Spanish Region "Discovers" Its Budget Deficit Is Double What Was Previously Thought

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Mon, 07/11/2011 - 15:33 | 1445007 Silver Dreamer
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Always trust the government's figures.

Mon, 07/11/2011 - 15:37 | 1445021 Clueless Economist
Clueless Economist's picture

Damn Spanish Socialists

Mon, 07/11/2011 - 15:45 | 1445064 Ahmeexnal
Ahmeexnal's picture

Hang the Bourbons!!!!!!

Mon, 07/11/2011 - 15:46 | 1445069 idea_hamster
idea_hamster's picture

No, no -- this isn't socialism.  It's game theory.

The first conspirator to defect from the cartel always get the biggest reward.

Mon, 07/11/2011 - 17:14 | 1445436 TruthInSunshine
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This can happen more easily than some here think because the guy was using one of those scientific calculators, and those things are confusing as hell with all the extra buttons.

Mon, 07/11/2011 - 15:56 | 1445124 francis_sawyer
francis_sawyer's picture

Send don quixote (joe lavorgna) in there quick!

Mon, 07/11/2011 - 16:11 | 1445209 el Gallinazo
el Gallinazo's picture

¡Holy Toledo!

Mon, 07/11/2011 - 17:13 | 1445434 knukles
knukles's picture

So does this mean Spain Greeced the Yids?

Mon, 07/11/2011 - 18:55 | 1445752 nmewn
nmewn's picture

More than expected!

Mon, 07/11/2011 - 15:35 | 1445009 nope-1004
nope-1004's picture

Oops.  Minor oversight.


But, Double / Triple / Quadruple.... does it matter?

The number of broken legs on a lame horse is irrelevant.


Mon, 07/11/2011 - 16:04 | 1445175 francis_sawyer
francis_sawyer's picture

This would never happen here in the US (because here they don't even bother to come up with a budget)...

Mon, 07/11/2011 - 17:58 | 1445566 Rick Blaine
Rick Blaine's picture

"The number of broken legs on a lame horse is irrelevant."


That one is going on my list.

Mon, 07/11/2011 - 15:33 | 1445011 cossack55
cossack55's picture

Mama Mia!!! Oops. Wrong Piig.

Mon, 07/11/2011 - 15:34 | 1445015 Translational Lift
Translational Lift's picture

HAHAHAHAHAHA........Did I say that the end is near!!??  HAHAHA.......

Mon, 07/11/2011 - 15:39 | 1445023 ThirdCoastSurfer
ThirdCoastSurfer's picture

Is this what they mean by "Running of the Bulls"?

"Castile-La Mancha generates a GDP of €33,077,484,000, 3.4 percent of the Spanish GDP" -Wikipedia

Mon, 07/11/2011 - 16:09 | 1445197 SwingForce
SwingForce's picture

Running of the Bullshit!

(Domino scene from V)

Mon, 07/11/2011 - 16:42 | 1445313 DonnieD
DonnieD's picture

Everything is bullshit. My Verizon FIOS bill is tricks and bullshit. My cell phone bill is indecipherable bullshit. My health insurance is more confusing bullshit. My house equity was obvious bullshit. My 401k and retirement account is super bullshit right about now. Am I missing anything?

Mon, 07/11/2011 - 15:37 | 1445025 traderjoe
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A system awash in debt at all levels. One that requires infinite credit growth. Mathmatically destined for failure.

Mon, 07/11/2011 - 15:39 | 1445026 WALLST8MY8BALL
WALLST8MY8BALL's picture

That just soured the La Pandorga festival....

Mon, 07/11/2011 - 15:37 | 1445027 101 years and c...
101 years and counting's picture

her life insurance carrier just dropped her due to associated risk.

Mon, 07/11/2011 - 15:41 | 1445041 freethinker4now
freethinker4now's picture

We are all good Europeans here in Ireland, we will pay our debts no matter what pain it brings. First Europe, second Ireland for I am a true Europhile... :|

Mon, 07/11/2011 - 15:41 | 1445042 Caveman93
Caveman93's picture

This is going to be neat!

Mon, 07/11/2011 - 15:42 | 1445048 camoes
camoes's picture

Puta madre!

Mon, 07/11/2011 - 15:43 | 1445057 SheepDog-One
SheepDog-One's picture

Well I'm SURE theyve learned their lesson THIS time! Now go eat your peas!

Mon, 07/11/2011 - 15:45 | 1445065 firefighter302
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Government being government.



Mon, 07/11/2011 - 15:47 | 1445076 Dick Darlington
Dick Darlington's picture

Anyone remember Catalonia? Economy of the size of Portugal. All the news has been shrugged off by the group thinking bus full of pundits and bankers but maybe this time it will come back to bite their arses off.

First, they missed last years target:

Second, they will miss this years target:

Mon, 07/11/2011 - 15:56 | 1445126 ThirdCoastSurfer
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Nice addendum. 

"GDP of Catalonia was €216.9 billion, the highest in Spain"

Mon, 07/11/2011 - 15:49 | 1445082 monopoly
monopoly's picture

Now this is starting to get interesting. Check out FAZ. And C going back to 5...:). No position.

