Calviño defends the investiture pact before investors after Moody’s notice

The Minister of Economy, Commerce and Business, Nadia Calviño, calls for calm in the financial markets. “Bloomberg Capital Markets Forum Madrid” and “continuity” of the economic policies promoted in recent years by the Executive.

Calviño has made these statements after the wake-up call of the credit rating agencies, among which Moody’s stands out, which has already warned that the pact to carry out the investiture of Pedro Sánchez as President of the Government may have a negative effect on the ‘rating’ of the country, although it will be positive for autonomous communities like Catalonia after the forgiveness of part of the debt.

In this sense, Calviño has admitted that this comment “surprised him greatly, because these negotiations are going to generate stability and reduce tensions in the region.” Moody’s has been followed by S&P, from which they have pointed out that the heterogeneous majority on which Sánchez depends can stop the economic and fiscal reforms necessary to reduce the deficit, since the parties on which he relies can endanger the implementation. in progress of laws. “There is nothing in this agreement that endangers the rule of law,” he added, while emphasizing that “they have been able to establish a constructive relationship with the regional government.”

“Support for the independence movement in Catalonia has dropped significantly, and I believe that the situation has increased enormously since 2018, leaving behind the situation that we inherited,” he noted, acknowledging that when he took office most of the investors’ questions were answered. associated with the situation in Catalonia. “I no longer receive these questions from investors after years of trying to establish a policy based on dialogue and forge a constructive relationship,” he added. “My message to investors is one of confidence. They know that investing in Spain is a good business,” he stated.

Calviño has taken advantage of his intervention to take advantage of the economic management carried out in the previous legislature, emphasizing the reduction of the debt to GDP ratio from the highs of 2021 and the objective of closing with a deficit of 3% in 2024 . . “The European Commission has validated our fiscal plan. So we are firmly committed to fiscal discipline and we will follow the same path with the new Government,” he added. In this regard, it has been stated that Moncloa has been “extremely favorable to companies.”