Public Sector


Tensions in Social Security

For the past eight years, Spain’s Social Security has been in the red. From 2010 to 2016 its budget deficit was financed via the Social Security Reserve Fund, created from budget surpluses in previous years. However, in 2017, with the Social Security Reserve Fund running out, the State Treasury granted a loan to Social Security to finance its budget deficit, something which is also expected to happen this year and which highlights the existence of a structural problem in Social Security funding. The following data illustrate the problem: while revenue...

Monthly Report - Focus

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