Inquiring minds may be interested in a chart of Spanish public debt over time to see how the policies of Spain and the Troika are working out in practice.
Evolution of Spanish Public Debt Over Time
I picked that chart up from estrategiastendencias.
My stab at a translation of text regarding public debt reads “Spanish banks are deluded. They must think we are going to save them from the public debt they have purchased.”
Pension Benefits Need to Drop 22-45%
Regarding pensions, here is a Mish-modified translation of various paragraphs from site: “Pension benefits need to drop between 22% and up to 45% on average to avoid bankruptcy of the system. The projected costs and revenues of Social Security until 2050 and the population pyramid ensures an inevitable adjustment to retirement benefits. We are up Spain creek without a paddle. The state does not have money for anything.”
Mike “Mish” Shedlock
