Hidden’ debt raises Spain bond fears


Canada Dette Publique - 2011

Vous remarquerez la dette/habitant du Canada est plus élevée que celle des États-Unis ou la Grèce.


Source :  The global debt clock

Quand M. Harper se vante que le Canada va résorber le déficit en 2013-2014, les agences de notations sont un peu plus brillantes que cela, il regarde l’ensemble de la dette du pays, car il n’y a qu’un seul contribuable, vous M . les concitoyens pour supporter les dettes de tous les paliers gouvernementaux, dans le cas du Canada, fédéral, provincial et municipal.

Donc, il peut bien vanter les mérites d’un futur équilibre budgétaire, par contre si les provinces font des déficits structurels, on ne fait que camoufler le problème, et soyez assurer les agences ne sont pas dupes à ce petit jeu.

Le Canada ne se fera pas probablement pas décoté, mais ce sont les provinces qui ont l’odieux des déficits structurels qui risquent de l’être.

Si on revient à l’Espagne, au mois de Mars 2011, elle a été décoté à cause de ces banques et des régions qu’elles ne contrôlent plus les dépenses.

Il semble, qu’il y a plus qu’un squelette dans le placard, pour les dettes des régions.

Extrait de: ‘Hidden’ debt raises Spain bond fears, By Victor Mallet in Madrid, FT, May 16 2011

The rapid growth of “hidden” public debt in Spain is likely to be revealed by incoming regional and local administrations to be elected on Sunday, 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.

Latest data from the Bank of Spain, calculated in accordance with European Union guidelines, show that the country’s 17 autonomous regions have nearly doubled their public debt to more than €115bn ($160bn) since 2008, while municipal and provincial debt has risen to €35bn. Central government debt stands at €488bn.

But the Freemarket report recalls that public companies owned by local and regional governments are also heavily indebted, and that the figures of many of these groups do not have to be included in EU calculations.

Espagne - Dette régional

“In fact there are about 5,200 regional and local entities with indebtedness that is not included in the official accounts, amounting to some €26.4bn,” it says.

Another popular method of hiding public debt during the fiscal and financial crisis of the past three years has been to leave bills unpaid. Pharmaceutical companies and other suppliers to hospitals, for which the regions are responsible, are, for example, owed €4.2bn for accounts overdue, says Mr Bernaldo de Quirós.

The report notes that the risk premium for the regions, as measured by the interest rate spread over benchmark German Bunds, is double that of the Spanish state, suggesting the markets have little faith in their ability to pay and will be reluctant to refinance them in the months ahead.

Spanish Socialists, who govern at the national level, are expected to lose ground across the country in Sunday’s elections. Opinion polls forecast they will lose the central region of Castilla La Mancha and cities such as Seville to the rightwing Popular party. Catalan nationalists are expected to oust the Socialists in Barcelona.

Sovereign bond market investors accept that Spain has done a better job at controlling its central government debt and its deficits than eurozone bail-out candidates Greece and Portugal. But they have become increasingly anxious in recent months about the failure of regions such as Catalonia to comply with deficit targets.

Madhur Jha, economist at HSBC, said in a report on Spain published on Monday that revelations of larger than expected deficits by incoming regional governments would be worrying. “This would raise serious jitters about Spain’s fiscal austerity programme,” said the HSBC report.