Mon, 07/11/2011 - 16:00 | 1445151 ThirdCoastSurfer
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Yeah, but then there's the volume. POMO may be dead but the plunge protection team now owns most of the remaining equity positions (only half kidding). 

Mon, 07/11/2011 - 15:50 | 1445096 gwar5
gwar5's picture

Deficit bigger than Spain imagined? Who saw that coming? Muy bien, they're just like Obama!

Who knew that wasting $3 Trillion putting street cred on Obama's marxist posing would leave him a gaping budget hole the size of the Grand Canyon? 

Obama's big vision was to copy Spain's miserably failed socialista green jobs march into insolvency. Mission accomplished Presidente Obama!  Hide the decline and hide the deficits while you're at it.

Spanish "progress": Bankruptcy with the unemployment already at 22%.   



Mon, 07/11/2011 - 16:00 | 1445149 francis_sawyer
francis_sawyer's picture

Quick... Send FLOTUS and her merry band of french fry eating fatties on another trip to Alhambra...

Problem solved!


Mon, 07/11/2011 - 19:26 | 1445840 IQ 145
IQ 145's picture

 LOL! eh; stop, you;'re cracking me up. Seriously (?), Spain has a housing over-build, over hang, that represents a fully developed human speculative frenzy; like tulipmania. Spain had a budget surplus in 2007, (fiscal), of 2%. This was entirely due to waterfalls of currency pouring into the country from banks all over the map to finance the frantic made construction of everything everywhere, and then a couple of more, just for good measure. By 2008 they were back to a normal -14% defecit. The Banks turned off the let's build something theme; and all the immigrant construction workers from all over easter Europe went home; and what's left is a big bubble gum bubble with no obvious means of support. Spain has a long tragic history; but the Euro is going to have a mercifully short tragic history.

Mon, 07/11/2011 - 19:13 | 1445803 CompassionateFascist
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You mean they tell the truth about unemployment in Spain? Because 22% is about the real # for USA....which, by this time next year, will seem like prosperity.

Mon, 07/11/2011 - 19:13 | 1445804 CompassionateFascist
CompassionateFascist's picture

You mean they tell the truth about unemployment in Spain? Because 22% is about the real # for USA....which, by this time next year, will seem like prosperity.

Mon, 07/11/2011 - 15:51 | 1445099 papaswamp
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Mon, 07/11/2011 - 15:52 | 1445104 web bot
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Is this starting to smell like July 2008... when only a couple of hundred people across the globe started to pick up on the fact that something wasn't right....?

Pre 2008, the world worked great... now it looks like everything is starting to really, really come apart.

Mon, 07/11/2011 - 15:52 | 1445106 moldygoat
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Kind of reminds me of Rumsfeld anouncing 2.3 trillion is missing. A little terror or cyber attack would help all this be forgotten.

Mon, 07/11/2011 - 15:53 | 1445109 AcidRastaHead
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This likely won't be the only example of a new government taking over and finding the previous admin has not been forthcoming with financials.

Mon, 07/11/2011 - 15:53 | 1445110 savagegoose
savagegoose's picture

that is my dream, that is my quest

to double, the undoubleable double down!


toooooo reaaaachh the unnnnnnn reeeaaacchhaaaable  drrrrrrrrrrreeeaaam


Mon, 07/11/2011 - 15:53 | 1445115 treemagnet
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Maybe a third round of stress tests will do the trick....but they have to read the instructions properly.

Mon, 07/11/2011 - 15:55 | 1445121 johngaltfla
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I wonder how long it will be until we start "discovering" how many municipalities and counties lied about their numbers.


Mon, 07/11/2011 - 15:56 | 1445122 mayhem_korner
mayhem_korner's picture

Spain keepin' its own golf card, eh?

Mon, 07/11/2011 - 15:59 | 1445142 A Man without Q...
A Man without Qualities's picture

The brilliant Edward Hugh has been covering the "hidden" debt in Spanish regions for a long time.  Frankly, these revisions should come as no surprise.

Mon, 07/11/2011 - 16:02 | 1445159 carbonmutant
carbonmutant's picture

Stess tests, we need more stress tests...

Mon, 07/11/2011 - 16:03 | 1445161 francis_sawyer
francis_sawyer's picture

They'd better keep a close eye on all the Germans washing up on Ibizia...

They may mean business this time...


Mon, 07/11/2011 - 16:09 | 1445195 kito
kito's picture

spooky action at a distance...................

Mon, 07/11/2011 - 16:10 | 1445200 speconomist
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Tyler I sent you something exactly like this post about the city of Sevilla one month and a half ago.

Mon, 07/11/2011 - 16:12 | 1445214 youngman
youngman's picture

and California has missed its income projections the last two know the projections that they used to make their smoke and mirror budget deal....

Mon, 07/11/2011 - 16:16 | 1445217 JuicedGamma
JuicedGamma's picture

Now you know what the dos equis man has been doing in his free time, and it ain't playing hide the sausage.

Mon, 07/11/2011 - 16:17 | 1445229 speconomist
speconomist's picture

dos equis man? What do you mean?

Could it be that Spanish people always ask for 2x of something??

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