The Mondragon Group is faced with a very serious problem that will have to be solved as best as possible if it does not want to cause a disaster: to lose thousands of jobs and destroy the hard core of its production network. The problem is no longer just the paralysis of Fagor Household Appliances’ payments and Eroski’s giant financial debt of EUR 2.5 billion. The problem is compounded by some 40,000 small savers who bought subordinate contributions from Eroski and Fagor, totalling EUR 845 million. And the situation becomes even more complicated when the judgment of a court in Bilbao opens the door to the repayment of money to these savers.

The provisional proposal by Eroski and the financial institutions to pay the debt to these savers - the cancellation of 30% of the debt, the recovery of 15% in liquid money and the remaining 55% in 12-year bonds - has not convinced the owners of the contributions. If this proposal is not improved, savers will take the legal route and we already know what the judge’s judgment will be from now on. Can Laboral Kutxa face your share of responsibility? Will the Mondragon Group be able to respond to this situation? Only they, it seems not.

To meet the demands of savers and save Mondragon, you have to think about other solutions, and banks and boxes may also have to pay off some of the debt that Eroski has to them. Over all these years, when there has been wealth, these institutions have gained numerous benefits through the operations of the Mondragon Group. Now, once the shortage has come, they should help to resolve this serious situation and accept some of the debt being paid to them. In this way, Eroski would be able to meet the demands of savers and Mondragon would keep his jobs, continuing to generate wealth at the service of the Basque Country. Mondragon has to do self-criticism, but it cannot fail. For Euskal Herria it is vital.