MOODY'S GOES DOWN THE NOTE TO CATALONIA, BUT IT IS NECESSARY TO READ AMONG YOU LINE

The agency of qualification of risk Moody's has changed the perspective of the debt of the Generalitat of stable to negative, until Ba2 / NP. The change reflects the vision of the agency of the risk that the efforts for the fiscal consolidation of the region have not ended. As well as the political tensions among Catalonia and the Spanish Government that could affect the climate investor negatively in the community. Also a risk according to the one which, if the political tensions are increased, the support of liquidity of the Spanish Government to the Catalan you could be affected. This is the true reason, in the inexplicable explanations the last one is always the true one. 

This is another of the political pseudo actions that Spain is able to make as quickly as possible because since he doesn't find anything illegal in the taking of possession of the president and in the composition of the government of the Generalidat it cannot allow many days to pass without making something negative that mines the one on the way to Catalonia to the independence. In the official statement of Moody’s, it is very undoubtedly the only thing that reduces the qualification of the Catalan debt it is that Moody's knows that Spain drowned economically to Catalonia no matter how much the Spanish law forces to not making it. 

About the efforts for the fiscal consolidation, Moody's says that the new Govern headed by Puigdemont will center the efforts in the independence. These plans, the agency says, they could affect the investment climate negatively in the area and, possibly, the fiscal politics. Also, according to Moody's, although from 2012 the Autonomous Fund of Liquidity (FLA) it guarantees the Catalan finances, it has gone up the convincing lightly that this support could be affected due to the political tensions. It is very clear how they see that what worries to the economic world is not Catalonia but Spain that they know positively that it acted outside of the law  

The plans of Puigdemont to follow the leaf of route sovereignty that foreseen to get the independence of Catalonia in a term of 18 months, the political tensions can increase with the Spanish Government, mainly after this the declaration of rupture of the Parlament was declared unconstitutional for TC. It is clear another time that these notes are dictated by the government in functions of the PP to maintain the restlessness as much as possible in the Catalonia non-separatist, but meanwhile Catalonia continues in head of the economic ratios of Spain in exports, in foreign investments, in installations of international companies the last one that is settling in Barcelona is Amazon  

The own Moody's recognizes that the fact that the Spanish general elections of the 20D have not still been translated in the formation of a government, he makes difficult, to advance which the answer will belong from the Executive to the aspirations of independence of Catalonia, what believes more political uncertainty this declaration is very difficult of believing that it has left the own Moody's because the tone and form in that it is edited give had sat down that at the end the alone PP governed or with parties you tune him because it denotes a sequence characteristic of a government of extreme right unionist's tendency and classic of the PP there won't be negotiation some but rather there will be total war and the elected weapon is the economy. 

Moody's doesn't know the leader of the PSOE, Pedro Sánchez, it fulfilled its commitment and he contacted the president of the Generalitat, Carles Puigdemont, with who approached the Catalan political situation. Sánchez had announced his intention of calling to the president as soon as he took possession of the position and he made it this Friday, although it was not the first one, since previously Puigdemont had talked on the phone with Pablo Iglesias. 

It is the first contacts with state political leaders of the president, the conversation has been cordial and it has lasted about 20 minutes. The president has thanked him the call. Both they have come to an agreement in reestablishing the communication channels and dialogue among the institutions. 

Pedro Sanchez has transferred him that for the socialists it is high-priority to solve the problems that share Catalan and the group of Spain like they are the fight against the unemployment, the inequality and for the regeneration of the institutions. Also, of their determination to approach a federal reformation of the Constitution that solves the Catalan crisis. Also, Sánchez has put in value the paper of the PSC in the Catalan politics and they have been in maintaining the contact. 

The leader of We Can, Pablo Iglesias, he has been the first Spanish leader in contacting the new president, Carles Puigdemont. As the own leader has explained of We Can, the conversation has been prolonged during about 20 minutes and it has been dominated by the cordiality and both have made special stress in the importance there to be dialogue. 

According to Iglesias, he has explained to the president that We Can he doesn't want that Catalonia leaves Spain and that we "bet for a new constitutional fitting that recognizes to Catalonia like nation in a common project that recognizes the multinational of Spain". Also, the leader of we Can he has told him that it is "in favor that in Catalonia there is a legal referendum in the current" juridical mark, although the formation that directs would defend him that Catalonia continued in Spain. 

Iglesias have also pointed out so much to the president of the Generalitat their "concern before the unilateral strategies as the immobile" but they have been in to maintain the contact and to take care of a cordiality and a good tone that benefit as much to Catalonia as to Spain". The Generalitat has confirmed on the other hand that the conversation took place in a "very correct" tone and that both leaders have been summoned to "maintain the dialogue from the discrepancy and the respect." 

It is clear that it is very precipitate the note of Moody's is more it is so precipitate that it is clear that it is a note dictated from Madrid and for the PP because such and like the things go today it is easier than Catalonia and their representatives in the Spanish congress they support to the Spanish left that not to the two parties of the right PP and Citizens that both two don't add in any case most enough to assure the government so maybe friends of Moody's they have thrown and it is that not alone there won't be economic breathlessness for Catalonia, but rather this he/she will be able to help to modernize the structures of government from Spain.