The second vice-president of the Government, Pablo Iglesias , wrote on March 30 a tweet in which he said: "All the wealth of the country in its different forms and whatever its ownership is subordinated to the general interest." The text refers to article 128 of the Spanish Constitution, however, the networks did not need much more to catch fire and many people interpreted those words as an alert of a possible playpen before the economic impact of the coronavirus in Spain .
A financial corralito is a temporary restriction imposed by a government that prevents citizens from freely disposing of their money in order to prevent them from withdrawing their savings at the same time and causing the financial system to collapse.
Following Pablo Iglesias' message, the hashtag "corralito" became a trending topic within minutes, and many users accused the government of planning to carry out this action. It should be clarified before continuing that at no time has the Executive spoken of a similar or similar scenario and that the banks operate normally and without incident.
"A playpen would mean entering an almost apocalyptic and highly improbable scenario. Not only would it put the Spanish financial system in check, but due to the size of our banks, it would elevate the problem to a European and, therefore, systemic scale. Something that does not Europe can afford now, "says Vicente Varó, director of content for the financial portal Finect.
The agitation for the vice president's tweet has been such that the video of Varó explaining what a corralito is does not stop accumulating visits.
When in doubt, many wonder if the savings of the Spanish are in danger in the bank. The answer is no, they are not in danger . Are our savings safe in the bank? Yes.
Spanish entities have not only passed all the stress tests carried out by European institutions, but they are subject to continuous supervision by the Bank of Spain, the ECB and the corresponding regulators.
But in addition to the strength of the system, the money that the Spanish keep in current accounts and deposits is protected by the Credit Institutions Deposit Guarantee Fund, which, as its name suggests, guarantees an amount of 100,000 euros for each owner , regardless of the number and type of deposits you have in the entity.
Therefore, only in case of having an amount greater than that in a single account could it be partially unprotected. The safest alternative would be to place the amount that exceeds those 100,000 euros between accounts of various entities or in the name of various holders.
Varó recommends, in addition to not having more than 100,000 euros in accounts or deposits of a single entity, "diversify with investment funds, which are not within the balance sheet of the banks and, therefore, would not be affected in the event of bankruptcy".
From Asufin , the Association of Financial Users, assure that they have not received queries from any user for this reason and try to put the message of the vice president of Social Rights and the 2030 Agenda in context. "Churches refers to article 128 of the Constitution and what Quote literally, it does not contribute anything new and there is nothing to fear because in the Constitution itself, in article 33 , the right to private property is stated, "says Patricia Suárez , president of the organization.
"In a scenario like the one we are experiencing, situations can occasionally arise in which private goods are used for the general interest. Thus, we have learned that the only hotels open are those that have given up their space to be used as hospitals or for the Rest of essential personnel. Likewise, private hospitals are integrated into public health while the state of alarm lasts. Therefore, it is not a threat to society, but the use of public and private resources in an exceptional situation " , Add.
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