PPCC. PIsitófilos Creditófagos. Otoño 2020

[Derby]

https://www.eleconomista.es/economia/noticias/10800039/09/20/El-grafico-que-revela-el-impacto-real-del-colapso-del-turismo-en-Espana-respecto-a-otros-paises.html

El gráfico que revela el impacto real del colapso del turismo en España respecto a otros países

*El turismo se había convertido en la 'exportación' más importante para España
*La sequía de turistas extranjeros puede tener un impacto del 5% del PIB
*En países como Italia o Francia, el turismo juega un papel muy inferior



(...) El peso del turismo en el PIB español supera el 12%, no obstante ahí se recoge incluso tanto al turista nacional como al extranjero.

[Derby]

https://www.forbes.com/sites/danielcassady/2020/10/01/some-manhattan-landlords-offer-new-tenants-free-rent-through-2020-amid-glut-of-empty-apartments/#3344a90161b1

Some Manhattan Landlords Offer New Tenants Free Rent Through 2020 Amid Glut Of Empty Apartments

Manhattan renters have gained the upper hand over landlords, who are desperately trying to lure tenants with financial incentives amid an unusually high vacancy rate caused by an exodus of New York City residents during the coronavirus pandemic.

KEY FACTS

Manhattan’s vacancy rate topped 5% for the first time in over a decade this August, according to CNN, with 24% fewer leases signed than in 2019.

In order to fill the massive amount of empty apartments, many landlords have been publicly offering huge incentives to new renters, including up to three months of rent free, Bloomberg reported.

“Tenants are filling out four to five applications at the same time and negotiating one offer against the other,” Gary Malin, chief operating officer of brokerage Corcoran Group, which represents landlords, told Bloomberg.

Nancy Wu, an economist at StreetEasy, told the New York Times the shakeup in the New York City’s rental market will continue “as long as Covid lasts,” adding “the biggest impacts on the economy are yet to come.”

BIG NUMBER

15,025. That's how many empty apartments there were in Manhattan in August according to a report from Miller Samuel Inc. Real Estate Consultants, a 14-year high.

KEY BACKGROUND

New York City was arguably ground-zero when the coronavirus landed in the U.S. earlier this year. The outbreak devastated the city’s economy, and state-wide protection measures closed down a slew of businesses, bringing the city’s unemployment rate up to 16%, double the national average. With many people working from home, and restaurants and cultural institutions slow to reopen, a large number of would-be renters have decided to pack up and move back in with their parents, or to the suburbs and rural areas where they can get more space for their dollar.

[Derby]

https://www.europarl.europa.eu/news/en/headlines/priorities/eu-s-long-term-budget/20200924STO87818/sassoli-on-budget-negotiations-parliament-is-not-obstructing-anything

Sassoli on budget negotiations: Parliament is not obstructing anything

David Sassoli told EU leaders Parliament is not obstructing anything in the budget negotiations, but is protecting the interests of European citizens.

The President of the European Parliament spoke at the start of a special EU summit on 1-2 October. In his speech, he stressed the need for a Europe that meets the expectations of Europeans.

“We are starting out on a path to creating a different, more responsive, more inclusive and fairer Europe, one which delivers tangible benefits to our citizens. It is incumbent on us to stay the course and not waver,” President Sassoli told EU leaders.

He mentioned the need for actively working to restore the single market in the wake of the coronavirus crisis, rebuilding the economy and creating jobs, as well as addressing social and economic inequalities and meeting the needs of those who have suffered most.

As one of the causes of widening inequality, he mentioned lack of internet access: “In the world which is now taking shape, access to the internet should be seen as a new human right,” he said. “The challenge the EU faces is to be a pioneer and to lead by example in the democratisation of the digital world.”

He also called out EU leaders for “unacceptable delays in decision-making” when it comes to migration. He described the Commission’s pact on migration and asylum presented on 23 September as “a step forward” and stressed that Parliament is open to negotiations with the Council and German presidency on the matter.

On the ongoing long-term budget negotiations, the President stated the need for proposals on the table, because “for the moment, the proposals under discussion are those put forward by Parliament”.

“I want to be very clear, because some aspersions being cast are entirely unacceptable: Parliament is not obstructing anything. Our demands are in the interests of European citizens. The delays are due to a lack of counter-proposals from the Council,” he said. 

