you look v cute in your PJs !;)
You have a feline featured face..i like it
Big green eyes...a real honeybunny :bow00001:
you look v cute in your PJs !;)
You have a feline featured face..i like it
Big green eyes...a real honeybunny :bow00001:
Quote:
Originally Posted by Mopi
Thanx, it's my best profile and the perfect pjs for sunday morning.:thumb001:
Difference between the government of Spain and the government of a region or autonomy of Spain.
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Government of Spain
The Government of Spain, also called the Government of the Nation, is the constitutional body that heads the executive power of Spain and directs the General State Administration. The Government directs the internal and external policy, the civil and military administration and the defense of the State; and exercises the executive function and the regulatory power in accordance with the Constitution and laws.
The Government depends politically on the Congress of Deputies through the investiture or censure of its president, according to the parliamentary system established by the 1978 Constitution. Likewise, the Government is responsible before the Parliament. Its fundamental regulation is placed in Title IV of the Constitution, as well as Title V of said document -respect of its relationship with the Cortes Generales-, and in Law 50/1997, of November 27, of the Government.
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DON JUAN CARLOS I KING OF SPAIN
All those who were present saw and understood
Know: That the Cortes have approved and the Spanish people ratified the following Constitution:
PREAMBLE
The Spanish Nation, wishing to establish justice, freedom and security and promote the good of those who make it, in use of its sovereignty, proclaims its will to:
Guarantee democratic coexistence within the Constitution and laws in accordance with a fair economic and social order.
Consolidate a Rule of Law that ensures the rule of law as an expression of popular will.
Protect all Spaniards and peoples of Spain in the exercise of human rights, their cultures and traditions, languages and institutions.
Promote the progress of culture and economy to ensure a decent quality of life for all.
Establish an advanced democratic society, and collaborate in the strengthening of peaceful relations and effective cooperation among all the peoples of the Earth.
Regional or autonomous governments
An autonomous community (C. A.) n is a Spanish administrative territorial entity that, within the state constitutional legal order, is endowed with certain legislative autonomy with its own representatives and certain executive and administrative powers.
https://lh5.googleusercontent.com/pr...EXOqh9aEw=s0-d
More Ceuta and Melilla with autonomous cities located in North Africa.
Who do you pretend to deceive? all the polls, even these made by the own separatist Catalan government, say more than 50% of the Catalan population dont want the independence.Quote:
Originally Posted by Lluna Plena
Even your former separatis president admited it:
Artur Mas: "No estábamos preparados ni hay aún una mayoría para la independencia"
https://www.elconfidencial.com/espan...yoria_1478545/
For umpteenth time: you can try to deceive foreigners, not people who live here.
Brutal: 2 Danish teachers beat Puigdemont in Copenhagen
https://www.youtube.com/watch?v=9HuWvFYecmg
Catalonia is the only autonomy to which all agencies give a «rating» of junk bond
If there has been a beneficiary administration of the improvement of the economy and tax revenues in recent years has been the autonomous communities. Their savings levels went positive a little over twelve months ago, while the ratio of their debt to GDP declined. The result of this change in trend has not been long in coming and 13 communities managed in 2018 to improve their credit rating by one of the big rating agencies. Only Catalonia, La Rioja and Cantabria had to resign themselves to the same grade. However, the region chaired by Joaquim Torra is in the worst position, as it is the only one whose debt is still described by all agencies as "junk bond", which hinders their desire to dissociate themselves from the umbrella of state financing and undertake its independent exit to the markets.
The creditworthiness of Catalonia is the worst valued since both Fitch ("BB") and Moody's ("Ba3") give it a "rating" for which they consider the titles of this region of high risk or "junk bond". Standard & Poor's, the third largest agency, officially ceased to qualify for Catalonia last autumn when its contract was not renewed, but its last note, dated September 2018, was "B +", in line with the other two. As if that were not enough, in the last three years, coinciding with the secessionist challenge of the Generalitat, neither Moody's nor Fitch have moved their grades.
