The great public 'family'

The public authorities are very supportive. Each other, of course. They protect and help each other like a big family. See. It is not yet certain, but those aware of European issues take it for granted that one more year of extension will be granted in the exception granted to circumvent the stability rules. In other words, national governments will not have to comply with the debt and deficit limits in 2023. The reason? I don't know, but I imagine that in Brussels they have realized that none of the highly indebted countries were going to comply with them, so why demand them? The governments tell us that everything is going well, but at the moment of truth, when the demands for consolidation arrive, they appeal to how bad the situation is, so as not to comply with what everyone says is very convenient to comply with. The last one to have said it, the Bank of Spain governor and the penultimate, the European Commissioner for the Economy. This is no longer surprising or annoying. We more or less suspected it. The outrageous thing is that it is ensured at the same time that those same European authorities are going to prohibit the extension of the business moratoriums, granted when the pandemic was getting worse and not withdrawn when the war exploded. The bank fears that, consequently, there will be a virulent increase in bankruptcy proceedings and a flood of bankruptcies. As there has been a great need to replace the weak demand with loans and as it has been very easy to find the saving money, the companies have taken advantage of these facilities. But there is no date that is not reached, no deadline that is not met and now it's time to return the money received. The reasons that were a consequence of the pandemic have faded with it, if not disappeared altogether, but have been replaced by those derived from the war, with a new stagnation in activity, a terrible explosion in prices and serious distortions in supplies . I don't think it's fair or convenient that benevolence with public accounts, which will only serve to eliminate political difficulties for spending governments, but will not fix any of their imbalances. Much less when it coincides in time with a new squeeze on the accounts of private companies, which will not enjoy European magnanimity. Public authorities help each other like a family. Better still, like a big 'famiglia'.

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