MADRID – The controversial amnesty agreement with which Pedro Sánchez became head of government again includes debt relief for Catalonia. According to Moody’s, Catalonia receives 120% more per capita than the Spanish average.
This is the conclusion of the international credit rating agency based on a study into the financial consequences of the investiture agreement. Catalonia emerges as a major beneficiary. The region would reportedly receive around €1,850 per inhabitant, compared to a national average of €840. These figures are based on a combination of Moody’s calculations and the most recent official population data.
Inequality between autonomous communities
El Mundo writes that the measures have caused dissatisfaction among several regional leaders. President Emiliano García-Page of Castilla-La Mancha, for example, expressed his dissatisfaction by remaining absent from the investiture session. On the other hand, leaders such as Adrián Barbón of Asturias and PSOE representatives from various communities have supported the agreement.
Prime Minister Pedro Sánchez has defended the deal, saying it is part of a broader responsibility for fiscal solidarity. He has stressed that the measure of debt relief for autonomous communities, introduced during the Popular Party government, will apply to all communities, regardless of their political affiliation.
Financial consequences for other regions
Moody’s has also calculated the financial impact on other Spanish regions. For example, the Comunidad Valenciana would receive debt relief of approximately €1,835 per inhabitant, while Murcia and Andalucia would receive less. Madrid and the Basque Country, which have no debt through the FLA (Fondo de Liquidez Autonómica), would also receive less than the Catalan average.
The investiture agreement therefore places considerable pressure on the Spanish state budget, with an expected effort of €45,000 million. That amounts to 3.3% of GDP. The decision has raised concerns about future fiscal inequality between Spain’s regions and the risk of increased spending in the future. Despite the concerns, Moody’s has kept the creditworthiness of Spain and Catalonia stable for the time being.