Who of thought local politicians hiding debt off balance sheet in Spain!
“MADRID—Weekend elections that threaten to drive Spain’s ruling Socialist party from power in several regions and cities also promise a potentially nasty surprise: the revelation of piles of undisclosed debt in local governments that could undercut the country’s drive to avoid an international bailout.”
Spain will go the same way as Port, Ire & Greece. Oh and the focus is shifting to Italy.
And then there are the mayors of local councils such as El Ejido that are accused of stealing 200 Million Euros, serve 6 months in Prison as bail is refused, and still represent the town as the Mayor!!
His face is all over El Ejido on bill-boards standing for re-election whilst the small matter of this fraud rolls on through the courts and the search for the missing 200 Million Euros continues.
Spain has no hope, until it has a generational change that does not tolerate corruption.
JP1. I fully agree with you & the change will not come in the absence of strict rules & enforcements. The strict enforecement may be a return to a Franco type of actions. This could be for a short period. This could do Spain & its economy etc a world of good.
I was emailed by http://www.moneyweek.co.uk this morning about this looming problem for Spain and the Eurozone, an interesting read too, it’s looking like a bomb is about to go off with Spain’s finances. 🙄
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