Saturday, April 6, 2013

97% of Spain’s Social Security Pensions are Invested in Spanish Government Debt

by Mike Shedlock
MISH’S Global Economic Trend Analysis

Looking for a disaster waiting to blow sky high? I have one right at hand. El Economista reports 97% of pensions are invested in Spanish government debt in 2012.
The Reserve Fund of Social Security in 2012 increased their holdings of Spanish debt to 97% of total assets, up from 90% who had in late 2011.
Over 70% of purchases are recorded in the second half of 2012, according to Bloomberg points, after the critical moment when ECB President Mario Draghi, undertook to do “whatever it takes” to defend the euro. A message that helped ease the constraints and helped drive Spanish debt.
In 2007, the money invested in financial assets were divided fairly (50%) between Spanish debt and foreign debt, but this proportion began to change in 2008.
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