He called on the German presidency to make constructive proposals on three main issues: guaranteeing the funding of strategic programmes, ensuring that the cost of the recovery plan is met by new EU revenue sources, and not by citizens, and incorporating an effective conditionality mechanism linked to respect for the rule of law.

President Sassoli expressed support for those in Belarus fighting for democracy and called for immediate sanctions from the EU against perpetrators of electoral fraud, violence and repression.

Commenting on tensions in the Eastern Mediterranean, Parliament’s President said: “We are unwavering in our resolve to show solidarity with Greece and Cyprus”. He called for dialogue with Turkey that can lead to a lasting settlement of the conflict.

Mr Sassoli underlined the need for a quick start of a Conference on the Future of Europe in Strasbourg. “Our citizens deserve an EU which has the courage of its convictions and is ideally placed to tackle the challenges ahead, and which does not rely solely on outdated methods,” he concluded.

[Derby]

https://www.economist.com/leaders/2020/10/03/booming-house-prices-spell-more-trouble-for-the-social-contract

The house party returns

Booming house prices spell more trouble for the social contract

Low interest rates and changing preferences explain housing’s strength during the pandemic

Stockmarkets have not had a good September, but their strength for the year as a whole remains a source of wonderment. Less noticed has been the equally remarkable buoyancy of another asset class: housing. Many rich countries are seeing house prices surge even as their rate of infections is rising for a second time. In the second quarter, although economies were under lockdown, house prices rose in eight out of ten high- and middle-income countries. According to unofficial series—which are timelier though less accurate than government data—America’s house prices are up 5% on a year ago. Germany’s are 11% higher. Britain’s hit an all-time high, in nominal terms, in August. The boom shares some causes with the strength of stockmarkets, but reveals more about the pandemic’s effect on economies. It is also more consequential.

Like stocks, house prices are being supported by loose monetary policy. In the past year the rate at which Americans can obtain 30-year fixed-rate mortgages has fallen by roughly a quarter, to about 2.9%. As well as making monthly mortgage payments more affordable, low rates make houses more attractive, because they depress the returns on alternative safe investments. Other economic policies are also helping. Mass government support for household incomes, as well as mortgage-repayment holidays, have saved jobless workers from having to sell their homes, as they otherwise might. Britain has temporarily suspended stamp duty, a tax on buying houses.

The house-price boom is not just a result of policy, however. Structural forces are at work, too (see article). Job losses this year have been concentrated among low-paid service-sector workers, who are more likely to rent than buy. Professionals who have carried on working from home but cut back on their spending have accumulated cash to splash—and, with time spent at home rising, what better moment to buy a bigger pad? The unequal effects of the pandemic have allowed prices to surge even as banks have curtailed their riskiest loans. In America the share of lending going to the most creditworthy borrowers has been growing. In Britain the boom seems to be being driven by a bidding war among existing homeowners, rather than by first-time buyers who, because they are younger, are more exposed to the economic downturn.



Housing is a bigger asset class than equities and its ownership is more dispersed. Booming stockmarkets lead to grumbles about the growing riches of billionaires. Pricey houses make life tangibly harder for swathes of would-be homebuyers who struggle to raise the minimum down-payment necessary to get a mortgage and join the club that can benefit from low rates. The problem is most acute in countries that see home ownership as a rite of passage. In such places high prices drive young people towards leftist populists and threaten the social contract. It is reasonable to hope that the trend towards working from home will help ease the housing shortages around the most vibrant cities, which have been most economically damaging. Yet so far this is not apparent in prices.

Perhaps the boom will cool as government support for the economy falls. However, the effect of the pandemic on long-term interest rates is unlikely to change; nor is the desire for roomier homes. Higher house prices could turn out to be an enduring legacy of covid-19. If so, in the 2020s they will deepen the intergenerational tensions that were already emerging in  the 2010s. The fact that the economic costs of fighting the disease are mostly being borne by the young mostly to protect the lives of the elderly makes the problem knottier still.

In the 2010s politicians failed to get to grips with high house prices. They often responded to them by further subsidising home-buying. They should indeed cut stamp duty, which distorts the market, as much as possible. But it is futile to fight long-term price rises caused by low rates and shifts in households’ preferences. Rather, governments should cease to indulge national obsessions with owning property.

