Citrusy View: “Spanish Stock Market Says Goodbye to June as Worst Month of the Year: 3.34% Fall”

This is not the Mariana Chasm, the Kuril Trench, or the Tonga Chasm, we are facing a social security hole. We’ve been saying this here for a long time. Various analysts and experts point to this. Today the Accounts Chamber says neither more nor less that social security deficitapproaching 90,000 million and asks Congress, the Senate and the government to take action. Miguel Angel García, Rey Juan Carlos professor and FEDEA researcher, notes that social contributions finance only 70% of pension costs.

The fact is that, despite the fact that the government has allocated $7 billion to the pension fund, the state system, according to the Accounting Chamber, has been in deficit for six years.

The Ministry of Finance published the traditional list of defaulters of the Ministry of Finance. And there are new components. Also stands out is the appearance of Joan Gaspar, former president of Barcelona, ​​Francisco Roig, who was president of Valencia. Another player to whom the Treasury gives a red card is former referee Henriques Negreira. And Paz Vega has a leading role, and Patricia Conde leaves the list. Other classics on the list with three years of experience are Mario Conde or José Luis Moreno. In general, they are something more than 6,000 major defaulters owing 15 billion. Most of them are companies, many of which are in the construction industry, such as Reyal Urbis, and others are well known, such as Abengoa. Many of them are in bankruptcy.

Another list that worries us is the shopping list, prices, inflation. In June, preliminary data The preliminary consumer price index shows a two-tenths decline and leaves interannual inflation at 3.4%.. This is despite the fact that electricity bills have risen in price and fuel has become cheaper; it went up in price last year. Food products have also become more expensive, although less expensive than last year. Juan Carlos Higueras, a professor at EAE Business School, recalls that prices usually rise in the summer.

It is also interesting to note the decrease Euribor, which closed the month at 3.65%.which would mean a slight decline in variable mortgages.

Business news piles up at the end of the month. First, 70% of Idealista was bought by British manager Civnven for €2.9 billion. It is the largest acquisition of an online company in Spain, as was the case with the real estate portal founded by the Encinars. In addition, Criteria already controls 10% of Telefonica. Under Neel, it stumbled. The company’s shares fell 15% after announcing worse-than-expected results. The Spanish stock market also fell. Says goodbye to June as the worst month of the year with a decline of 3.34%.. He still earns 8% per year.