Luis Garicano 🇪🇺🇺🇦 Profile picture
May 25, 2021 19 tweets 6 min read Read on X
Llevo meses alertando de las irregularidades en el rescate a Plus Ultra. He presentado una denuncia ante la Comisión Europea y el Gobierno ha tenido que dar explicaciones.

Tras estudiarlas a fondo, me reafirmo: Es una ayuda de Estado ILEGAL. Abro HILO con la investigación🔎 1/19
Contexto: tras mi denuncia ante la Comisión Europea por ayuda de Estado ilegal a Plus Ultra, el Gobierno ha enviado sus explicaciones a la Comisión. Presentamos nuestra respuesta el 20 de mayo y hoy la vamos a compartir con vosotros. 2/19
Hay 4 argumentos clave sobre Plus Ultra que explico en mi escrito:
👉 No es una empresa estratégica
👉 Estaba en crisis antes del Covid
👉 No es viable: no podrá devolver el dinero en 7 años
👉 La ayuda es manifiestamente desproporcionada
3/19
NO ES ESTRATÉGICA
⭕ Tiene 4 aviones y solo vuela a 3 países
⭕ Cuota de mercado del 0.1% del mercado aéreo español (0.2% si solo se consideran empresas 🇪🇸)
⭕ En las conexiones Madrid-Latinoamérica (su mercado geográfico) tiene la cuota de mercado más pequeña: 1.5%
4/19
¿Y, por qué es un problema que no sea estratégica?
👉 Porque va en contra de la Sentencia del Tribunal General de la UE
👉 Porque es arbitraria: si Plus Ultra no es estratégica, pero ha recibido una ayuda millonaria, ¿Por qué no la recibe un bar o un hotel?
5/19
PLUS ULTRA ESTABA EN CRISIS ANTES DE LA PANDEMIA
❌La UE autorizó al Gobierno a dar ayudas estatales siempre y cuando la empresa NO estuviese en crisis
🧑‍⚖️ ¿Cómo se sabe si está en crisis? Si las pérdidas acumuladas han hecho desaparecer más de la mitad del capital suscrito 6/19
⭕ Desde su creación en 2015, Plus Ultra no había tenido beneficios ningún año (en 2019, antes de la pandemia, tuvo 2.7M de pérdidas)
⭕ Acumulaba 13M de pérdidas, es decir más de la mitad de su capital suscrito (19.2M) 7/19
Para cumplir con el requisito y recibir la ayuda, Plus Ultra utilizó un préstamo participativo SIMULADO de €6.3m que le dio la empresa panameña Panacorp. Os explico el truco en el video (aviso: huele fatal) 8/19
UNA AYUDA MANIFIESTAMENTE DESPROPORCIONADA
Según la ley, la ayuda no puede ser mayor a las pérdidas de capital sufridas entre 31/12/2019 y el momento de la solicitud, el 02/09/2020. En el caso de Plus Ultra, consta que, a finales de octubre de 2020, había perdido, 16.3M
9/19
El Gobierno le ha dado una ayuda ¡3 veces mayor que la cantidad legalmente permitida! a una empresa controlada por personas de dudosa reputación 10/19
RIESGO DE QUE EL DINERO NO SE DEVUELVA

Plus Ultra dice que recuperará su nivel de actividad en 2022, pero organismos internacionales de aviación civil estiman que en el mejor de los casos será en 2024
👉 los vuelos internacionales fuera de la UE serán los que más tarden 11/19
Incluso con unas estimaciones tan optimistas, Plus Ultra espera perder 34M entre 2020 y 2022.

¿Cómo va a poder cubrir el agujero de pérdidas acumuladas y devolver €53m en 2026 (como se ha comprometido con la SEPI), sabiendo que jamás ha generado beneficios? 12/19
LA TRAMA VENEZOLANA

Si Plus Ultra no es estratégica para España y no cumplía las condiciones para recibir la ayuda… ¿para quién es estratégica? 13/19
Los accionistas de Plus Ultra están relacionados con investigaciones por corrupción y blanqueo de dinero. 14/19
La ex fiscal general de Venezuela ha acusado al Presidente y accionista de Plus Ultra, Rodolfo Reyes, de operar compañías corruptas en beneficio de Nicolás Maduro 👇15/19
En conclusión, las explicaciones del Gobierno ante Bruselas no solo no eliminan las sospechas, sino que confirman todos los extremos de mi denuncia 👇
16/19
Voy a ser muy claro: El Presidente del Gobierno y los ministros implicados deben dar explicar a todos los españoles y asegurar que la ayuda pagada del bolsillo de los contribuyentes no acaba en una cuenta en Panamá. 17/19
Esta mañana he dado una rueda de prensa donde explico con detalle todo el caso. Podéis verla aquí 👇18/19
Y aquí podéis ver el escrito de alegaciones que he enviado a la Comisión 👇 19/19
luisgaricano.eu/wp-content/upl…

