‘Hidden’ debt raises Spain bond fears

The rapid growth of 'hidden' public debt in Spain was likely to be revealed by regional and local administrations elected on the 22 may 2011, damaging Spain’s credibility in the bond markets, according to a report.

'It is clear that in some or even many regional governments the official accounts do not reflect the truth,' says the research by Freemarket Corporate Intelligence, a consulting firm run by Lorenzo Bernaldo de Quirós, an economist critical of Spain’s devolved system of government.

ESO: Background information: Spain’s regions urged to stick to deficit limits http://www.europeansources.info/record/spains-regions-urged-to-stick-to-deficit-limits/

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