Say It Isn't So! (Debt Fraud In Spain?)

Well well what do we have here?

Economists, analysts and anecdotal reports from companies that supply local governments suggest there is widespread, unrecorded debt among once-free-spending local governments. Some companies are complaining that fiscally frail administrations are pressuring them to do business off the books and not immediately bill for goods and services, said Fernando Eguidazu, vice president of the Circulo de Empresarios business lobby group in Madrid.

When you go into a bank and apply for a mortgage you sign the documents in which you state, under penalty of Federal Law, that you have accurately represented your assets and liabilities. When nations do the same thing with the assistance of various banks and other institutions, why is it that.... Continue reading here.