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Only the Valencian Community has a similar situation, since Moody's and S & P also qualify as "junk bonds" their sovereign debt, but Fitch grants the degree of investment. In addition, in the case of this autonomy your note has improved.
Aragón, the Balearic Islands, the Basque Country, the Canary Islands, Castilla-La Mancha, Castilla y León, Extremadura, Galicia, Madrid, Murcia, Navarra, Asturias and Valencia recorded qualification improvements over the past year, while Andalusia had already scored in 2017, like the Canary Islands. The Basque Country and Navarre enjoy greater credit recognition even than that of the Treasury, something unusual also with the private debt of companies and what other communities can not choose because "most of their resources depend on transfers from the State through of the system of autonomic financing », explains a report about AFI.
A good "rating", key
The importance of the "rating" for the autonomous communities goes beyond mere financial prestige. Having an investment grade rating is a necessary condition for regions to leave the Autonomous Liquidity Fund (FLA) and the State Financial Facility Fund (FFF), through which they have been financed since 2012.
Andalusia and the Balearic Islands were the first to achieve this last year, when they captured 600 and 500 million euros respectively in the markets, and in this year they will probably issue debt for themselves. Thus, only Madrid, Navarra, the Basque Country - which never stopped issuing -, Andalusia and the Balearic Islands are present in the markets.
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The expectation of the Government, as recently explained by Treasury Secretary General Carlos San Basilio, is that other communities follow their steps during 2019. Galicia and Castilla y León are two of the candidates. In fact, the return to the markets of the communities and their lower public deficit will reduce this year the Treasury issues on behalf of the autonomies of 15,000 to 9,000 million net.
Pass from FLA to FFF
Catalonia is still far from achieving financial independence. The vice president of the Generalitat, Pere Aragonès, announced at the end of 2018 the exit of Catalonia from the FLA and therefore the stricter control of the Ministry of Finance, to move to the FFF, having improved its data on deficit, debt and average period of payment to suppliers and placing them within the parameters set by law.
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The Catalan government sold that change as a sample of the financial health of the community and an intermediate step for its return to the markets. However, in 2019 it will continue to be financed through the State and will request the FFF 8,071 million, and it is not foreseen that it can finance itself at least until 2020.
First, because it did not submit to the Treasury before November 30 of last year, as the terms mark, the necessary pluriannual indebtedness plan. But what automatically excludes Catalonia from the market is its bad credit rating.
Many institutional investors, such as pension funds, can not invest their money in securities that do not have a "rating" equivalent to the investment grade. And those of Catalonia do not count today with that endorsement. In addition, in the case of those investors who could acquire Catalan bonds, they would demand from the Government a very high profitability, when today it is financed through state funds at interest rates between 0% and 1%. %. Therefore, doing it on your own would be very expensive.
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Financing cost
"Catalonia does not offer the stability framework that the investor demands to be able to issue debt", said a week ago the Director of Markets of CACI of Société Générale, Fernando García, when presenting his perspectives for 2019, in which it is predicted that other regions go to the market.
Yesterday, the president of the Chamber of Commerce of Barcelona, Miquel Valls, said that from a financial logic sees no advantage to Catalonia in the short term consider re-financing in the financial markets and opted to negotiate with the main creditor, is say, the State, which accumulates 57,513 million euros of debt of the Generalitat, 73.2% of the 78,506 million owed, as a result of that resources to state funds.
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"With the rising interest rates, we have not seen the advantage from a business point of view of not negotiating with the main creditor, the Government, on the debt, and establishing more economic conditions than those of the market," Valls explained. Faced with this financing of the State at low cost, the Generalitat pays the investors for the debt that it issued up to 2012 and which is still living returns that reach 6.35%.
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https://www.abc.es/economia/abci-cat...1_noticia.html