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Spain nasty surprise: the revelation of piles of undisclosed debt. . .

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    Spain nasty surprise: the revelation of piles of undisclosed debt. . .

    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

    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.
    Fiscal nomad it's legal.

    #2
    Will they really be in debt for a hundred years? Doesn't seem worth it in exchange for 10 years party time.

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      #3
      That'll be why my Lloyds shares are down again. :-(
      What happens in General, stays in General.
      You know what they say about assumptions!

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        #4
        Originally posted by TimberWolf View Post
        Will they really be in debt for a hundred years? Doesn't seem worth it in exchange for 10 years party time.
        Compound interest
        Fiscal nomad it's legal.

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          #5
          This cannot be true.

          No Spanish Socialist would ever do anything to present a better front than what is actually true.

          Oh and it will not be Ireland II - it will become Ireland x 10.
          "Condoms should come with a free pack of earplugs."

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            #6
            At least they've got nice climate there?

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              #7
              Manana


              (that isn't the theme tune to the Muppets btw, that's manananana)

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                #8
                Originally posted by TimberWolf View Post
                Manana


                (that isn't the theme tune to the Muppets btw, that's manananana)
                It seems the term for paying due bills is not Manana but "In 2.5 years".

                Anyone wants to contract in Spain? haha - they should get that application form for the Afican League done sooner rather than later.
                "Condoms should come with a free pack of earplugs."

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                  #9
                  Originally posted by TimberWolf View Post
                  Manana


                  (that isn't the theme tune to the Muppets btw, that's manananana)
                  Do you mean this one?

                  "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

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                    #10
                    Originally posted by DaveB View Post
                    Do you mean this one?

                    Yep, although on that one the sound has been disabled.

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