Latest news out of Spain - government has spent 90% of pension fund!

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04 Jan 2013 11:03 by moncapitan Star rating in South by South West. 117 posts Send private message

Things seem to be going from bad to worse on the fiscal side of things...

The latest news seems to be that the government has fleeced pensioners of today and tomorrow by spending 90% of the pension fund on worthless spanish bonds...  it can only end badly! 


Let's get deeply into debt. 

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04 Jan 2013 13:13 by mac75 Star rating in Valencia. 409 posts Send private message

mac75´s avatar

 Wow this has been kept very quiet!! I new they had tapped into the reserve fund a couple of times but had no idea they had risked 90% of the fund! Very worrying. It appears to be an all or nothing bet before calling for a bailout!


A donde el corazón se inclina, el pie camina.

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04 Jan 2013 13:36 by Sanchez1 Star rating. 853 posts Send private message

Spanish bonds have done extremely well recently so the Social Security Reserve Fund is likely to be sitting on a nice profit!  The problem would be if they tried to sell their holdings as the price would collapse!!


Read my blog: Spain Money Saving Tips and Offers 

Use TransferWise to send money abroad. A lot cheaper than the bank and other online currency exchanges!.



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04 Jan 2013 13:52 by moncapitan Star rating in South by South West. 117 posts Send private message

 exactly Sanchez - there are no foreign buyers.

it is a buyer of last resort.  one wonders who will be buying spanish bonds in 2013!!


Let's get deeply into debt. 

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