{"id":801,"date":"2016-08-17T11:40:28","date_gmt":"2016-08-17T09:40:28","guid":{"rendered":"https:\/\/miguelsdp.wordpress.com\/?p=801"},"modified":"2022-10-10T17:37:17","modified_gmt":"2022-10-10T16:37:17","slug":"the-spanish-public-debt-a-new-bubble","status":"publish","type":"post","link":"https:\/\/oxvalue.eu\/blog\/deuda-publica\/the-spanish-public-debt-a-new-bubble\/","title":{"rendered":"The Spanish public debt, a new bubble?"},"content":{"rendered":"

 <\/p>\n

Posted by Miguel S\u00e1nchez de Pedro<\/a> | ago 16, 2016<\/span> | Laissez Faire<\/a> |<\/p>\n

Mr Rajoy with a service term of 4.3 years -his second term is not clinched yet-, is by far the biggest borrower that indebted the country with 135 billion euros per year.<\/p>\n

Spain is different. In 2009 Spain was playing the \u201cChampions League\u201d with the best possible risk rating, Aaa<\/strong> -Moody\u2019s methodology-, rubbing shoulders with Germany, Denmark, France, UK, and the USA.<\/p>\n

While other countries within the same privileged group (Germany, Denmark, and the USA) were able to successfully navigate the crisis and maintain their risk ratings at the top, in the Spanish case, the result was an eight notches downgrading of its sovereign risk, a disappointing Baa2, much closer to the junk level than to the highest note. This leveraging leaves little room for maneuver to finance future deficits.<\/p>\n

With a Debt\/GDP ratio<\/strong> of 140.5% -the higher level in history-, the situation may well cause that new public spending policies financed with more debt could lead to increased interest payable, whose perverse direct effects would be that of a reduction in social spending, and the added uncertainties about debt repayments and burden relief to the next generations.<\/p><\/blockquote>\n

Understanding the meaning of sovereign risks ratings and their direct influence on the planning of monetary and fiscal policies, should be a subject of required knowledge by those who assume the highest government responsibilities, be it that of the nation, autonomous regions or municipalities.<\/p>\n

Likewise, understanding that political decisions involving spending or public investments must be financed by appealing to either the taxpayer through taxes, and\/or the financial markets through the issuance of debt, requires the maximum care and diligence in the responsible maintenance of sovereign ratings within their comfort zone i.e. Investment Grade. Outside this area, the appeal to capital markets is almost an impossible and very costly mission. The markets in this globalized world follow their own rules; lending is the lender\u2019s wilful act to those who demonstrate solvency, nothing else.<\/p>\n

Pretending that politics and politicians impose their rules against the lender, is ignoring the \u201cinvisible hand of the markets<\/em><\/a>\u201d, how the markets govern themselves in the allocation of the financial resources they are entrusted to manage. Setting public expenditure policies do not automatically confer the right to borrowing from, neither the obligation to lending by, financial markets.<\/p>\n

It is then the sovereign\u2019s duty to adhere to a sound management of the public finances by expending less and more wisely.<\/p><\/blockquote>\n

\n

\u201cThere are but two ways of paying debt: Increase of industry in raising income, increase of thrift in laying out.\u201d<\/em><\/p>\n

Thomas Carlyle<\/h5>\n<\/blockquote>\n

 <\/p>\n

Read the complete report\u00a0 The Spanish public debt, a new bubble?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  Posted by Miguel S\u00e1nchez de Pedro | ago 16, 2016 | Laissez Faire | Mr Rajoy with a service … More<\/a><\/p>\n","protected":false},"author":1,"featured_media":807,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[21,11,29,33],"tags":[],"class_list":{"0":"post-801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-deuda-publica","8":"category-economia","9":"category-public-finances","10":"category-sovereign-debt","11":"","13":"fallback-thumbnail"},"yoast_head":"\nThe Spanish public debt, a new bubble? 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The case for Spain","author":"admin","date":"10 enero 2017","format":false,"excerpt":"We live now more and in better conditions. In the last 20 years, the life expectancy of Spanish men has increased 5.6 years, that is, up to 80.1 years. And women are adding 4 years, up to 85.6 years. Longevity is increasing, particularly in developed countries, and it is estimated\u2026","rel":"","context":"En \u00abCircular Economy\u00bb","block_context":{"text":"Circular Economy","link":"https:\/\/oxvalue.eu\/blog\/category\/circular-economy\/"},"img":{"alt_text":"retirement","src":"https:\/\/i0.wp.com\/oxvalue.eu\/blog\/wp-content\/uploads\/2016\/12\/retirement.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1163,"url":"https:\/\/oxvalue.eu\/blog\/pensiones\/infographics-the-spanish-public-pension-system-2007-2017\/","url_meta":{"origin":801,"position":3},"title":"Infographics the Spanish Public Pension System","author":"admin","date":"22 febrero 2018","format":false,"excerpt":"An infographic overview of the Spanish Public Pension System performance from 2007 to 2017 and the likely evolution of the country's population from 2018 to 2060.","rel":"","context":"En \u00abCitizenship\u00bb","block_context":{"text":"Citizenship","link":"https:\/\/oxvalue.eu\/blog\/category\/citizenship\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/oxvalue.eu\/blog\/wp-content\/uploads\/2018\/02\/hucharota1.png?fit=596%2C262&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/oxvalue.eu\/blog\/wp-content\/uploads\/2018\/02\/hucharota1.png?fit=596%2C262&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/oxvalue.eu\/blog\/wp-content\/uploads\/2018\/02\/hucharota1.png?fit=596%2C262&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":50,"url":"https:\/\/oxvalue.eu\/blog\/deuda-publica\/building-and-preserving-trust-on-the-credit-function\/","url_meta":{"origin":801,"position":4},"title":"Building and preserving trust on the credit function","author":"admin","date":"28 agosto 2015","format":false,"excerpt":"For much of the debate about the Euro crisis and proposals on how to get out of it, I hardly find from any renowned economist any reference about how money and the financial markets work, not least about how banks operate as intermediaries in channeling savings resources to borrowers. At\u2026","rel":"","context":"En \u00abDEUDA P\u00daBLICA\u00bb","block_context":{"text":"DEUDA P\u00daBLICA","link":"https:\/\/oxvalue.eu\/blog\/category\/deuda-publica\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":744,"url":"https:\/\/oxvalue.eu\/blog\/deuda-soberana\/deuda-publica-espanola-la-nueva-burbuja-2\/","url_meta":{"origin":801,"position":5},"title":"Deuda p\u00fablica espa\u00f1ola, \u00bfla nueva burbuja?","author":"admin","date":"17 agosto 2016","format":false,"excerpt":"De los \u00faltimos 4 presidentes de gobierno comparados en este an\u00e1lisis, Rajoy con 4,3 a\u00f1os en el cargo \u2013su segundo per\u00edodo a\u00fan por decidir- es de lejos quien m\u00e1s endeud\u00f3 al pa\u00eds por a\u00f1o de servicio con 135 billones de Euro. 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