A significant shift appears to be underway among Spain's business elite, following revelations from an investigation implicating Santos Cerdán in the Koldo case, which has raised alarm bells regarding the political future of Prime Minister Pedro Sánchez.

Business leaders are now advocating for a 'calm transition' in governance, fearing disruptions could jeopardize the country's economic stability and its access to approximately €20 billion in European Union recovery funds.

Following the disclosure of corruption related to the allocation of public works contracts, several high-ranking executives from major corporations have expressed uncertainty about the continuity of Sánchez's leadership.

They anticipate that the current political landscape will shift before the next scheduled elections in 2027. However, they emphasize that any governmental changes must be managed delicately to avoid an economic standstill.

Noteworthy apprehensions have emerged regarding several pending Strategic Projects for Economic Recovery and Transformation (PERTE), which have been years in the making.

Executives have cautioned that a political or administrative paralysis could halt the disbursement of essential EU funds, thereby thwarting ongoing reforms and economic recovery efforts.

CEOs and presidents from various sectors have highlighted the critical juncture that Europe is currently experiencing.

They warn that Spain risks falling behind in investment and artificial intelligence development if political instability continues.

One senior executive underscored the need for political leaders to reflect deeply on what the country might lose if governance fails to improve.

While major companies have adopted a composed outlook towards potential political changes, legal experts point out the importance of maintaining a stable legal environment.

They argue that continual political crises can undermine the foundations necessary for effective governance and reform.

In the real estate and energy sectors, concerns have escalated over rising housing prices and an impending energy crisis, with some executives claiming the government has prioritized its own survival over necessary reforms.

Notably, delays in implementing a proposed diesel tax have contributed to a reduced distribution of EU funds, currently projected to stand at around €20 billion.

Brussels has already raised concerns about Spain's significant delays in meeting milestones outlined in its reform plan necessary for securing remaining grants.

With a deadline set for August 2026, the pressure has mounted on the Spanish government to finalize its commitments to ensure continued access to vital financial assistance.

Tech sector leaders affiliated with the ruling PSOE have warned against calling for elections at this critical juncture, insisting there is still much to accomplish in the upcoming months.

Many feel that Spain's regional communities, governed by PSOE barons or coalition partners, will resist a sudden halt to political processes that threaten their local commitments tied to EU funds.

In regions such as Catalonia, the Basque Country, Navarre, and Asturias, initial calls for calm have emerged despite the gravity of the UCO report's findings.

As long as further damaging revelations do not emerge that might render the current government's position untenable, it is believed the summer political pause may lead to crucial legislative decisions regarding budget approvals.

The Spanish government has indicated it is considering the possibility of extending existing budget agreements.

However, the approval of the new public accounts, which are currently under scrutiny, along with expedited recovery reforms for Brussels, will serve as a significant test of Sánchez's government resilience.