That means creating a well-regulated rental sector which offers security of tenancy, removing subsidies for owner-occupation and easing planning restrictions to the point where housing no longer looks like a magic money tree accessible only to those fortunate enough to start out with pots of cash. Taxes on property values—and ideally on land values—should also rise. Such levies are an efficient way of plugging budget shortfalls. They would also recoup some of the windfall gains that lucky homeowners have enjoyed.

To the extent that robust house-price growth represents confidence in the prospects for an economic recovery, it is welcome. But in no other context would the contrast between asset prices and the present condition of labour markets cause as much discomfort for those who are missing the party. ■

[Saturio]

Los 'señores del ladrillo' copan la lista de morosos 12 años después del crack inmobiliario

https://www.vozpopuli.com/economia-y-finanzas/morosos-inmobiliario-ladrillo_0_1396661734.html
El estallido de la burbuja inmobiliaria en España, entre 2007 y 2008, fue de tal tamaño que 12 años después grandes compañías que entonces lideraban el sector siguen a día de hoy debiendo cientos de millones de euros a Hacienda

Los empresarios que a principios de este siglo brillaron en el sector inmobiliario español, y que, a partir de 2007, protagonizaron y asistieron al estallido de la burbuja inmobiliaria, los conocidos como 'los señores del ladrillo', son en la actualidad los españoles que más deben a Hacienda.

Rafael Santamaría, expresidente de Reyal Urbis; Francisco Hernando (El Pocero, fallecido este año); la familia Nozaleda, al frente de Nozar; la familia Romero González, del Grupo Prasa; la familia Sanahuja... fueron algunos de esos 'señores del ladrillo' que hoy copan la lista de los mayores morosos de Hacienda, que fue hecha pública este miércoles.
Reyal Urbis, la inmobiliaria que generó la segunda mayor quiebra ocurrida en la historia empresarial española, con cerca de 4.500 millones de euros de deuda, lidera el ranking de las empresas del sector que más deben, 343 millones de euros.

Lista de morosos de Hacienda 2020
https://elpais.com/especiales/2020/lista-morosos-hacienda/?kk

Se ve que parte de los beneficios que declaraban venian de no pagar a hacienda. 

Se me ha ocurrido pasar la lista a una excel, y me encuentro con que 3.930 empresas deben al fiscco 14.550.353.216,69 euros. Estas son las que deben más de 20 millones de euros:

(¿Que hacen los inspectores de hacienda que no son capaces de recaudar ese dinero?)

