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The stretch that goes from saying to fact



After the financial turmoil that emerged with the bankruptcy of the Silicon Valley bank and continued with the collapse and sale of Credit Suisse, Euribor grew again and approached 4%. Awkward level with two effects. On the one hand, it attacks the income of people who are in debt, who see their purchasing power diminish as they have to allocate a larger proportion of their income to mortgage payments. On the other hand, it pushes back on new home purchases by ruthlessly increasing its financing. Apartment sales declined by 6% in February compared to those recorded in the same month of the previous year. A trend, sure, that will continue in the months since. Housing is a synthesis sector that combines materials, construction, glass, plastics, home appliances, and so on. As long as the development of its sales is a good thermometer of the overall situation. For its part, to improve the impact on income, the government put in place a scheme that was announced with amusement and fireworks and approved by the Cabinet in January, in the form of a ‘Code of Good Banking Practice’. As always, the aid has been generous and general and will reach one million families. You already know that for this government it is more important to announce “what you will do,” which is always a grandiose spectacle, than to “do it,” which usually has a more modest dimension. The same thing is happening this time, and the Bank of Spain, after studying the situation and calibrating the conditions required to receive aid, has reduced the number of potential beneficiaries to a fifth, that is, to only 200,000 families. The reality is even more disappointing and it goes much slower, with only 9,000 families benefiting from it. It is business as usual, the intentions are good and the problem, which is real, will only get worse once the process leading to it, which is the rise in interest rates, is not finished. But the measures were taken hastily and without rigor. Calvino began his tenure with a tank full of artistic confidence and popular respect. Since then, it has been deflated by its immoderate submission to a prime minister who, among his many virtues, does not include artistic consistency.

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