Local governments hidden debts to be exposed!

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This topic contains 4 replies, has 5 voices, and was last updated by  angie 7 years, 6 months ago.

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  • #55935

    Anonymous
    Participant

    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.

    http://online.wsj.com/article/SB10001424052748704281504576331280001740702.html?mod=WSJ_hp_MIDDLETopStories

  • #104578

    Anonymous
    Participant

    the words fan hit and s**t spring to mind should be an intresting couple of months ahead as all of this comes out

  • #104581

    Anonymous
    Participant

    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.

  • #104582

    Anonymous
    Participant

    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.

  • #104597

    angie
    Spectator

    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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