Spain is to forgive €17.1 billion in debt owed by Catalonia, Esquerra Republiana (ERC) president Oriol Junqueras announced on Monday.
The deal between the pro-independence party and the Spanish government covers 19.9% of Catalonia’s total debt and 22% of its FLA (Regional Liquidity Fund) debt.
At a press conference at party headquarters, Junqueras emphasized that the figures went “beyond” the initial forecast (of €15 billion, 20% of FLA debt).
Spain’s Council of Fiscal and Financial Policy will approve the cancellation of the debt on Wednesday. It will then need to be ratified by the Spanish congress.
Junqueras stressed that the agreement “doesn’t change anything” – Esquerra will not negotiate 2025 budgets with either the Catalan or Spanish governments, both of whom rely on ERC to pass legislation.
The ERC leader said that he was “satisfied” with the agreement, but warned that his party always wants “more.”