The PSOE manages to liquidate its bank debt and take away the Ferraz headquarters after his return to power

For

that of the Christian Democrat

, who was seven times the Christian Democrat Prime Minister of Italy, and ended up titled one of his books with his most famous phrase: "Power wears out, but it is better not to lose it."

This political truth can be seen in the accounts of

.

The PSOE is now in a position to settle, for the first time, the bank debt contracted at the federal level by the Executive and to recover full ownership of its headquarters in Ferraz, which was mortgaged in loans from the past to shore up the accounts.

This is confirmed to this newspaper by sources from the PSOE management eight years after the party haunted the accounting disaster.

when, after an electoral debacle, it had to ask the bank for an additional syndicated loan of up to 16 million to finance an ERE and its own operation.

Have there been controversial credit write-offs as in

in power?

Signs of Filesa as in the era of

?

Does the Secretary of Organization,

take advantage of

, who is coincidentally also Minister of Transport and Mobility to obtain donations from construction companies as in other times?

In the PSOE they describe the situation in a much simpler and non-criminal way: "an improvement in income and prudent management."

A first milestone is to de-mortgage the Ferraz headquarters.

"The loan is already paid and the only thing left to do is to deed the lifting of the mortgage", confirm the mentioned sources of the management led by

.

In addition, they assure that this month, the party's central bank debt will be reduced to just 4.8 million, which, with the 2020 surplus and pending electoral subsidies, can be liquidated shortly.

The Ministry of the Interior led by

owes the PSOE more than 7 million electoral subsidies pending the 2019 elections.

After these operations there will still be bank debt of the territories, about 15 million, but no longer from the central organization, which, given the resistance of the banks to lending to parties, prefers to finance itself with other formulas such as the green microcredits that it has launched by paying 3% APR.

Attention, because with this reorganization the PSOE is placed in a competitive situation to dispute future elections in contrast to the delicate financial situation in which the PP has been.

In addition, it will lose its current financial dependence on Banco Santander, BBVA and CaixaBank, which make up the bulk of that key syndicated loan and which matures in 2025 with an annual interest rate above 3%.

The plan is to liquidate it shortly, although these banks require a commission for prepayment of the loan.

Sánchez wants to appear before the next PSOE Congress in 2021 erasing at least the party's federal debt, which started very badly.

In 2015 and 2016, the debt reached more than 70 million, of which more than 40 of the Federal Executive.

Not reaching power and the claw then of Podemos took their toll.

But the panorama began to change in 2018. After winning the motion of censure, there was a first effect of improvement through the contributions of public officials.

The famous revolutionary tax by which militants who occupy relevant positions in ministries, communities, town halls or public companies donate part of their salary to the party and what was only five million per year for this concept in 2015 in all administrations passed to around eight million.

The militancy also began to pay dues more seriously.

In addition, the year of so many elections won has led to a strong increase in subsidies for current spending by the federal PSOE, which has gone from 29.8 million in 2018 to 34.3 million last year.

The elections have also meant an injection of 52 million, according to official party data.

And there has not only been income.

After the lesson of the catastrophe of the 2011 elections and the waste of Amy Martin, friends and family in the defunct Fundación Ideas, the successive managers

and Mariano Moreno, have tried to budget the electoral campaigns below the legal ceiling, sell real estate and competitive bidding for suppliers.

The PSOE maintains another headquarters for sale, that of Gobelas, which it does still have mortgaged, but it no longer sees cobwebs in its coffers.

How important it would be for Sánchez to do the same with those of the State, but the opposite happens and worse and worse.

The ephemeris

Again 'bad bank'

Seven years after the creation in Spain of the so-called bad bank Sareb to free financial institutions of their worst brick at a good price in an instrument endorsed by taxpayers, the idea returns, but on a larger scale.

The president of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, has relaunched in an article in the Financial Times his old proposal to create a bad European bank, because he fears that this pandemic will generate doubtful loans worth 1.4 billion euros.

That is to say, above the trillion that the 121 main banks of the Eurozone generated in the previous financial crisis.

The specter of a new problem in the financial sector is spreading and surprises Spanish banks that are healthier than then, but still at the bottom in capitalization.

That is why the merger of CaixaBank and Bankia is so defensive and there will be more.

Character

Still with good contacts

The still president of Aigües de Catalunya under investigation for money laundering and other crimes in support of the procés, David Madí, maintains good contacts, despite the fact that his loss of influence has paralleled that of his former boss Artur Mas.

According to the investigation, he helped Carles Puigdemont, who had him in his circle to dream of "setting up new banks or buying the Caja de Ingenieros."

At the same time, Madí continues to be connected to the financial elite through, among others, his billionaire uncle, the former director of Telefónica, Carles Colomer.

This, a good friend of Isidro Fainé, has provided Madí with "valuable information" for the purchase of Agbar, coinciding with the desire of the head of the Caixa to remove it from the Suez group, according to conversations recorded by the police.

Madí was an advisor to Endesa or Telefónica in the times of Mas's power and, at the very least, entangles, although the judge believes that more than entangle.

To follow

"Capitalist reset"

The la Caixa Foundation and Reale Seguros sponsor a new extraordinary chair at the Complutense University called Competitive Social Transformation.

It is about promoting "initiatives that combine business with social reality" and will be led by none other than Begoña Gómez, the wife of the Prime Minister, according to the sponsors in a very striking decision.

In an act on Friday, the new director Gómez pointed out that "this chair arises as a demand from society, so that the work of companies is not only a maximization of the income accounts, but that they seek to increase the welfare state" .

It is about promoting the emergence of "transformative leaders" and "thinking of new models that allow capitalism to be reset", because companies "are more attractive" if they connect with society.

So says the statement.

According to the criteria of The Trust Project

Know more

• PSOE

• Telephone

• We can

• Pedro Sanchez

• Italy

• Artur Mas

• Carles puigdemont

• Jose Luis Ábalos

• Spain

• Felipe Gonzalez

ContraOpaThe financial mousetrap: Investors believe that banks are not worth half of what they say on their books

Fresh Money The Government, more optimistic than the 20 main studies services

Fresh moneyEscrivá will launch a public employment pension superfund for millions of workers

See links of interest

• Last News

• Programming

• English translator

• Work calendar

• Movies TV

• Topics

• Celta de Vigo - Real Sociedad

• Real Zaragoza - Mallorca

• Manchester United - Arsenal

• Napoli - Sassuolo

• Rome - Fiorentina