The growth of the economy translated last year into the lowest level of household and business debt in 25 years. And, on the other hand, household financial wealth, resulting from the difference between assets held and debts, reached a record of 2.645 trillion euros, representing 156.8% of GDP, compared to the average of 149.1% since 2022, according to data from the financial accounts of the Spanish economy published by the Bank of Spain.

On July 20, 2010, Iniciativa per Catalunya Verds (ICV) said goodbye to the historic headquarters it had on Ciutat de Barcelona street, next to City Hall, to move to a much larger and more modern one –inside, not outside– a few minutes' walk away. In Rellotge passage, with access from a gate on Escudellers street, the eco-socialists were there until 2019, when, drowning in debt, they had to resort to bankruptcy proceedings to liquidate the party that was the heir to the PSUC. In the midst of the real estate bubble, that new headquarters had cost 7.5 million euros –including a significant renovation–, financed mainly by CaixaBank. Seven years later, that building that ended up condemning the party is for sale on the real estate portal Building Center –CaixaBank's real estate subsidiary– for 1.75 million euros. It is no longer owned by ICV, but by the same financial institution, which has taken possession of it due to the impossibility of selling it during the bankruptcy proceedings.

A few months ago, the global financial sector began to show signs of concern, especially in the United States, due to the collapse of First Brands, Tricolor Holdings, and the credit fraud cases of regional banks Zions Bancorporation and Western Alliance. Credit panic began to set in in the markets, also on the Old Continent, with stock market declines contagious from Wall Street. Just a few days ago, the bankruptcy of the British mortgage broker MFS (Markets Financial Solutions) also splashed several lending entities, including Barclays and Banco Santander, with a millionaire credit exposure.

Donald Trump's threats against European allies, both territorial—a possible annexation of Greenland—and commercial—with more tariffs—have, for the moment, been put on hold after the US president backed down a week ago. Despite this de-escalation, European states anticipate renewed tensions with Washington and are studying measures to counter US attacks on the continent's countries, especially the member states of the European Union. One lever that EU governments and institutions can use is the strong dependence of the US government and US companies on their European partners. In the case of private companies, many US-based multinationals are deeply integrated into European economies through customers, suppliers, and investors who buy their shares and corporate debt. Similarly, a very large portion of US public debt held by foreigners is spread throughout Europe. If investors and governments in EU countries were to suddenly divest themselves of these assets, the global economy could suffer seriously, but especially the US economy.

The Spanish Treasury expects to reach a net debt issuance of €55 billion next year, the same as in the current fiscal year, focused on medium- and long-term bonds, which will account for almost 91% of the total, or €50 billion. This is the strategy of the agency, which reports to the Ministry of Economy headed by Carlos Cuerpo, and which was announced today. In total, gross issuance will be €285.693 billion, 4.18% higher than the figure for the end of 2025. This increase is due to higher debt amortizations (€126.935 billion, compared to €121.524 billion in the current fiscal year). Net issuance, initially projected at €60 billion to allow for flexibility in the event of situations such as the severe weather in Valencia, ultimately reached €55 billion this year. According to official data, "the positive performance of the Spanish economy is reflected both in the markets and in the main credit rating agencies." This is reflected in the risk premium compared to the 10-year German bond, which is the benchmark. The Treasury also highlights the improvement in public finances, with "sustained reductions in public debt and deficit." "The financing strategy is explained by the strong performance of the economy and resources (revenues). The improved rating gives a positive image to the markets. The risk premium compared to Germany has halved in the last two years, and today it is at levels not seen since 2009," highlighted the Minister of Economy, Carlos Núria Rius MontanerIn fact, it maintains the approach of 2025 and states that "it is a prudent but also flexible strategy given the context of international uncertainty." In 2025, virtually the entire program planned by the Treasury was implemented a few weeks before the end of the year.

