Bankia’s “nationalization” due to Spanish corruption which also Catalans must pay

The only way to avoid being audited and controlled by Spain is a free Catalan state within the European Union

11th  May 2012
Reagrupament Press Office


To Reagrupament the Spanish corruption caused the bankruptcy of Bankia (former CajaMadrid and others) which is a financial conglomeration that beyond doing the usual tasks as a bank society has also become the economic core for Madrid power elites, with PP on the lead, especially to provide high risk credits to Madrid’s City Council  and to Madrid’s autonomous regional government.

So, the “nationalitzation” made by the State is seeking, on one hand, the survival of this financial core –obviously the investment of public funds is mainly a political manoeuvre– and is trying, on the other hand,  to avoid the external intervention of Spain at least for some time. Neat and short: if Bankia falls down Spain will follow.

Bankia, and before it Bancaja and CajaMadrid, have mainly been political rather than financial tools. Just remember that Bankia is Iberia’s main shareholder –the flying company is doing and has done by means of AENA all possible efforts to relegate Barcelona’s airport to a lower position- and besides having had the worst possible management it also stands as the most dangerously risky partner in mortgage business for building developers and has so much contribute to the building inflated bubble.

In order to try and solve the situation, it was a matter of turning it  into  a  systemic  bank.  First, with this aim in mind, BFA Bankia was created and then the “nationalization” –a rescue with public funds– did only take place once the IMF had made a warning call because in this way the government did not give the impression that they were acting against one of the PP main paladins (Rodrigo Rato) at the request of his own party.

All this is just the result of the Spanish economic system which only obeys  ideological centralist criteria, not in the least economic ones, and which is actually using Catalonia as a source of incomes that allow its own sustenance.  We shouldn’t be surprised at all by another completely different treatment given to Catalunya Caixa and Unnim. This is just another token that we belong to a State whose interests do not belong to us because we have been given a very special status in it: the one of a colony.

Indeed, the State representatives who are refusing to pay their debts to Catalonia derived from organic laws (3rd additional disposition in Estatut, competitiveness funds… which already sum up nearly €1 bilion) allow themselves to rescue a toxic bank while other banking entities, Catalan ones such as Unnim and Catalunya Caixa, have not been given an equivalent helping hand as to guarantee their subsistence and are still waiting to be absorbed by some bigger bank societies. Meanwhile the Generalitat (Catalan government) is obediently devoted to implement social cuts of great impact in people’s everyday life instead of defending the interests of all Catalan citizens.

To Reagrupament, in this ultranationalist spiral in which Spain is presently immersed, it has to be warned that the way out to overcome the crisis must be a European one and so the EU internal enlargement –which must include an automatic recognition of new states that allows them to implement the most convenient politics as to activate their own productive economies- could be the only real solution.

The outrageous management of Bankia and other financial institutions is directly in contradiction to the principles of self-sufficiency of political parties which are assumed and sustained by Reagrupament; no political parties should have crediticial relations with banking entities let alone would control them thanks to bank executives who are also  political  representatives of these or those parties.

Translation: JJTN

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