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Home > Spain Promises Much, Does Little And Will Tap Social Security Reserves For Funding

Spain Promises Much, Does Little And Will Tap Social Security Reserves For Funding

By Tyler Durden
Created 09/27/2012 - 10:33
Tyler Durden's picture [1]
Submitted by Tyler Durden [1] on 09/27/2012 10:33 -0500



 

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

The kickers:

  • 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.

 

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Source URL: http://www.zerohedge.com/news/2012-09-27/spain-promises-much-does-little-and-will-tap-social-security-reserves-funding

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