A28238988   REYAL URBIS SA   343.530.794,21
A84173947   GRUPO ISOLUX CORSAN SA   329.646.112,30
B74156423   RECUPERACIONES E INVERSIONES DEL OCCIDENTE SL   308.236.499,00
A28707032   NOZAR SA   215.111.374,70
A29403052   AIFOS ARQUITECTURA Y PROMOC INMOBILIARIAS SA   98.974.493,27
A14027635   GRUPO PRA SA   97.707.929,22
B28627743   SERVICIOS ESQUERDO SL   97.364.670,65
A78210473   CCF 21 NEGOCIOS INMOBILIARIOS SA   92.804.700,34
B14644884   GRUPO INVERSOR ARENAL 2000 SL   92.061.582,98
882084286   OBRAS NUEVAS DE EDIFICACION 2000 SL   86.379.904,27
G47337118   ORGANIZACION IMPULSORA DE DISCAPACITADOS (O I D)   86.190.068,61
B82211285   BITANGO PROMOCIONES SL   79.624.264,20
B14452874   ARENAL 2001   71.926.019,78
B14439988   ARENAL 2000 SL   64.934.688,58
B84361591   NATICA CLASSIC SL   60.023.349,62
A85720357   GRUPO ISOLUX CORSAN CONCESIONES SA   54.042.238,11
B31727720   ANCA CORPORATE SL   50.472.528,05
B43716216   PROSERVICE TGNA, SL   49.420.444,49
A11053063   PROMAGASA   43.686.014,36
B53410221   RESIDENCIAL MIRA LLEVANT SL   41.879.913,20
B09348434   GRUPO PANTERSA SL   40.565.819,78
B81024820   AYURADES SL   40.533.377,29
A47017157   DISEÑOS URBANOS SA   40.051.535,18
A82487455   ACCESOS DE MADRID, CONCESIONARIA ESPAÑOLA SA   38.513.763,04
B29622503   PROMOTORES Y CONSULTORES ZIUR SL   37.715.758,61
828115178   NORIEGASL   37.108.859,75
A13358668   VIVIENDA Y BIENESTAR SA   36.839.183,11
A78236569   MONTUMO SA   36.401.502,27
A78626272   PROMOCIONES GUADALQUIVIR SA   36.123.232,98
Y3023620P   DA SILVA SANTOS JUNIOR NEYMAR   34.624.268,60
A81262404   OMBUDS COMPAÑIA DE SEGURIDAD SA   34.463.441,56
B46298998   PYQ VENT DEL MARESME SL   34.408.862,94
A24000960   HULLERA VASCO LEONESA SA   34.261.011,07
A64746811   CORE INVESTMENTS SA   33.295.003,28
A29181005   SUN FARM SA   32.041.876,52
B28198729   RIVOIRE Y CARRET ESPAÑOLA SL   31.928.151,85
B57302002   DRACPLUS SL   31.913.662,23
B92222421   EVE MARINA SL   30.884.123,94
A12455804   BELQUEBA SA   30.663.580,32
B96295068   PRODAEMI SL   30.554.030,62
A41002312   ABENCOR SUMINISTROS SA   29.494.759,11
B08544967   CAMPAMAR SL   29.436.162,16
A78793197   URBESPAIN SA   28.640.848,59
A78605425   PROMOCIONES INMOBILIARIAS DEL PISUERGA SA   28.581.039,90
A79853453   ENYPESA SA   28.579.316,83
A60785888   COPERFIL OBRAS Y SERVICIOS SA   28.455.822,64
B04159836   PREDIOS DEL SURESTE SL   27.334.125,59
A80163587   MARTINSA-FADESA SA   27.010.568,04
A83949297   GLOBALMET SA   27.000.637,94
B82377540   VALLE DEL DUERO SL   26.565.508,90
899025413   NYESA VIVIENDAS ZARAGOZA SL   26.213.198,33
B29815487   FINK 2010, SL   26.144.380,28
B63694236   MOLS PRODUCTES BADALONA SL   25.649.481,48
B74110461   CONSTRUCCIONES LOGISTICAS Y AMBIENTALES DEL NORTE SL   25.150.264,35
A29017274   EUROPA CENTER SA   25.114.626,45
891670307   BANZAGRA HABITAT SL   24.878.974,21
B87560025   SONOIL OPERADORA SL   24.877.240,45
B14024517   COMPAÑIA MERIDIONAL DE INVERSIONES SL   24.059.443,74
B73139594   POLARIS WORLD DEVELOPMENT SL   23.450.449,89
A78517158   LABARO GRUPO INMOBILIARIO SA   23.397.132,96
B92310606   HOTELES MANILVA SL   23.383.842,36
B45356292   EXPANSION Y DESARROLLO CONTINENTEX SL   23.364.478,37
A78471752   DESARROLLO DE ACTIVOS INMOBILIARIOS SA   22.618.025,27
A82335746   SEGUR IBERICA SA   22.564.601,20
B32260820   COMPAÑIA GALLEGA DE LICORES SL   22.114.969,65
A82193327   TERSICIA SA   22.053.618,20
B15702285   ACERIAS AS PONTES SL   21.550.974,88
A14682314   HIVERNIA SA   21.529.769,16
A78035987   DESGUACES LA TORRE SA   21.395.432,32
B90234311   VENTA DE CARBURANTES DEL SUR   21.215.746,11
B81760910   SELEY INFORMATICA SL   20.959.266,59
A84405356   DESARROLLOS URBANISTICOS RIBARROJA S.A   20.929.354,33
A41016262   CONSTRUCCIONES AZAGRA SA   20.623.847,56
B85580538   1-TEK INVERSIONES Y SISTEMAS SL   20.266.720,87
A78552627   INMOBILIARIA CHAMARTIN SA   20.008.136,12


No estaria mal que los de hacienda añadieran a la lista a que actividad está registrada cada empresa; nos facilitaría el trabajo (creo recordar que el Grupo Isolux, que está de los primeros de la lista, tambien quebró por meterse a jugar con promociones inmobiliarias)

Por último indicar que estos primeros 75 de la lista, ellos solitos ya deben 3.960.875.476,86, de las cuales, una parte significativa son empresas relacionadas con la vivienda.               

