Nino Becerra third phase economical crisis begins: Niño-Becerra: "The third phase of the crisis begins; it is not time to buy or sell housing ".

    The economist comments on the state of the real estate market on the day a new edition of the Barcelona Meeting Point begins and criticizes the budgets of Pedro Sánchez.

Today, the Barcelona Meeting Point begins, the meeting of professionals from the real estate sector that will bring together 280 companies from around the world. We have used to ask the economist Santiago Niño-Becerra what is the current state of this key market and we have asked the big question: is it a good time to buy or sell a flat?

Nino Becerra third phase economical crisis begins

We are beginning the third phase of the crisis. It is not time to buy or sell home on a particular scale

Another issue that may affect the sale of apartments is the final resolution that may be taken on November 5 by the Supreme Court on who is responsible for paying the tax on documented legal acts: to banks or to customers?

On a mortgage of 400,000 euros you can pay 6,000 euros. If the bank has to pay it, he will pay it, but it will reimburse him; perhaps in non-mortgage commissions

If there is a 15-year retroactivity in the sentence, banks may have to pay 24,000 million euros. If it is until 1989, it can be 25,000 or 40,000 million

On November 5th he will be the first stage, but then the stage of the Luxembourg court will come

Is unemployment really low?

The Active Population Survey this quarter has left us good data. First. In the last three months, the unemployment rate in Spain has fallen to 14.55%, and is the lowest since the end of 2008, shortly after the failure of Lehman Brothers. In absolute figures, there are 164,100 less unemployed and the total number is in 3,326,000. A drop that led Catalonia, with an unemployment rate of 10.63%. According to Santiago Niño-Becerra, the problem with these data is that they forget a key aspect.

There is a fact that the activity rate has dropped a lot. It is the proportion of people between 16 and 55 who want to work and that of the total number of people of these ages. In Spain it is very low, of 59%

If we had the activity rate in Finland, unemployment would be 22%

Pensions

It might seem that a drop in unemployment is good if we consider that, as Niño-Becerra has explained to us, "the payment of pensions is based on the fact that the people we work now pay pensions for now." What is the problem, then? "The average wage of the youth is below the average pension." That is, young people entering the labor market do not charge enough to support the system with their contributions. What is the solution to pay pensions? The teacher raises two possible options.

You can put another tax to pay pensions or, if not, trim them; there is no other way out

This year, to pay pensions, the Social Security has had to apply for a loan of 10,000 million euros. It has a very serious problem. This will not last, because Europe will not allow it. It is not sustainable

Regarding the 2019 cuts that Pedro Sánchez's government wants to approve, Niño-Becerra has shown himself to be very critical and, as he has done on several occasions, he wanted to emphasize on a matter that the different governments do not end up 'Address: tax fraud.

  • These budgets are well below the financing needs of Spain
  • Spain does not have a public spending problem; has a revenue problem. 90,000 million a year are stopped from tax fraud. They should chase him to blood and liver
  • The persecution of tax fraud must be done with a European agreement. If they want, they do. If interested, you could pursue and give results
  • He who waits in Brazil

Finally, Niño-Becerra told us about the ultra-racial politician Jair Bolsonaro, who won the primary in Brazil and this weekend could become the president. According to the professor, Bolsonaro has achieved much popular support promising order, with a very strong militarist tone. What could end up pushing to win the second round of the elections is that he has been able to choose a man like the great capital, Paulo Guedes, as an economic advisor.

A window is opened in Brazil towards a non-ultra-liberal economy, not the next; It will be the 'round'

[Bolsonaro] will make an incredible social breakdown.

TRACKING COOKIES: An EU Directive - ePrivacy directive - was adopted by all EU countries in May 2011. The Directive requires all websites in Europe to state whether they use or not tracking cookies and what such usage consists of. In compliance with the legislation, this website DOES NOT USE TRACKING COOKIES.

THE EU GENERAL DATA PROTECTION REGULATION (GDPR) came into force on May 25 2018, enforcing a strict set of new rules concerning privacy and data security and imposing strict penalties on violators. In compliance with the legislation, this website DOES NOT HANDLE CUSTOMER DATA OF CITIZENS.

FREEDOM OF EXPRESSION: Article 11 - Freedom of expression and information of the EU Charter of Fundamental Rights states: "(1) Everyone has the right to freedom of expression. This right shall include freedom to hold opinions and to receive and impart information and ideas without interference by public authority and regardless of frontiers." The content of this website cannot be subject to defamation and/or copyright infringements allegations.

DISCLAIMER: The information contained in this website is for general information purposes only. The information is provided by Alex Costin, and while I endeavour to keep the information up to date and correct, I make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.