The Government and the Generalitat agreed on this measure, among others, at the meeting of the mixed commission on economic matters held last September 25 in Madrid. The Catalan vice-president, Pere Aragonés, explained then that it was a very important step for his government because of the effect it has on the rating agencies, which can improve the score given to the Catalan debt.
This amount of 2,773 million represents the bulk of the short-term debt of Catalonia, debt considered structural. Since the Generalitat does not have access to the markets due to its financial situation, it will be covered by the FLA.
The Delegate Committee for Economic Affairs of the Government approved on July 26th measures to clean up the regional debt and improve the financial situation of the Communities, an agreement which is now accepted by the Generalitat of Catalonia.
This agreement can benefit all communities with short-term structural debt, which can thus define the maturity schedule of their debt "more effectively", according to the Government.
The authorized operations will not mean an increase in the financial indebtedness of Catalonia at the end of the year, the Executive explains, nor do they imply an increase in the Government's indebtedness with the State, since the current creditor Banks will continue to be so.
The total debt of Catalonia according to the data of the Bank of Spain of the first half of the year amounts to 78,459 million euros (34.3% of GDP), of which 57,119 are debt with the State.