21/11/17

Will Spain be the First to Default on Pensions?



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Will Spain be the First to Default on Pensions?
// Silver For The People

armstrongeconomics.com / by Martin Armstrong / Nov 21, 2017

The Pension Crisis is brewing rapidly and we will begin to see this make headlines much more so around the world. There is hardly a country not in trouble (Norway the exception), where pensions are underfunded as governments have relied upon tax revenue. As the crisis in Spain brews, it will be the pension crisis there which blows the lid off of the entire problem. The Spanish pension system is moving rapidly toward a major crisis threatening its collapse. The Madrid government needs to issue debt to close the huge gaps as, without new debt, the pension crisis would have a meltdown this year. The question becomes when will buyers of debt realize that it is not even backed by economic growth.  This is similar to a person without a job borrowing from the bank just to pay the rent. What government have done in the management of pensions is criminal for anyone in the private sector.

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