Problems with the second rescue of Greece, stalled by the intervention of the private sector

The second rescue plan of Greece is stuck and practically at the starting point in the face of the lack of progress, consensus and clarity on the participation of the private sector, a problem that the Eurozone finance ministers will try to solve on Monday in the Eurogroup meeting.

A series of meetings between representatives of the European Union (EU), the European Central Bank (ECB), the Greek government and major financial institutions holders of Greek debt under the umbrella of the Institute of International Finance (IIF) in Italy and France They have still produced tangible results.

The payment of the ransom will be distributed among banks, privatizations, and the EU and the IMF The European Commission (EC) has minimized the lack of progress with the argument that the appointments should not draw any conclusion, but it is increasingly clear that there are doubts and divergent positions in the EU on the model to follow to involve banks.

The objective is that banks, pension funds, and insurers contribute 30,000 million euros to the second rescue of some 110,000 million. The rest will come from privatizations (30,000 million) and from the EU and the International Monetary Fund (IMF).

The new bailout should cover Greece’s financial needs until the end of 2014 and include the 45 billion euros it still has from the first plan, according to sources.

A Eurozone diplomat said Friday that the private contribution could amount to only half in the end, to 15,000 million, but considered a success if it were: “15,000 million of 110,000 million is not bad,” he said.

ECB President Jean-Claude Trichet said on Thursday that “you can not assume that it’s normal (…) to have some kind of involvement from the private sector.” He reiterated that he will not accept any proposal that provokes a credit default or default rating, selective or not, an opinion that is shared, in general, in the Eurozone.

But Dutch Finance Minister Jan Kees de Jager said in an interview that voluntary participation “is unrealistic” and advocated a mandatory contribution.

“We must accept that a voluntary contribution is not realistic,” he said. “If a mandatory contribution leads to a brief and isolated rating incident (up to the level of suspension of payments), it’s not that bad.”

Meetings of the holders of economy

The risk rating agency Standard & Poor’s has warned that it will consider a “selective default” on Greece’s debt should the French model go ahead, which foresees that the bank will reinvest 70% of the securities that expire in the next three years: 50% would be used to acquire new obligations at 30 years and the remaining 20% would feed an investment fund in high-quality assets, dedicated to guaranteeing the new Greek loans- Fuzoku Fusen.

Standard & Poor’s would consider “selective default” if the French model that seeks to reinvent 70% of the titles in three years goes ahead In Berlin, the spokesman of the Ministry of Finance, Martin Kotthaus, said that if the French model “also has this problem then we can go back to the model we proposed, “a more aggressive one that would be rejected by the agencies as well. Germany has defended a seven-year extension in the maturities of Greek bonds.

The IIF has said that several options are analyzed, including refinancing or extending the maturity of the Greek debt and the possibility of a repurchase of the debt.

The finance ministers of the eurozone will work on Monday to define the modalities and conditions, but diplomatic sources have acknowledged that the talks will probably continue until September.

On Tuesday the finance ministers of the other EU countries will join the discussions. One of the main points of the Ecofin agenda is to agree on the governments’ response to the results of the bank’s solvency tests that will be published on July 15 and the “firewall” measures that will be applied.

A young person completes the income declaration form.

 

Declaración de la Renta

 

This Wednesday, April 4, the 2017 rent campaign starts, although from March 15 you can already check the fiscal data through the new Treasury app , which allows you to present the statement as long as you do not need to add information to the draft provided by the Tax Agency.

The great novelty of this year will benefit, according to the calculations of the Treasury, almost five million taxpayers. Through it you can obtain the reference number and present the declaration of up to 20 different NIFs.

# In addition to the new app to comply with the Treasury in a single click, another novelty is the We Call You plan , which increases telephone assistance with the aim of reducing the number of people who request face-to-face assistance. And, last season, of the citizens who came to the offices, 860,000 were limited to confirm the draft without introducing any change.

 

Before confirming, it is advisable to review and update , if necessary, the information regarding the family situation, housing, savings, donations, investments and changes related to personal assets:

living place

What to declare if you are a tenant, landlord or landlord
The mortgage loans requested after January 1, 2013 no longer deduct. So if you are one of those who has launched the purchase of a home in the last year, the Treasury is not going to compensate. But if you bought it before 2013 and have already deducted for this concept in statements prior to 2013, then you will pay 15% of the amounts paid, with a limit of 9,040 euros.

Treasury will not tax you if you are one of those who managed to recover the money for an abusive ground clause , because this amount does not have to be declared.

If you live rent , you receive a maximum of 24,107 euros gross per year and your lease contract began before 2015, you will also receive a discount of the fees paid. An aid that you can add to those that the autonomous communities also give for this concept. On the other hand, owners who have a house leased and this is the usual residence of the occupants may also deduct 60% of the income received.

Children

Novelty: family minimum by descendants
Women who contribute to Social Security and have children under the age of three are entitled to a deduction of 1,200 euros per year when making the income statement. This help can be requested in advance at a rate of 100 euros per month. To this we must add the aid given by the autonomous communities. For example, in Madrid, the birth of the first child will deduct this year with 600 euros, 750 if it is the second and 900 if it is the third or more. Large families can receive deductions in the differential fee of 1,200 euros per year.

One of the novelties of this year is the family minimum by descendant, which also includes people to whom the taxpayer has been assigned guardianship or foster care by court order .

In Galicia, families will be able to deduct the expenses destined to the use of new technologies in homes. And in Madrid, Aragón and Valencia, among others, the expenses derived from the education of the children also count.

Inheritances

Do I have to make the last statement of the deceased?
If in 2017 you lost a direct relative, you will not have to declare the inherited assets (for these you have already paid the Inheritance and Donations Tax) but the profits that have been generated , for example the interest accrued by the savings received or the income received of having rented a flat.

