One hundred days before local and regional elections in Spain and the anti-SYRIZA campaign can level up, reaching the most abject manipulations.
To justify to the Spanish voters the incomprehensible hardness against Greece the government is not scrimping of manipulations, nonsense and lies, in order to influence the Spaniards not only against SYRIZA, but also against all Greeks and their supporters in Spain (Podemos and other “radicals”)
Foreign Minister, García Margallo, said that
“Had Spain not given €32.744 billion to Greece, it could have increased the unemployment benefits by 50 percent or increase pensions by 38 percent.”
In an interview on Spanish TV, FM Margallo
stressed that “we must defend the interests of Spanish taxpayers before this loan, because Spain has been more supportive than anyone with Greece, contributing with more than 10% ,when we corresponded a share of 8%,” with some Spanish bloggers wondering where Margallo got this 8% from.
In principle, it seems that the numbers and figures mentioned by the Government differentiate form each other depending on who speaks.
The economy minister Luis de Guindos had talked of €26billion.
Depending on who makes the statement, the Greeks owe each Spaniard €300 or €600 or even more. Regardless of the exact number Spain contributed to Greek bailout, Margallo’s billions is a lie anyway.
The bailouts to Greece have been implemented through funds based in Luxembourg. These funds issued debt to turn repay Greek debt. Therefore, Spain has not put €26billion billion but has been limited to endorse that amount. If we consider this nuance we have a first big difference.
In the first Greek bailout through bilateral loans, Spain paid directly €6.6 billion. And this is the real Greek debt to Spain. The second Greek bailout was through the European Financial Stability Fund. With this mechanism states do not directly disburse the amount, limited to endorse emissions EFSF debt.
Spain is basically guarantor of Greece and it has not taken the loan money to Greece from the pockets of the low pensioners and the poor jobless.
To say it simple: if you’re guarantor to someone’s loan to the bank 1) the borrower does not owe you 2) you will only be called to pay to the bank if the borrower will be unable to pay back the loan.
Rajoy’s People’s Party could build its argument based on the truth that “Spain has a risk of €26 billion.
The lie about the Spanish loan to Greece is becoming central to the People’s Party. Deputy Secretary of Studies and Programs of PP, Gonzalez Pons, said the same nonsense in a press conference.
“What is worst is that Spain lent to Greece €26 billion, while 26 million people in Spain could have benefited from this money.
I don´t advocate that we don’ t pay. I support the return. We still need this money.”
Fact is that Spain never gave all this money to Greece, it only runs the risk of being a guarantor. And these loans shall be returned in a period of 15-30 years anyway…
Even the Spanish Finance Minister Guindos, has said that “Spain will ensure no loss of the €26 billion it has given to Greece”. However, when PM Samaras was still in power, the same Guindos used to say: “We have an exposure to the Greek debt.” He never said that the money was borrowed.
The Greek reality has become a key of the Spanish political discourse. Before the rise of Podemos, Foreign Minister Margallo
was advocating to remove the Greek debt.
In general, there has been much indignation in networks about all these false statements. Today Television Network reminded that only €6.5 billion went from Spaniards’ pockets directly to Greece.
Rajoy, PP & corruption scandals
The irony is that the party with several public corruption charges worth billions of euro* appeals to the elderly and the jobless and tries to establish them a “victim of the Greeks.”
Airports, without airplanes, looting of municipalities funds, the Formula-1 circuit, the rescue of Spanish banks, the housing bubble, highway companies rescued by taxpayers’ money, looted money for the education of jobless, millions of euros spent by state banks’ managers for “hostess clubs”, cars, computers, etc. The list of corruption and funding exploitation is long, is endless…
(*) Corruption in Spain: Brought by the European Union:
I suppose Rajoy should also subtract the Greek loan to Spanish bailout as Greece’s contribution to European Stability Mechanism was almost €20 billion.