スペインの財政破綻したバレンシア自治州政府の構造
Radiografía de una autonomía quebrada
La imagen de la prosperidad de la Comunidad Valenciana se rompe en pedazos.
Joaquín Ferrandis Valencia 23 MAR 2013 - 21:35 CET
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Fuente: Ministerio de Hacienda, Banco de España y Consejería de Hacienda de la Generalitat Valenciana. / EL PAÍS
X-ray of a broken autonomy
The image of the prosperity of Valencia breaks into pieces.
Ferrandis Joaquin Valencia 23 MAR 2013 - 21:35 CET
The Valencia is one step away from becoming the Spanish Greece. The autonomy that the PP presented as a model of management in the years of socialist government is now on the brink of economic data for default.Los accounts 2012 have shown that the Generalitat, Alberto Fabra presiding, will be unable to cover this year the cost of essential services such as health and education, without providing additional bailout funds from the government headed by Mariano Rajoy.
The case of Valencia is not unique, there are other communities in similar situations, but has never before been so starkly exposed by the Valencian Government. Your counselor of Finance, Juan Carlos Moragues, does not hide his inability to sustain basic services-only sustaining the health and education will be around 9,000 million euros, with a regional funding this year will be around 8,300 million. "There must be a break with the existing funding model based on the status quo and to design a new and simpler model based on population criteria," says Moragues.
And is that the indicators on budget execution, 2012, have been a blow for President Valencia. Since Francisco Camps replaced as head of the Government, in July 2011, Alberto Fabra has lived obsessed with reducing the enormous debt accumulated by his predecessor and prevent outages in the regional administration, the lack of heating in the colleges and protests defaults to disabled, pharmacists and groups of all kinds were to become the image of the Valencia daily in the news.
However, even though last year was able to cut Fabra different items of expenditure for an amount close to 2,000 million euros, the effort seems to have been vacant. The year 2012 ended with a deficit bordering on 3.5%, more than double the target of 1.5% of GDP set by the Ministry of Finance and the greatest of all Spanish regions. The gap between revenues and noninterest expenses exceeded 40% and the outlook for this year are no better.
The housing bubble created a mirage and encouraged wasteful
All this has led Standard & Poor's (S & P) downgraded the rating of the long-term Valencia until BB negative. This is the second level of speculative grade or junk bond, which is just a step above the Greek rating. "Valencia figures are below our pessimistic scenario, indicating possible difficulties in achieving fiscal consolidation," said the agency in its report.
Some of the indicators are to be shaking. Despite the adjustments undertaken between 2008 and 2012, the Government more than doubled the debt accumulated since the eighties. From 13.052 million, representing 12.1% of GDP for four years, moved to a debt of 29.437 million in 2012, according to the latest data from the Bank of Spain. This figure represents 29.3% of the regional GDP and most of all autonomy in relative terms.
However, on 1 January this year, the Government had 4,600 million euros outstanding pay their suppliers and, to date, only hopes to transform this debt commercial debt through lines Government credit. The problem is such that, after the ministries of Health and Education, the department with the highest budget in 2013 is the debt service, with 1,300 million euros to pay interest. An amount that would build only one year almost ten airports like Castellón.
The largest item, after health and education, will pay interest
The reasons that led to the edge Fabra presiding autonomy must be sought, however, in other ports. The Valencia meets three indicators have been lethal in this long economic crisis: a per capita income 12% lower than the Spanish, a negative fiscal balance and a regional financing has always been below the average of all the autonomy of common (211 euros less per capita in 2010, last year).
During the years of economic growth, mostly managed by Camps, the largest share of state revenues and, especially, the revenue generated by the housing bubble allowed to compensate for poor Valencian PP regional financing and deploy a policy window. In 2006 alone, the year of the visit of Pope Benedict XVI to Valencia, previous races the America's Cup and talks with Bernie Ecclestone to get the prize of European Formula 1 - we raised € 2,421 million due to the Brick economy.
These windfall that money injected rivers, especially along the Mediterranean, promoting major events allowed; spectacular architectural landmarks and infrastructure. This made it possible for Francisco Camps - "a phenomenon" as Mariano Rajoy described in 2007 - lifted an illusion of prosperity that slipped by the waste and corruption. Last year, revenue from the property sector did not reach a quarter of the proceeds from the golden era (630 million) and today most of the major infrastructure have put the sign "For Sale or Rent" while basic services suffer a gradual deteriorating.
According to a study commissioned by the powerful Valencian Business Association, spending on big events explains 12% of the debt accumulated by the Government, to which must be added another 8% from the public sector Valencia. The remaining 80% would have its origin in the cumulative underfunding, according to this study. "The only solution is for the Government to modify the system to match Valencia funding the state average and that, meanwhile, emergency arbitrate a solution," admits the Valencian Government.
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