Spanish Intelligence Looking into Debt Market Manipulation

by Marilou Moursund on February 16, 2010

in Banks,Credit Crisis,Debt,Foreign Markets

According to this article from Reuters titled “Spanish intelligence probing debt “attacks”“, Spain’s National Intelligence Centre (CNI) is looking into “speculative attacks” on the nation’s sovereign debt following the turmoil in Greece.  Spain’s deficit has soared to 11.4% of GDP, and unemployment has risen to 20%.  Cutting spending in this environment to bring the deficit under control will be difficult.

This sounds to me like companies that blame their problems on short sellers when all along they have been cooking the books.  I hope that the CNI didn’t see my post last week titled “The PIIGS are Back at the Trough” about the debt woes of Portugal, Italy, Ireland, Greece, and Spain (the PIIGS).

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