Carlos Balado

Updated:06/08/2020 02: 40h

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The three legs of the stool that hold the people withdrawal are touched. It is another black swan, not 12 kilos, as is usual in these birds, but of a weight still to be determined. Since at the time we will hear, as in the case of Covid, that nobody could foresee it, let’s avoid the excuse by acknowledging the problem to face it as soon as possible. Those three legs of the are: Social Security, pension plans and personal savings.

Regarding the first, the coronavirus has complicated a situation dragged on for decades. The economic shock measures taken by the Government imply lower income for Social Security, which is expected to assume an annual deficit of 20 billion at the end of this year. Total pension spending in Spain was 9,754,137 million in April and is on the way to 10,000 million a month. In its day, to compensate for the Social Security deficit, the Reserve fund. It became one of the 100 largest sovereign wealth funds in the world, and recorded, in 2011, just before the great Eurozone debt crisis began, a maximum equity of 67,000 million.

Although today it is practically dry, it will not directly affect …

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