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More from @lugaricano

May 29
Germany's powerful Sparkassen (359 local savings banks with €2.5 trillion in assets) are a key obstacle to completing the banking union (together with the Italian government). Why?
THREAD on my Silicon Continent post 1/11 Image
Without a banking union, the sovereign-bank doom loop threatens to return to the EU.
This is where a crisis in a country's government and its banks can dangerously feed each other, a risk now higher with rising interest rates.
Link to post:

2/12siliconcontinent.com/p/the-return-o…
The Sparkassen are deeply tied to local German politics. County governments appoint their board members and committee chairs.

According to @nicolas_veron and Markgraf @Bruegel_org 82 percent of Sparkassen board chairs are elected officials.
3/12 Image
Read 12 tweets
Apr 30
THREAD: It is clear that something has gone horribly wrong in European energy policy. How did this happen? Why did the entire political center go along with this?
My views on the anatomy of an error from our post today. 1/11🧵 Image
Like many, I assumed grid operators, utilities, and industry would intervene if truly catastrophic policies were being implemented. We trusted that leaders like Angela Merkel and Mark Rutte would get sound advice and make sensible decisions. 2/
siliconcontinent.com/p/anatomy-of-a…
Why did politics fail?
My hypothesis: climate action is politically difficult. Its benefits are slow and global. Voters know they can free-ride, while immediate costs are clear and the worst climate impacts fall on future generations. Selling sacrifice is hard. 3/
Read 11 tweets
Feb 16
This Draghi piece is a quiet indictment on the @EUCommission's failrue on its core Treaty mandate: "establishing the internal market" & ensuring "free movement of goods, persons, services and capital."
A thread with the facts adn saying the quiet part out loud
1/ Image
PRICES:
IMF shows EU internal barriers =
- 45% tariff on manufacturing,
- 110% on services.

As services become more important in the economy, barriers on service trade create an even bigger drag on growth.

2/
ft.com/content/13a830…
PRICES:
Trade costs in services have fallen more for non-EU imports (16%) than within the EU (11%) since mid-1990s.

This shouldn't happen in a truly integrated market.
3/
Read 9 tweets
Feb 15
The Italian SuperBonus: How a badly designed fiscal "stimulus" ballooned to 6 times its budget to cost 12% of Italy's GDP, and what it tells us about the fiscal governance of Europe.

A thread on my Silicon Continent post.
(1/11) Image
In 2020, Italy launched a program to subsidize 110% of home renovation costs. The objective was to improve energy efficiency and stimulate an economy.

Initially budgeted at €35B, it will end up costing €220B.
(2/11)
siliconcontinent.com/p/how-to-incin…
As any economists would have pointed out, the program creates perverse incentives: the homeowner and the builder share the incentive to make the biggest renovation possible.
Indeed @lucianocapone (hero of this story) wrote it the day it was approved
3/ ilfoglio.it/economia/2020/…Image
Image
Read 11 tweets
Feb 7
The Netherlands is Europe’s best-governed country. Unfortunately, it is paralyzed. Construction is freezing up, and Europe’s most valuable tech company (ASML) is threatening to leave. What happened should be a warning for every other EU member state. THREAD (1/11) Image
2/ The EU's Habitats Directive required protected nature areas with strict nitrogen thresholds. The Netherlands spread these areas out.

Emissions limits are now breached across the country. Link to today’s post by @pietergaricano:
siliconcontinent.com/p/target-price…
3/11 In 2019, courts ruled the govt’s approach illegal and construction was frozen.

The govt announced a plan to spend 2% GDP to mitigate emissions.
Read 11 tweets
Jan 15
🧵While Brussels dreams up new billion-euro funds, businesses suffocate under red tape. Draghi's report maps our regulatory labyrinth, yet prescribes more debt as the cure. France now pays higher rates than Greece. Here's the story.
(From my Silicon Continent post today)
1/10 Image
Over the last decade, we've witnessed an unprecedented debt explosion. Just energy crisis measures cost €651bn in 16 months.

Yet EU growth remains anemic. Our supposedly "neoliberal" era has paradoxically increased business regulations and constraints.
siliconcontinent.com/p/focus-on-the…
The alternative can be seen in the countries forced to reform during the euro crisis. Greece, Ireland, Portugal, and Cyprus have outperformed the eurozone in growth and job creation for a decade. Not from debt - from structural reform. Image
Read 10 tweets

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