La respuesta corta es que ese dinero no está y es incobrable. La primera de la lista Reyal Urbis está en liquidación. Así que no hay ninguna conspiración para que permanezcan morosos. Y así todas.

Siguiendo con Reyal Urbis, en el momento de su entrada en liquidación (verano de 2017) y tras cuatro años en concurso debía más de 3.500 millones.
En 2017 todavía contaba con una serie de hoteles e inmuebles en alquiler, igual hacienda se queda con algo de la liquidación de eso (Posiblemente ya estarían puestos como garantía de deudas, incluso con Seguridad Social y la propia Hacienda).

[Derby]

https://www.elconfidencial.com/mundo/2020-10-02/trump-anuncia-que-se-pone-en-cuarentena-tras-el-positivo-de-una-asesora-cercana_2772016/

El presidente de EEUU, Donald Trump, y su mujer, Melania, positivo en coronavirus

https://cincodias.elpais.com/cincodias/2020/10/02/mercados/1601615617_276940.html

Los futuros de Wall Street bajan más de un 1,5% y arrastran a los europeos tras conocerse el contagio de Trump

[Derby]

https://www.elconfidencial.com/espana/madrid/2020-10-01/alquiler-madrid-jovenes_2771659/

Los jóvenes madrileños deben destinar un 105% del sueldo para pagar un alquiler medio

Entre los 30 y los 34 años aumenta el número de personas jóvenes que se trasladan a vivir fuera de la comunidad

Los jóvenes madrileños deberían destinar el 105% de su sueldo para cubrir el alquiler medio en la región, de 1.176 euros; lo que incide en que solo un 20,5% de ellos se haya emancipado.

[Maloserá]

https://www.elconfidencial.com/mundo/2020-10-02/trump-anuncia-que-se-pone-en-cuarentena-tras-el-positivo-de-una-asesora-cercana_2772016/

El presidente de EEUU, Donald Trump, y su mujer, Melania, positivo en coronavirus

Es tan HDLGP que no se que pensar, si lo simula para recuperarse rapido y darselas de superfuerte frente a 'sleepy Biden'. Por otro lado, hay algo de justicia poética: Trump, Bolsonaro, Johnson. Los tres pillaron el bicho. Y a Johnson le dió duro.

[elarquitecto]

https://www.eldiario.es/madrid/presidente-asamblea-madrid-encerrar-diputados-oposicion-pleno-falta-quorum-no-frustrase-ley-suelo-pp-ciudadanos_1_6262512.html

me sorprende que no salga apenas en prensa (igual es pronto) pero lo de suprimir las licencias urbanísticas (y además con cacicada de por medio) ha sido una maniobra "cayetana" de primer nivel

ya puedes vender tu garaje como loft, total, no precisas de ninguna licencia para ello!!!

puedes ampliar tu casa, modificar tu fachada, hacer lo que te salga del rabo, que no precisas licencia... para cuando te llegue la reclamación (si llega) de qué te van a sancionar?? de no tener licencia??

enhorabuena para los que viven en madrid, es la jungla urbanística!

[Mad Men]

https://www.eleconomista.es/economia/noticias/10803457/10/20/PSOE-y-PP-acuerdan-mantener-en-60-anos-la-jubilacion-de-los-funcionarios.html


PSOE y PP acuerdan mantener en 60 años la jubilación de los funcionarios


PD: El resto a seguir remando.

[Derby]

https://themarketear.com/posts/cQ2CWTCrdk

S&P495 negative for the year

[Derby]

https://themarketear.com/posts/c8wnoW3VBb

Top election issue?
Which one of the following issues is most important to you?

[Derby]

https://themarketear.com/posts/cQCnZJYAos

Small businesses have been destroyed in S.F.
Small businesses in S.F have be obliterated. There is a (the real) world outside of Silicon Valley start-ups.

[Derby]

https://finanz.dk/nord-stream-2-nears-completion-after-clearing-another-hurdle/

Nord Stream 2 Nears Completion After Clearing Another Hurdle

Authored by Tsvetana Paraskova via OilPrice.com,

Denmark cleared on Thursday the final hurdle to Nord Stream 2 potentially starting operations in Danish waters, while the U.S. continues its attempt to stop the Russia-led natural gas pipeline project.

On Thursday, the Danish Energy Agency said it had granted Nord Stream 2 AG, the company behind the project, an operations permit for the Nord Stream 2 pipelines on the Danish continental shelf, on a number of conditions.
 

