SPAIN as a nation is worse off in cash terms than Lebanon, the Czech Republic, Indonesia, Poland and even Nigeria! This perhaps startling discovery is revealed in figures provided in a widely distributed online report that places China’s government as the richest – having most money in US$ – with $2,454,300 million to spend.
The government in China spent $110 billion last year, but given their cash assets would last them another 22 years, whereas the Swiss government’s $1 billion spent last year could go on for another 262 years on their current reserves.
Lining up following China are Japan, Russia, Saudi Arabia and Taiwan. Spain ranks 47th ($28,195 million) while neighbours Portugal come in 63($16,254 million). United Kingdom ranked 26th with more than double Spain’s reserves.
If last place Eritrea – in North East Africa – wanted to invest in the €5.7 million ($7 million) diamond iphone4 featured in last week’s EWN, it would be spending a third of its $22 million available.
Read more: http://ewnbusiness.com/243/spain-feels-the-pinch