IT SEEMS THAT TOMORROW IS DAY OF WARNINGS IN THE CE.

He wrote this morning that the CE, tomorrow he will get the attention to Germany for their current economic model it seems that this Wednesday will be so day of "rough" I read this afternoon that also passed for the wrong swig of being examined Spain. The difference between one and another is very considerable for Spain it is the third in three years. The European Commission will rush tomorrow a new warning to Spain for its economic imbalances that concentrate, mainly, in questions as the high unemployment level and of public and private debt. That yes, none foresee to advance in the procedure of sanctions, something is something.    

It seems that the community executive will be limited to begin a new revision in depth of the Spanish economy in the mark of the procedure for excessive imbalances. The objective is to verify if the reformations undertaken by Mariano Rajoy Government, as the labor one or that of the pensions, they are enough to correct the detected risks.  

In the previous exam carried out in 2012, Spain overcame the maximum thresholds in 6 of the 11 indicators used by the UE to detect economic risks. After the revision in depth, Brussels ruled in April of this year that Spain presented excessive economic imbalances, but it didn't undertake the procedure of sanction to consider enough the plan of reformations presented by the Government. In the last months, Spain has improved in some indicators as the deficit for bill current, but it continues surpassing the limits in others as the unemployment or the debt level, and this won't finish here because the Commission will publish next Friday its opinion on the budgets of Spain for 2014 and its evaluation on the attacked reformations. 

I don't know that Brussels said neither that Spain will say in this respect, but if you that the imbalances that will be subject of exam to me to understand have worsened, for what I understand that the adopted measures don't work. Spain has more debt, much more, I would say that 40% but referring to the last 4 years and this alone in to the public debt that we know as all it is about to reach 100% of the GDP that is to say we are arriving to the trillion Eurus, while the debt private homes and companies that if he has decreased in more than -20%. 

These results are complementary, so in my opinion they are not good for anything, I see that all that the public debt ascends, is it that the low private debt, and this means that the activity is stopping and not that he is paying debt, for it all that the private activity falls is debt that lowers because there is not expense neither I consummate, in definitive there is not credit in Spain, so for logic the debt falls when not being able to request more and to restructure the existent one as you can. This causes that the deficit of the public treasure is unbalanced as the private activity he falls, the revenues waited by tributes, taxes, and IVA don't enter, for what the government leaves in the obligation to take out debt to the market to obtain the deface of the bud gotten operative deficit. In summary the total debt of Spain is changing denomination and growing. 

And the other fact that will be exam object is that of the unemployment, here the only thing that has been made is to try to camouflage the reality, Spain everything and with traps, it will present a superior unemployment or similar to that of the last exercise, but the reality is not that, that is the faked statistical numbers, where alone they figure those inscribed in the employment offices, but in no way they are the entirety of the unemployed, the figure of all they dance between the 6 and the 7 millions, it is already almost impossible to take a census of them. 

But these traps won't strain in the CE because all are bound, if the private credo falls it is caused by the little internal consumption, the one which in turn, he makes that they don't cover the budgets of revenues, what forces to the state to get in debt more and more, so already can make the traps that want, or you fix the basic thing that is not another thing that the reactivation of the productive economy, or the debt and the unemployment will ascend to unimaginable bench marks.