{"id":9359,"date":"2023-05-28T07:37:11","date_gmt":"2023-05-28T07:37:11","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=9359"},"modified":"2023-10-20T14:23:58","modified_gmt":"2023-10-20T14:23:58","slug":"is-a-corralito-possible-in-spain","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain","title":{"rendered":"Is a corralito possible in Spain?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain\/#what_is_a_corralito\" >What is a corralito?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain\/#history_of_the_corralito\" >History of the corralito<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain\/#recent_corralitos_in_european_history\" >Recent Corralitos in European History<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain\/#possibility_of_having_a_corralito_in_spain\" >Possibility of having a corralito in Spain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain\/#similarities_between_the_argentinean_corralito_and_the_situation_in_spain\" >Similarities between the Argentinean corralito and the situation in Spain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-a-corralito-possible-in-spain\/#how_to_avoid_a_corralito\" >How to avoid a corralito<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>The crisis that the world is going through has a notorious impact on the Spanish economy and suspicions about\u00a0<b>a possible corralito in Spain<\/b>\u00a0are increasing by leaps and bounds.<\/p>\n<p><b>Is it really possible for this to happen?<\/b>\u00a0In this article we will review which are the issues that increase fears and which are the ones that should bring peace of mind to the Spanish people.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Warning: this article is not suitable for cardiac or political idolatry patients (both right and left). The aim is to offer an approach to the subject that will help the people to foresee possible future outcomes.<\/p>\n<p>As we do in promoting cryptos from<a href=\"https:\/\/www.bitnovo.com\/\">\u00a0Bitnovo<\/a>, our purpose is to help people find alternatives to the traditional financial and political systems that have done us so much harm over the years.<\/p>\n<p>\u00a1So\u2026 go for it!<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_a_corralito\"><\/span><b>What is a corralito?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>A corralito\u00a0<b>is a temporary restriction imposed by the government in which it prohibits its citizens from accessing funds deposited in banks.<\/b><\/p>\n<p>The aim of this imposition\u00a0<b>is to prevent a large number of people from withdrawing their savings at the same time, causing the banking system to collapse.<\/b><b><\/b><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"history_of_the_corralito\"><\/span><b>History of the corralito<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>The term \u201ccorralito\u201d emerged in Argentina in 2001 under the mandate of Fernando de la R\u00faa. At that time the country was going through a brutal economic and political crisis and the people were taking to the streets under the slogan \u201d\u00a0<b>Let them all go<\/b>\u00a0\u201c.<\/p>\n<p>Such was the crisis, that that same year Argentina got to have 5 different presidents in one week. Yes, in one week.<\/p>\n<p>One of the economic measures imposed by President De La R\u00faa was to\u00a0<b>restrict the free disposal of fixed-term cash, current accounts and savings accounts.<\/b><\/p>\n<p>The first \u201ccorralito\u201d in history lasted from December 3, 2001 to December 2, 2002.\u00a0<b>A year of prohibition of access to funds.<\/b>\u00a0A real madness.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>The word \u201ccorralito\u201d\u00a0<b>alludes to a corral like the one used to keep animals from escaping<\/b>. Although here the only animals were politicians and banks, and the corral did not allow the people to use their own money.<\/p>\n<p>From then on, this term has been used in all Spanish-speaking countries to refer to this\u00a0<b>immobilization of deposits<\/b>\u00a0carried out by the governments of various countries.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1694046891\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa%C3%B1a_2-1024x770.jpg\" sizes=\"(max-width: 1020px) 100vw, 1020px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-1024x770.jpg 1024w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-300x226.jpg 300w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-768x578.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-1536x1156.jpg 1536w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2.jpg 1595w\" alt=\"es posible un corralito en espa\u00f1a Bitnovo\" width=\"1020\" height=\"767\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-1024x770.jpg 1024w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-300x226.jpg 300w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-768x578.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-1536x1156.jpg 1536w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2.jpg 1595w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/10\/es-posible-un-corralito-en-espa\u00f1a_2-1024x770.jpg\" data-sizes=\"(max-width: 1020px) 100vw, 1020px\" \/><\/div>\n<\/div>\n<p>An Argentine protester throws stones during the 2001 \u201ccorralito\u201d protests. Will it happen in Spain?<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"recent_corralitos_in_european_history\"><\/span><b>Recent Corralitos in European History<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p><b>\u00a02013 \u2013 Corralito Cyprus<\/b><\/p>\n<p>The government of this country limited the possibility for Cypriots to withdraw money from banks.<\/p>\n<p>Cyprus was in the midst of an economic crisis since 2012 and the Eurozone prepared a 10-billion-euro rescue to avoid bankruptcy. But this was going to have its consequences and, as always, the people would have to pay for it through different measures, such as<\/p>\n<p>\u2013 The banks would not return part of the money to their shareholders.