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Another Big Spain Problem: Mountains Of Hidden Debt Are About To Be Revealed
WSJ has another interesting angle. As is frequently the case, when one government gets swept out of power, the new government comes in to discover that the old government was hiding tons of "secret" debt that was somehow left off of public records. Well, the Spanish ruling party is probably going to get walloped in the election. Hence, new debt discovery. From WSJ: The "hidden debt" problem first popped up in Catalonia after elections in the fall that resulted in moderate Catalan nationalists unseating a Socialist-led coalition. In December, the central finance ministry said the region's debt-to-regional-GDP ... (full story)