I have always thought that Spain was in worse shape than Portugal, looks like they have been hiding it, but why? Did they think things were going to turn around quickly, or were the hoping to get re-elected before anyone found out. Looks like Ireland mark II.
So Spain, this is how it turns out, you don't re-elect the current government, house prices crash at 1.7% per month. New government will put you in debt to IMF for the next 100 years, and steal your pension fund.
Spain Vote Threatens to Uncover Debt - WSJ.com
So Spain, this is how it turns out, you don't re-elect the current government, house prices crash at 1.7% per month. New government will put you in debt to IMF for the next 100 years, and steal your pension fund.
Spain Vote Threatens to Uncover Debt - WSJ.com
MADRID—Weekend elections that threaten to drive Spain's ruling Socialist party from power in several regions and cities also promise a potentially nasty surprise: the revelation of piles of undisclosed debt in local governments that could undercut the country's drive to avoid an international bailout.
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