Díaz supports CaixaBank’s proposal to freeze mortgages for 1 year

Second Vice President and Minister of Labour, Yolanda Diaz, consider “correct” proposal of “a financial entity that also has public participation”, alluding to CaixaBank“from freeze mortgages during this year“. Arriving at the celebration of the 60th anniversary of the Messenger of Peace, Díaz assured that he is following the debate on mortgages “with great interest and great concern”, since he assumes a “high-risk” situation. The government and the financial sector are working to find a solution that so far passed extend the loan repayment period up to five yearssaid the bank’s proposal to help vulnerable customers cope with paying off their mortgages after interest rates rise.

“I mean what is being considered not enough. The bet I place is one made by a financial entity that also has public participation. I don’t think it’s about helping the vulnerable, This crisis is about the vulnerable, but the middle class and, in this sense, the proposal of one of the financial institutions to freeze mortgages for the entire Spanish population during this year is correct. I think that the measure that is being worked on is not enough,” said the minister in this sense.

Concerns about rising mortgage prices were also present at the meeting attended by Díaz Brussels this week, as she herself commented this Friday to the media. The second vice president indicated that employers’ associations and trade unions are cautious about this situation “the impoverishment of the family (…), but which also increases the financial costs of companies and industries”.

The proposal is to pit David against Goliath

Díaz warned that “a huge transfer of income from citizens takes place through increasing interest rates for financial institutions“and added that the proposed proposal assumes that the novation will happen again, which will force the client to sit down with his bank to renegotiate the terms of his mortgage. “If there is an unequal relationship, it is the one between the financial institution and the client. It’s David vs. Goliath. Therefore, I believe that the measures are not enough, that the measures must cover the majority of Spanish society, starting from the middle class. it affects us equally“, he insisted.

Díaz also emphasized his opposition to raising interest rates by the European Central Bank (ECB) and he showed his joy at holding International Monetary Fund (IMF), who in his report ‘Global Financial Stability’ warned about the repercussions of the monetary policy of central banks. The second vice president also recalled that “it is important” to distribute taxes “to those who have the most” and turned to the Bank of Spain report to emphasize that business margins in Spain increased by 62%.

Díaz also alluded to politics PP and yours “serious mistake” when criticizing the Iberian exception, “lauded by trade unions and employers across Europe”. “They must recognize what is good in our country. The Iberian exception helps many families and many companies. Therefore, I believe that the strategy of Mr. (Alberto Núñez) feijoo and PP is deeply wrongDiaz added.

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