And on the other hand, you will also have to make the statement of the deceased relative . To do this, you must present your declaration in the individual form and integrate the income obtained until the time of death, making, where appropriate, the payment of the resulting debt. However, if the result of said declaration is ‘to return’, to process the return and obtain payment, the successors must complete the form H-100 ‘Application for payment of return to heirs’ and attach documents such as the certificate of death, the family book, the last wills, the testament and the proof of payment of the Inheritance and Donations Tax (the maximum term is six months).

Actions

If I was a Popular shareholder and I exchanged for Santander?
Many shareholders of the extensions of Banco Popular exchanged their shares for the so-called ” Loyalty Bonds” of Santander , but there are also those who did not exchange them. The tax treatment of this compensation is generating one of the most important new fiscal doubts in this exercise. Antonio Gallardo, from iAhorro, explains that “the exchange of shares may seem like a neutral transaction, since fiscally first the losses calculated as the difference between the purchase value of the shares in the capital increase minus the transfer value are imputed when Popular was acquired by Santander, which was at zero euros, with which the loss is for the total value purchased, which is compensated with the delivery of the loyalty bonds in compensation for said return on the negative capital stock. what would be taxed would be the periodic payments of the bonds “. The capital is guaranteed at 100% only for shareholders whose investment was equal to or less than 100,000 euros.

Studies

Expenses for recycling or professional training
Since January 1, 2017, the cases in which the studies arranged by institutions, companies or employees and financed directly or indirectly for the updating, training or retraining of their personnel, when they are required, have not been considered as remuneration in kind. for the development of their activities or the characteristics of the jobs, even when their effective provision is made by other people or specialized entities.

After this modification, it is understood that the studies have been arranged and financed indirectly by the employee when they are financed by other companies or entities that commercialize products for which it is necessary to have an adequate training by the worker , provided that the employer authorizes such participation.

More information about:

  • Statement of income

This is how loans backed by your car work Flying should be easier

 

 

A00679034_006 We are getting used to the banks doing and undoing at will. Consumers protest, but too many times we assume it. For example, current legislation does not provide for the obligation of these entities to previously register in the Bank of Spain the fees they may charge for banking operations, nor those that have a maximum nature, only considers the need to maintain public information by the more frequent operations and services, as well as previous information on the content of the contracts and the pre-warnings in the modifications related to the commissions of the contracts.

This means, basically, that the banks can do and undo in that sense and their practices will be legal while any possible novelty in this regard is communicated to the client and he assumes it . They also have the obligation, since January 2014, to provide their clients with an annual summary of commissions and interest.

As for changing conditions, except in contracts of indefinite duration, the possibility of modifying the agreed conditions must be included in the contract, something that banks are responsible for doing almost always.

But it’s not worth everything. The client also has to say , at least in the case of contracts of indefinite duration, since the collection of commissions and / or expenses that suppose a new situation for the client, must be notified by the entity to the interested party in sufficient time and in a individualized, so that its indisputable right to know and to have, at least, the opportunity to decide in advance on the cost of commissions and expenses that are going to be passed on by the entity, to act accordingly.

Thus, the law would be infringed in the cases in which they are commissions that, without having been modified, exceed what was foreseen in the contract and / or in the commission rate or else they are fee commissions to which the contract It is referred in a general way.

In this sense, the most common bad practices of some banks are not to inform the clients in advance of the loss of free service and to charge unpaid commissions for new services, without proving that they had previously and reliably informed the clients of its cost, or with reasonable anticipation so that customers can exercise the option of accepting or not accepting the new conditions.

In summary, for the commission to be applied, the following will be necessary:

  • That they are included in the framework contract with the client, and in the book of fees and commissions of the entity.
  • That they are motivated by services effectively provided by the entity to the client.

The commissions can be modified throughout the life of the contract. To do this, it must be communicated according to the conditions stipulated in the contract for modifications one or two months in advance, either in writing or by means of a support of a durable nature submitted individually.

HOW TO CLAIM

<strong>HOW TO CLAIM</strong>

In order for a client to claim for these commissions without resorting to a judicial process, they may choose to negotiate with their financial institution , and if they do not obtain a favorable response, they may submit a claim to the entity’s Customer Service , in writing and retaining a stamped and dated copy, or send it by fax or burofax to always keep the acknowledgment of receipt.

If after this, and after the period of two months that the entity has to answer without it having done so, the next step would be to file a claim with the Bank of Spain , including copies of all the documentation previously presented, DNI and how many documents you want.

For example, the refund of the amount corresponding to the commission of an overdraft could be claimed if the bank does not prove that it has complied with the requirements established by the Bank of Spain Claims Service doctrine, such as the effective existence of claims procedures made before the Bank. customer debtor. It would not be enough to simply send a letter periodically generated by the computer.

The refund of the administration and maintenance fee shall also be applicable, if there is an obligation to maintain the account by taxation of the entity and use it exclusively to pay the interest of a deposit or to service a mortgage loan or payments derived from any other type of operation. After the publication of Order EHA / 2899/2011, of October 28, transparency and protection of the banking services client in 2012, it establishes that credit institutions that market banking services linked to the hiring of another service, financial or not, they must inform the client, in an express and understandable manner, about the possibility or not of contracting each service independently and under what conditions, as well as the total cost that corresponds to each of the services.

In addition, the Claims Service of the Bank of Spain determines that the collection of commissions for delivering the certificate of the debt or of the zero balance of the mortgage loan, or for the transfer of its agent to the notary if it wishes to process the cancellation of the registration, is considered a bad practice, since it is a precise certificate for the fulfillment of a legal obligation.