Bank of Spain director and Pedro Sanchez ally resigns for ‘cooking the books’ 

A MAJOR scandal has erupted at the Bank of Spain following the resignation of Angel Gavilan, its Director of Economy, just 24 hours after presenting the institution’s latest annual macroeconomic report.

Gavilan reportedly quit in protest over what he called a politically motivated whitewashing of the report under new governor Jose Luis Escrive – a former Socialist minister appointed by Prime Minister Pedro Sanchez. 

Sources claim the document was heavily edited by Escriva and his close collaborator, Eva Valle, to mute criticism of Spain’s financial vulnerabilities, particularly regarding pensions, debt, and fiscal management.

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In a tense meeting, Gavilan accused the governor of ‘cooking’ the report, stripping out critical assessments long considered standard by analysts. 

Notably absent were in-depth warnings about the long-term sustainability of the pension system.

Also missing were customary policy recommendations and detailed chapters on housing and the financial sector. 

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During the presentation, Gavilan admitted the report merely echoed existing conclusions from the fiscal watchdog Airef, with ’no original contribution’.

The controversy raised serious questions over the independence of Spain’s top financial institution under Escriva’s leadership.