Spain Promises Much, Does Little And Will Tap Social Security Reserves For Funding
Lots of headlines but little action. Germany will not be pleased:
- SAENZ SAYS SPAIN PLANS 43 NEW LAWS TO BOLSTER ECONOMY
- SAENZ SAYS REFORM PLAN IS TO MEET PLEDGES TO EU PARTNERS
- SPAIN APPROVES DECREE ON WAGE BARGAINING
- SPAIN APPROVES INCENTIVES FOR ENERGY EFFICIENT VEHICLES: The SEAT VOLT is coming to Ibiza!
- SAENZ SAYS SPAIN TO PAY EU1,000 SUBSIDY PER EFFICIENT VEHICLE
- SPANISH BUDGET BASED ON UNCHANGED ECONOMIC FORECASTS, SEES GDP DOWN 0.5%
In other words everything will be massively wrong for the country with the epic bank run. And the one the people have been waiting for:
- SPAIN TO TAP €3 BILLION FROM SOCIAL SECURITY RESERVES IN ORDER TO FUND LIQUIDITY NEEDS.
Incidentally this is the same fund which has 9 months of pension reserves and is invested in... drumroll... Spanish Bonds!
And cue to the riotcam.