meetings with so many billions of dollars at stake. The problem for Sanchez and the country's own credibility is his tendency to say the rallies and apply otherwise to the BOE.

In New York, he took a very different direction from the 370 points offered to Podemos and made an effort in the hall to make it clear that if he manages to govern after the new elections, he will not do anything that could scare off investors, according to consulted attendees. Among them was nothing less than Kenneth Caplan , the world real estate chief of the Blackstone fund whom Pablo Iglesias and Errejón consider "the worst vulture fund" in Spain.

His exposure exceeds 20,000 million and Caplan asked Sánchez if, at least in his sector, he intended to preserve legal certainty. His senior advisor in Spain, Claudio Boada, has already complained of "discriminatory overregulation" and may worsen for their interests depending on the orientation of the new government that we can press to tighten rent control.

Government sources confirm that Sánchez guaranteed "legal certainty" as the basis of his economic policy. Moreover, it was unmarked from the measures of the PP Government with the renewable energy companies that had denounced Spain to the international arbitration court and assured that he will not act retroactively and will try to reach agreements. He listened attentively, among others, Mathew Kabaker and Alberto Sánchez of the powerful Centerbridge fund with strong interests in the Spanish energy sector. The aforementioned government sources say that Sánchez highlighted at the meeting the opportunity offered by 10-N for "stability" and that in his economic policy the reforms will be "the result of social dialogue" and the fight against the deficit compatible with combating inequality . On taxes, Sanchez stressed that the State should improve its income for a more inclusive social policy, but said that its fiscal policy will be "business-friendly" taking care not to scare off investment . “The atmosphere was calm, because the risks that seemed to exist when he assumed the presidency have not materialized. It has been very moderate ”, summarizes an assistant. "It has been a meeting with a president to use," says another.

Sanchez himself bet that there will be no fifth elections - less badly - and pointed out how unacceptable it was to yield to Podemos ministries such as the Ministry of Finance and Labor. Regarding the repeal of the labor reform, Sanchez said only at the meeting that he did not intend to take away flexibility, but rather to promote a new and modern statute for workers who are both employers and unions to which he is willing.

Before assistants like Raymond J. McGuire, head of investment banking at Citi or Joshua Empson of the Providence fund, he said that the Spanish financial sector has improved its efficiency and capitalization, but that there would be mergers and that it will take time to privatize Bankia. He did not hurry.

Miguel Echenique , from Altamar, and the president of the American Chamber of Commerce in Spain, Jaime Malet , also attended . "It is important that the president of the Spanish Government, whatever the sign is, meet behind closed doors with investors in New York and explain his economic policy," he said at the exit. Alex Soros , son of the tycoon George Soros, to which the hard Hungarian Prime Minister Viktor Orban points out as a great European destabilizer of the moment with his influence on the left, took many notes

On Catalonia, Sanchez gave contentism to independence and saw only external risks such as Brexit and the commercial war. He said that, given the slowdown, the Spanish economy "will definitely resist." Resistance, your personal motto.

THE EFEMÉRIDE / THE COW TO MILK

In the nonsense of Brexit is the mystery of what Winston Churchill would have voted. His grandson Nicholas Soames, conservative deputy expelled by Boris Johnson, says he would have voted to remain in the EU. What Churchill made clear in his last considered great political speech of just 60 years ago today is his defense of an environment that favors companies to pull the economy, contrary to the effect of Brexit on Thomas Cook. In the biography of Churchill that has just been published in Spain, Andrew Roberts, highlights this phrase of that speech at his 84 years: «Among our socialist rivals there is great confusion. Some of them see private enterprise as a tiger to be shot down. Others see it as a cow to be milked. Only a few see it as it really is: the strong and willful horse that pulls the car ».

THE CHARACTER / OR ALSTOM OR ETA

The former socialist minister, Jean Pierre Chévenement, paid tribute on Thursday to the late Jacques Chirac recalling how much he did for the French industrial giant Alstom. Ask Talgo, whose future was in danger due to Chirac's negotiating toughness with José María Aznar. The neogaullista came to insinuate to the leader of the PP in the winter of 2001 that the anti-terrorism cooperation against ETA could improve, if he awarded a contract of 750 million euros to manufacture AVE trains to Alstom to the detriment of Siemens and Talgo. The leader of the PP feared for the emblematic Spanish company and Renfe awarded the so-called "contract of the century" to the German group in distribution with Talgo. It was the uncomplicated negotiating style of the French president, who continued to cooperate against ETA. Macron will honor him this week and is a key figure in European construction.

TO FOLLOW / ANA BOOTY AND THE GOVERNOR

Striking contrast between the defense made by the governor of the Bank of Spain, Pablo Hernández de Cos, of the measures of the European Central Bank - which he has helped launch in the group of pigeons against hawks - with the attack made by the president of the Santander Bank, Ana Botín. The governor defended in New York how the ECB "mitigates" the effect of its stimuli for banking. He himself fought to remunerate the reserves more favorably to the banks in the south than in the north. However, Botín shows disappointment with the ECB, because not only does it not work to stimulate the economy, but it also punishes the profitability of banks with a Euribor that perpetuates itself in negative territory. Another discrepancy may be the evaluation of whether Javier Monzón - accused in Punic - can continue to preside over Openbank, a subsidiary of Santander.

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  • Spain
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