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Mortgage relief measures expected to help Spain heavily indebted soon – EURACTIV.com and other news

Under an agreement between the Spanish government and the country’s banking sector, which will be announced on Tuesday, homeowners at risk of financial insolvency can get mortgage relief.

The executive branch could announce the agreement as early as Monday and formally approve the measure on Tuesday during the regular weekly meeting of the Council of Ministers, Economy Minister Nadia Calvinho said at a press conference after meeting with European Commissioner Vice President Margrethe Vestager on Friday in Madrid.

Calvinho added that the Spanish executive and the banking sector are working “constructively” to reach an agreement “soon.”

While the emergency measure was originally intended to ease the financial plight of vulnerable working-class families, Spain’s left-wing executives last week reversed the scope and extended it, in some cases, to middle-class households with higher annual gross incomes. up to 25,200 euros.

Calvinho explained that various scenarios are being explored to allow mortgage holders to pay lower monthly installments in order to “flatten the interest rate curve” and mitigate the impact of the high Euribor.

Work is underway on two possible alternatives: extending the Banking Sector’s Code of Good Practice to help “more vulnerable” families, and signing a new protocol with specific measures for the middle class, Calvinho told Spanish public television channel RTVE.

As for the decisions the European Central Bank (ECB) may take in the coming months to fight inflation, Calvinho insisted that she hopes he “makes the right decision” although “it’s not an easy task” as he must “contain inflation without slowing it down. down the European economy”.

(Fernando Heller | EuroEFE.EURACTIV.es)

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By Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org