More than ten years ago, in the midst of the Great Recession, the two main parties in Spain, the PSOE and the PP, agreed to a constitutional reform to accept and comply with the debt reduction demanded by Brussels from the most indebted countries. This led to the creation of a permanent constraint on public spending enshrined in the Spanish Constitution under the name of "budgetary stability," paving the way for Mariano Rajoy's (PP) government to later pass the so-called Budgetary Stability Law in 2012. All of this required public administrations to be very restrictive with spending.

Without a budget, but with an improved credit rating. Moody's, one of the major credit rating agencies, has upgraded the Catalan government's solvency rating to Baa3, moving it from speculative to more reliable investment grade. It also improved the rating of Barcelona City Council, in addition to 13 other regional governments, such as Valencia and the Basque Country. The rating for Catalonia is the same as, for example, Italy's.

First it was in 2023, then in 2024, and then in 2025. And now next year, in 2026. The Generalitat (Catalan government) plans to finance at least 5% of its debt in the markets starting next year. A sign that this could become possible, unlike in 2012, when the autonomous regions had to turn to the state through various instruments such as the regional liquidity fund (FLA), is the agreement by which the major banks are once again supporting the Catalan government after thirteen years. This is provided there are no elections beforehand, since the current budget is for 2023 and has been extended since then.

Objective achieved. Major banks are once again financing the Catalan government thirteen years later. CaixaBank, Banco Sabadell, BBVA, and Santander are four of the six financial institutions that have enabled the government to successfully complete the partial refinancing process of the regional liquidity fund (FLA) for 2023 at a lower interest rate than the current one, amounting to €3.5 billion. As a result of this operation, the Catalan government will save €127.6 million in interest over eleven years, until 2035, according to calculations by the Ministry of Economy. This is the first operation with the private financial sector to finance long-term debt since 2012, the year in which the markets for the regional governments were closed and the instruments to provide them with liquidity and resources to pay suppliers were created. BBVA has signed an agreement to refinance €1 billion, and Santander, around €700 million. CaixaBank and Sabadell have not disclosed the amounts provided.

The Second Chance Law in Spain allows individuals, self-employed workers, and small business owners to free themselves from debts they cannot afford, but the process can affect their mental and emotional well-being. Therefore, having good advice is key to avoiding extreme situations in which an individual must face debts they cannot pay. In this context, it is important to receive personalized, humane attention with a committed legal approach, such as that of VuelveAEmpezar.com. This platform, with 20 years of experience, is supported by the firm. Allura and Peimondt, a firm specializing in bankruptcy law based in Terrassa, which handles all its cases nationwide. Today, they've managed to forgive their clients up to €15 million.

Since Donald Trump's return to the White House, confidence in the US economy has been shaken. The trade war against its trading partners, plans for massive tax cuts, and inconsistent foreign policy have damaged the US's reputation as a leading economic power. This has been reflected, in part, in a fall in the price of the dollar—the global reserve currency—and, by extension, may affect the role of US Treasury bonds as safe haven assets essential to the functioning of the global economy.

The net wealth of Spanish households grew by 8.1% in the first quarter of this year compared to the same period a year ago, reaching €2.4 trillion, according to financial accounts published by the Bank of Spain. The same report shows a moderation in household debt, reaching 43.5% of gross domestic product (GDP), its lowest level since the first quarter of 2000.

Just days after announcing a battery of tariffs against most of the world's countries in an event he dubbed Liberation Day, US President Donald Trump reversed course and suspended most of them in an attempt to "negotiate." Although stock markets reacted sharply and most governments criticized the measure, Trump's retreat was largely due to the rise in the price of Treasury bonds, US government debt securities.

The tension in international trade due to the US tariff chaos will affect the Spanish economy. The extraordinary cabinet meeting this Wednesday. "Despite the tariff chaos, this week's power outage, and the natural disaster caused by the DANA, the Spanish economy will continue to lead the major eurozone economies in terms of growth," Cuerpo reiterated, estimating the impact at €400 million. the economic impact of the electrical incident

The cancellation of €17.104 billion in FLA debt is one of the five economic commitments included in the agreement for Pedro Sánchez's investiture between ERC and the PSOE (Spanish Socialist Workers' Party) in November 2023. The other four are: the transfer of the commuter rail network, with the necessary resources to improve this key infrastructure; a permanent fund of €150 million annually for scientific research projects in Catalonia; a €1.6 billion allocation until 2030 to expand the Mossos d'Esquadra force and create new judicial bodies; and the creation of a consortium to guarantee the execution of state investments in Catalonia.

