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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