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Two thirds of Spaniards, without holidays. And the CNMV takes them permanent


The CIS (which in these questions is more reliable than in the policy questions) ensures that two thirds of Spaniards will not be able to go on vacation this year. If there is an indication of the severity of the crisis, it is that, because in order for the average Spaniard to give up on vacation, he has to see things, but very badly. Those who seem to be on permanent vacation are those of the CNMV, in view of the null work they did last year. Among that, its uselessness to prevent investor deception and lurching, perhaps it would be better if it dissolved and turned over the weapons.

The causes of the massive renunciation of vacations are obvious: on the one hand, the fear of contagion; and on the other, the huge uncertainty about personal financial situationThat is, on whether people will continue to have their work or their business in the coming months. Or, at a minimum, if your income will be reduced.

In fact, the CIS itself makes it clear that people are much more concerned with the economic crisis than the health crisis (There is more to see the total relaxation of customs since phase 1 began). Thus, the economic situation is the main problem for citizens above the epidemic, and the 76% consider that this situation is bad or very bad. Curiously, most think that their particular situation is still good, but this is like driving: we all think that in Spain everyone drives badly except me.

Those who do go on vacation they will take little cuts -At most, two weeks- and your destiny will be national; This year there are no things to go to Cancun or Thailand. And within the country, to see how successful Torra is for Catalonia with its campaign to attract Spanish tourists without saying Spain: "We want that tourism that can be easily moved around Catalonia within a radius of close to a few hours," he has literally said ( not to mention his well-known friendly qualifiers for non-Catalans).

In any case, the renunciation of vacations should make it very clear to the Government, in case it did not already have it, that things are very serious and that it has to go much further to try to avoid the catastrophe. That instead of focusing on subsidies for those who lose their jobs – the "social shield" that Pablo Iglesias presumes – it would be much better to focus aid on business survival and job maintenance.

For example, tax or contribution reductions (not deferrals). The tourism sector is clear about the measures that should be taken, which go far beyond this vaunted plan this week. Of course, if Pedro Sánchez does not even want to extend ERTE until DecemberThere is little hope … except for the European rescue (and we will see, because the agreement is going to be complicated).


Another news that has left us speechless this week is the annual report of the CNMV, in which, neither short nor lazy, the supervisor acknowledges that did not open a single insider file in 2019, despite receiving 227 suspicious case alerts (financial institutions are required to notify you when they detect something unusual). It also received 118 alerts of possible market manipulations, with the same result: zero open files.

After this confession, one wonders to what the free time – which must have enough – the CNMV dedicates if does not pursue the two most harmful behaviors for the investor, despite the multiple suspicions that make him come. It is true that it is complicated; as i said Armesto, many times only "the secretary's husband" is taken. But doing absolutely nothing gives a feeling of impunity that justifies the old saying that, unlike the US, "in Spain the crime is not having inside information."

If the CNMV does not pursue inside information or manipulation, if it did not prevent the sale of preferred shares to retailers or the sale of shares of Bankia or Popular, if it does not detect frauds such as Pescanova or Gowex, if increasingly requires less information to companies, yes nor does it force them to take good governance measures, if you create comparative grievances like that of the shorts in Liberbank and Popular, if you put a thousand bureaucratic obstacles and take an eternity to approve anything, and if there is no clear criteria but it depends on each operation, the question is why do we want the CNMV.

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