“Commissioning can only take place when at least one of the pipelines has been tested, verified and when relevant conditions in the construction permit and the operations permit have been met,’’ the Danish agency said.

Meanwhile, U.S. Secretary of State Mike Pompeo said an interview with a German daily last week that the U.S. was building a coalition aimed at preventing the completion of the Nord Stream 2 pipeline that will substantially increase the flow of Russian gas into Europe.

“From the US point of view, Nord Stream 2 endangers Europe because it makes it dependent on Russian gas and endangers Ukraine – which in my opinion worries many Germans,” Pompeo told German daily Bild.

Germany, the endpoint of Nord Stream 2, has been looking at the economic benefits of the project, while the United States, including President Donald Trump, has been threatening sanctions on the project and even on Germany over its support for the project.

The United States, several European countries including the Baltic states and Poland, as well as the European Union (EU), have expressed concern about Russia using gas sales and its gas monopoly Gazprom as a political tool.

The United States views Nord Stream 2 as further undermining Europe’s energy security by giving Gazprom another pipeline to ship its natural gas to European markets.

In July, the United States warned companies helping Russia to complete Nord Stream 2 that they should ‘get out now’ or face consequences, as the Trump administration steps up efforts to stop the construction of the controversial Russia-led pipeline in Europe.

In recent weeks, German Chancellor Angela Merkel has come under pressure from some of her coalition partners to drop the German support for Nord Stream 2 after the poisoning of Russian opposition leader and Putin critic, Alexey Navalny.

Via Zerohedge

[Derby]

https://cincodias.elpais.com/cincodias/2020/10/01/mercados/1601548919_257511.html

El Tesoro mantiene su previsión de emisiones pese al deterioro económico

Confía en que los fondos del SURE eviten un alza de las colocaciones. Renuncia a la emisión sindicada que se esperaba tras el verano



(...)Pero ese agravamiento en las perspectivas económicas no supondría un aumento sobre el endeudamiento neto ya previsto para el año. “El Tesoro está tranquilo. Hicieron una previsión muy prudente y confían en contar este año con los recursos del SURE”, señalan fuentes de mercado próximas al organismo. En su planificación de las necesidades de financiación del año el Tesoro ya incluyó 15.000 millones de euros del fondo europeo de ayuda al desempleo que, de no obtener este ejercicio, se cubrirían en cualquier caso recurriendo al mercado.

Este fondo ha asignado a España 21.300 millones de euros, que se recibirán entre el último trimestre de este año y el primero de 2021. “El Tesoro español tiene un colchón importante con el SURE pero si no hay una primera emisión antes del 20 de octubre, tendrá que recurrir a una emisión sindicada o a subastas ordinarias de más volumen”, señala uno de los creadores de mercado de la institución. Esa primera emisión de deuda que realizará la Comisión Europea para financiar el programa SURE debe aún superar trámites burocráticos para su lanzamiento, si bien una vez realizada, el ingreso es directo para los países receptores.

El Tesoro ha renunciado a realizar una nueva emisión sindicada en septiembre. “Nos ha sorprendido, ha habido un par de ventanas que no ha aprovechado”, añaden desde un banco de inversión, donde también advierten de la dificultad que supone realizar una colocación sindicada cerca de finales de año y demasiado próxima por tanto a la que suele ser habitual en enero.

“El Tesoro público prevé unas emisiones de deuda consistentes con unas previsiones de déficit de en torno al 12% del PIB. Se ve que están siendo prudentes”, dice María Jesús Fernández, economista senior de Funcas, que no prevé un endeudamiento neto más allá de los 130.000 millones ya anunciados. “130.000 millones de emisión neta ya es mucho, no creo que se ajuste al alza”, añade José Manuel Amor, experto de AFI. En BBVA Research sí prevén en cambio un aumento de la necesidad de financiación entre 25.000 y 30.000 millones sobre lo previsto. Y el incremento de la emisión de deuda dependerá de si España puede disponer o no este año de los fondos del SURE.

(...)Sostenibilidad.
”Si no se corrige el déficit estructural, la deuda española entrará en una senda de insostenibilidad. Es imprescindible que, antes del fin de las compras masivas de deuda del BCE, España presente un plan convincente de reducción del déficit estructural”, añaden en Funcas.