The town councils have more than 25,000 million euros saved in the bank that Hacienda did not let them spend. At least until June, date from which the General Budgets of 2018 entered with the consequent relaxation of spending rule -limit to the growth of the disbursement- approved by the Government of Rajoy in its latest accounts. This is clear from the statistics of the Bank of Spain until the second quarter, which shows that local corporations had in cash and deposits 25,482 million euros, a historical record representing 2.1% of GDP that is equivalent to the joint deficit planned for this year of Social Security and autonomous communities.
This figure is understood as the surplus of local entities, which year after year have closed with surplus since the Stability Law was approved in 2012. This norm approved that the surplus that the sanitized city councils had had to dedicate it to pay suppliers and amortize debt. For this reason, since 2012 a good part of the surplus of the town halls has been dedicated to keeping it in the bank, given the impossibility of spending it. However, in 2015 and above all, in 2017 and this year, items dedicated to financially sustainable investments were approved in which lThe city councils could spend their mattresses. The exceptions included in the 2018 accounts, just in the pre-election year, were the most important. Sustainable investments that the Government of Pedro Sánchez wants to expand in the next accounts.
Measures whose impact will have to be calibrated. The municipalities had 11,078 million saved in the bank in 2011, a figure that has now more than doubled to the current 25,482. So far this year the figure has grown by 1,183 million euros.
This favorable situation is evident in the debt data: the municipalities had until August 27,818 million euros in debt, 1,259 million less than eight months before. The combined liabilities of all administrations grew in this interval by 18,058 million euros, to 1,162,483 million euros, that is, 97.3% of GDP. Despite the upturn, the government's 97% passive target is not compromised, as the Treasury took advantage of the first months of the year with low interest rates to raise emissions and now these will fall in the final stretch of the year. Only in the last month, yes, it grew by 2.352 million.
The Economy Minister, Nadia Calviño, downplayed this increase yesterday in the Senate but advocated the reduction of liabilities: "Debt rises like a cannonball and falls like a pen." As of 2019, if the deficit drops by 3% of GDP, Brussels will monitor this indicator with a magnifying glass.