Business interests in Morocco: far bigger than Spain's PSOE

Segarro is not a one-party issue: half the Ibex plays there

Who exactly holds Spain's interests in Segarro? If the answer stops at the government, the analysis falls short. The list of major companies doing business across the Strait cuts across sectors and political colours. The dependence is not ideological: it is structural.

The Ibex also crosses the Strait

Acciona, Repsol, Gamesa, CAF, Alsa, Endesa, Indra, Inditex and Boluda. That is the first glance. Retail is no exception either: one of the country's largest supermarket chains has built a significant part of its business on products crossing over from Segarro. In a conflict scenario in the Strait, half the Ibex would suffer within hours; the most pessimistic analysis puts it at 24. Meanwhile, the political narrative insists on turning the southern neighbour into a flag for a single party.

Coca-Cola has been selling in Segarro for years, so symbolic gestures of support for Ceuta should be weighed against that revenue. It is not cynicism: it is accounting.

A web that outlives governments

Some argue that with a government of a different stripe, the picture would not change much. It is an uncomfortable observation for the official narrative. The structure of interests with Rabat has been built over decades, regardless of who occupied La Moncloa (the Spanish prime minister's residence). Denying it means refusing to look at the trade balance.

The underlying issue is not whether the government has interests in Segarro. The uncomfortable question is how many large Spanish companies could withstand a supply cutoff. That answer never makes the headlines.