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Spain Taps Social Security Reserve Fund To Pay Pensions

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Spain tapped its social security reserve fund for the second time in a month on Monday, the Labour Ministry said, to help with extra summer pension payments as unemployment and retirement costs deplete government funds. The government turned to the fund for 3.5 billion euros (2.9 billion pounds) on July 1 then for a further 1 billion euros on Monday. Spain was forced to tap the reserve for the first time last year to help pay pension costs, using some 7 billion euros. Record high unemployment, which hit over 27 percent in the first quarter, and a growing number of retirees on a state pensions receive two cheques in summer and two over the Christmas holidays, have put an unprecedented strain on Spanish social security funds.

Its nice to be Spanish pensioners and receive two cheques in summer and two over the Christmas holidays paid by government. Link

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Only a few months ago I mentioned that spain had sold most its foreign debt to buy its own debt. It looks like it has now sold ALL its foreign debt and has nothing left to sell.


UKIP has gone down in the polls as Europes gone a bit quiet of late...expect that to change within the next few months.

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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