Luis de Guindos makes progress in Brussels in his negotiation of a 'very s

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Main argument: Spain has made the cuts even before receiving the money The Government has been negotiating with the European authorities for more than a month over the conditions of a 'light' bailout for Spain, a 'very soft bailout'. Luis de Guindos is maneuvering in Brussels to ensure that EU aid does not imply more cuts. And he is convincing that they have already done their homework before receiving the money. As El Confidencial Digital has learned , from Government sources, the Economy Minister's negotiations with the Eurogroup began at the end of June , just after the successful European Council in which Spain and Italy made a move and managed to convince the rest of the partners of a direct recapitalization of banks. These movements by Luis de Guindos in Brussels explain, for example, that the President of the Government, Mariano Rajoy, in his appearance after the last Council of Ministers, already began to implicitly admit the possibility that Spain could come to the aid of the rescue fund.

to ease tensions in the markets. Homework is done According to the sources consulted by ECD, De Guindos is arguing that the Spanish Government is scrupulously following the script set by the European institutions to channel the runaway public deficit . He is even defending that Spain has been doing its homework long before receiving Middle East Mobile Number List  the agreed money, for example, for the bank bailout . It is not the only trick that the Minister of Economy uses. He is also convincing that, with these harsh adjustments , Spain has already implemented the conditions for access to European resources, so he is now pressing for Europe to take the next step. Avoid wear of new cuts The Government sources consulted explain that, in addition to defending that the imposed duties are already being fulfilled , another fundamental objective that De Guindos has in the negotiations with Brussels is to avoid the wear and tear that having to approve more cuts as a result of the use of European rescue funds.



For this reason, the main argument that Spain puts on the table in Brussels is that the EU does not demand conditions beyond the recommendations that the European Commission already imposed on Spain a few weeks ago. Among the most important demands were the increase in VAT and the elimination of the extra Christmas pay for civil servants, announced by Mariano Rajoy himself on July 11 in Congress. There is oxygen until October The initial roadmap that Moncloa has designed is for Spain to let the month of August pass, waiting to close the aid in September if the profitability of the debt in the secondary market remains at unsustainable levels. In August and September, debt maturities are acceptable: 7,544 million euros this month, and 7,847 in September. The problem would arrive in October: 31,762 of principal and interest are due regardless of the new needs .Brussels could demand that a new strong, solid team with great credibility be configured , and with a basic requirement: a single economic vice presidency.