Is it good news that the Generalitat does not have to repay 17,104 million euros of debt to the State? Yes, it is. For obvious reasons. Is it a "lift of the shirt", as Junts says? No, it is not, the Generalitat will have 17,104 million euros. Is it coffee for everyone? Yes, as always. Everything that Catalonia negotiates is for the others, too. That is to say, it is not a joke as long as we accept that all the autonomous governments benefit from the reduction of the debt (except those of the Basque Country and Navarre, which have their own financing system), and as long as we understand that the debt does not disappear but is transformed, that is to say, that it is one thing for the Generalitat to have more money and another thing for the Generalitat to have more money.

The president of the Balearic Government, Marga Prohens, was quick to reject the 1.741 million euros that would correspond to the Balearic Islands for the debt forgiveness of the autonomous liquidity fund (FLA) that the Spanish government has agreed with ERC. The reason given by Prohens to justify the rejection of money that belongs to the citizens of the Balearic Islands is that the proposed figures presented by Minister Montero respond to a debt forgiveness "negotiated by and for Catalonia". And as an added argument, she exhibits an alleged comparative grievance: according to the calculations presented by the Spanish government, the Balearic Islands would be "forgiven" 1,413.4 euros per inhabitant, while in Catalonia it would be 2,133.5 euros per inhabitant.

The president of the Balearic Government, Marga Prohens, was quick to reject the 1.741 million euros that would correspond to the Balearic Islands for the debt forgiveness of the Autonomous Liquidity Fund (FLA) that the Spanish government has agreed with ERC. The reason given by Prohens to justify the rejection of money that belongs to the citizens of the Balearic Islands is that the proposed figures presented by Minister Montero respond to a debt forgiveness "negotiated by and for Catalonia". And as an added argument, she exhibits an alleged comparative grievance: according to the calculations presented by the Spanish government, the Balearic Islands would be "forgiven" 1,413.4 euros per inhabitant, while in Catalonia it would be 2,133.5 euros per inhabitant.

The decision of Forgive 17.1 billion euros of the Generalitat's debt to the State through the FLA This represents the fulfilment of one of the agreements between ERC and the PSOE that allowed the investiture of Pedro Sánchez and also represents a breath of fresh air for the coffers of the Generalitat, since in this way it will save some 1.5 billion euros in interest, according to the calculation made public by Oriol Junqueras. The Ministry of Finance has extended this forgiveness to the rest of the autonomous communities with criteria that, curiously, make Andalusia the most benefited (18.8 billion) and that after Catalonia come the Valencian Community (11.21 billion) and the Community of Madrid (8.644 billion). In this way, María Jesús Montero manages to put the men The PP's regional governments are in a bind, since if they listen to what their president, Alberto Núñez Feijóo, and the president of the Community of Madrid, Isabel Díaz Ayuso, say, they will vote against it. However, the measure will most likely be approved in Congress and then it will be necessary to see whether these communities accept it or not. Not doing so would be to harm their own citizens for a political reason.

Spain ended 2021 with a deficit of 6.76% of GDP, Finance Minister María Jesús Montero announced on Thursday. That is €81.5bn. This figure is much higher than the 2.9% it registered at the close of 2019, but much better than that recorded in 2020 (10.97%), the first year of the pandemic, when public spending soared to cope with the covid-19 health crisis. This means the State deficit has improved by over three points, moving away from the limits reached during the last two major crises – in 2010, as a result of the financial crisis, the deficit reached 11.2% – and is also moving away from the forecasts of the Spanish government itself, which had estimated that it would end 2021 with a deficit of 8.4%. This translates into an improvement in the deficit of up to €19.5bn compared to the government's forecast.