<\/p>\n<p>\u2013 Deposits over 100,000 euros would pay an extraordinary tax.<\/p>\n<p>\u2013 A capital control was imposed that did not allow money to leave the country and to be withdrawn from ATMs.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p><b>2015 \u2013 Corralito Greece<\/b><\/p>\n<p>On June 29, the Greek government announced the blockade of all bank deposits and the closure of bank offices.<\/p>\n<p>The main objective was to avoid banking panic or massive withdrawal of deposits before the holding of the referendum on the proposal of international creditors called by President Tsipras.<\/p>\n<p>The exit of money abroad was also restricted, the withdrawal of money was limited to only 120 euros a day and the Athens Stock Exchange was even closed.<\/p>\n<p>It took 4 years for the Greeks to do what they wanted with their money again. It was 50 long months of corralito and government authoritarianism.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"possibility_of_having_a_corralito_in_spain\"><\/span><b>Possibility of having a corralito in Spain<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>It is true that regions such as Latin America or Eastern Europe have proven to have more unstable economies than Spain, but since 2008 it has been clear once again that financial systems are failing for everyone.<\/p>\n<p>It\u2019s no coincidence that in 2008 (with the crisis caused by the collapse of the real estate bubble)\u00a0<b>Satoshi Nakamoto published the<\/b><a href=\"https:\/\/www.bitnovo.com\/blog\/en\/bitcoin-news\/\">\u00a0Bitcoin<\/a>\u00a0<b>paper<\/b>\u00a0that announced the creation of the first crypto in history.<\/p>\n<p>The financial system has demonstrated its failure on multiple occasions,\u00a0<b>always condemning the most vulnerable<\/b>\u00a0to pay for the failures of the most powerful.<\/p>\n<p>It is common knowledge that currently banks are going through\u00a0<b>a serious crisis worldwide<\/b>\u00a0with the appearance of the COVID-19 and Spain is one of the most affected nations.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>In this context, a recent tweet from\u00a0<b>Daniel Estulin<\/b>, two-time winner of the International Journalism Prize, has revealed\u00a0<b>a bleak picture of Spain\u2019s finances in the coming months.<\/b><\/p>\n<p><b>\u201cSpanish government is willing to freeze bank accounts obviously. We have already seen it in Cyprus. I repeat: get your money out of the banks now!<\/b><\/p>\n<p>According to this source, Pedro Sanchez\u2019s government\u00a0<b>would be willing to freeze the bank accounts<\/b>\u00a0<b>of the Spanish people<\/b>\u00a0due to the lack of collection in the Treasury and the financing problems with the European Union.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>And the Spanish constitution could be used to justify such an atrocity, since as\u00a0<b>Pablo Iglesias<\/b>\u00a0has once quoted on his Twitter account, Article 132 of the constitution states<\/p>\n<p><b>\u201cAll national wealth is subordinated to the general interest\u201d.<\/b><\/p>\n<p>And as has been demonstrated on multiple occasions, it is politicians who decide what that \u201cgeneral interest\u201d is.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"similarities_between_the_argentinean_corralito_and_the_situation_in_spain\"><\/span><b>Similarities between the Argentinean corralito and the situation in Spain<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Let\u2019s make a comparative analysis between the situation of 2001 in Argentina and the Spanish 2020. In that tragic Argentine December four things happened:<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>\u2013 Corralito: prohibition to take money out of the banks.<\/p>\n<p>\u2013 Inflation: hidden taxes.<\/p>\n<p>\u2013 Devaluation: people who had deposits in dollars were able to withdraw their funds at a third of their value.<\/p>\n<p>\u2013 Default: The state decided not to pay the Argentine public debt.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>It does not seem that a similar situation can be generated in Spain, at least in the short term, but it is true that we have already experienced notorious tax aggressions to citizens:\u00a0<b>tax increases and inflation<\/b>\u00a0(which is also a tax).<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_to_avoid_a_corralito\"><\/span><b>How to avoid a corralito<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Do you want to know how to avoid the corralito? Unfortunately, it is not in our hands to avoid it, although we can prevent that corralito from stealing\u00a0<b>our money<\/b>.<\/p>\n<p>I in particular (and having lived in Argentina), would keep my money as far away from the banks as possible and as<b>\u00a0close as possible to the crypto currencies<\/b>.<\/p>\n<p>Dare to<a href=\"https:\/\/www.bitnovo.com\/en\/buy\/bitcoin\/\">\u00a0buy bitcoins<\/a>\u00a0or other crypts that allow you to own your money without leaving it in the hands of bankers and politicians, who have shown their bad intentions and ineptitude on hundreds of occasions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>The crisis that the world is going through has a notorious impact on the Spanish economy and suspicions about\u00a0a possible corralito in Spain\u00a0are increasing by leaps and bounds. Is it really possible for this to happen?\u00a0In this article we will review which are the issues that increase fears and which are the ones that should [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[185],"tags":[],"class_list":["post-9359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-en"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=9359"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/6136"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=9359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=9359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=9359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}