The silence of the Ibex on the amnesty

The Spanish business world has fragmented as a result of the political tension generated by the pact between the PSOE and Junts on amnesty and which has allowed the investiture of Pedro Sánchez as Prime Minister.

Oliver Thansan
Oliver Thansan
02 December 2023 Saturday 10:41
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The silence of the Ibex on the amnesty

The Spanish business world has fragmented as a result of the political tension generated by the pact between the PSOE and Junts on amnesty and which has allowed the investiture of Pedro Sánchez as Prime Minister. Galvanized by the vehement rejection of the measure of grace raised by the PP of Alberto Núñez Feijóo and that of Vox of Santiago Abascal, a good number of businessmen, large and small, from Madrid and from the periphery, believe that Spain is at the gates of disintegration and apocalypse. It is very true that the harsh reactions against any agreement that affects Catalonia, be it economic, administrative and management, or political and that is not sponsored by the PP, can always be taken for granted, they are already part of the tradition and political culture spanish It is a secular constant.

But in contrast to this Levantine reaction of the most plebeian sector of entrepreneurs, the elite, which has popularly become known as the Ibex or the Ibex35, the stock market index that groups the most important companies of the Spanish stock market, but which in in political terms it includes the big family firms and apart from the domes of the two big Spanish employers, it seems to have settled comfortably in an attitude of cautious silence about the future amnesty for those accused of the Catalan independence process.

Incarnation of the real power in the shadow that would impose policies and decisions on the government in turn, according to its critics, preferably from the left. Emblem of the Spanish push and its multinationals; market thermometer of the constants of the economy, according to the most conservative and liberal account.

Virtually no one from this select group, with barely a hastily corrected exception, has said a word in public on the matter. It is true that it is a bad thing to stand out in the disqualification of a political agreement, especially if it opens the door to the election of the president of the Spanish Government. Even if it is only because a good number of the large Spanish corporations operate in businesses dependent on public regulation, if not directly on the concessions published by the BOE. Although they have not used any guild, sectoral or corporate platform either. Many of these have them, from construction companies (Seopan) to banks (AEB), to name just two.

On the other hand, when one of these champions of the Spanish economy feels mistreated by the central government, it has no problem proclaiming it to the four winds. There is silence when it is thought appropriate; but also a lot of noise when things are not to their liking. Newspaper archives are full of critical interventions with Government decisions by presidents such as Ignacio Sánchez Galán (Iberdrola), in the recent past. Antonio Brufau (Repsol), these days. Ana Botín (Santander), when the banking tax was announced. To name just a few prominent examples.

But now, in reality, it seems that the matter goes beyond simple silence in a picture of much turmoil in Spanish politics and society. Despite the fact that it is the Catalan businessmen who are most directly interested in returning to their course the waters that overflowed with the long political crisis that the process entailed, the large Spanish companies also prefer a return to normalcy.

The CEOE, which is chaired by Antonio Garamendi, charged against the pacts, but did not speak of amnesty, attending to the request of his equal from Foment, Josep Sánchez Llibre, who behind the scenes has facilitated the agreement's successful completion politician. The Spanish employers' association has also distanced itself from the PP's shock line, advancing a proposal to raise the minimum wage by 3%, which secures the pact with the Minister of Labor, Yolanda Díaz, who is asking for a 4 %. This avoids the first clash between government and employers.

The Institut de l'empresa familiari (IEF), headed by Andrés Sendagorta, did the same and included an explicit reference that "the investiture of the new Government has the benefit of its original democratic legitimacy", in a statement hastily made.

It is no longer a secret that in the corridors of the power of money, the refrain that sings the virtues of a Junts-PNB front that serves as a counterweight, in economic affairs, to the PSOE-Sumar duet is increasingly heard. The song started in Barcelona and is already playing strongly in the rest of the offices in Spain. Maybe with a little delay in certain neighborhoods of Madrid.

The powerhouses of these star companies have already begun the first, and logically very discreet, approaches towards the new partners of the Spanish Government, who are cautiously returning from their cold Belgian refuge. In the very preliminary contacts, according to the sources consulted, the conversations have focused on the economy, the pro-independence proposals on this subject, especially in the area of ​​taxation.

The issue will take time, it is admitted, since the political turn it means for those of Carles Puigdemont, the former president of the Generalitat and undisputed leader of Junts, getting involved in the day-to-day of Spanish politics is not it can take shape in a priority concern for money issues. The negotiation, the agreements and above all the measures that are approved must open the door to revenues of a political nature, which the independence supporters receive as recognition of national identity, and only then can they enter into the question of the economy .