Thanks a lot, JS for suggesting this article: Spain Taps Pension Fund in Borrowing Spree - WSJ.com

Spain Taps Pension Fund in Borrowing Spree - WSJ.com:

By DAVID ROMÁN

MADRID—Spain has been quietly tapping the country's richest piggy bank, the Social Security Reserve Fund, as a buyer of last resort for Spanish government bonds, raising questions about the fund's role as guarantor of future pension payouts.

Now the scarcely noticed borrowing spree, carried out amid a prolonged economic crisis, is about to end, because there is little left to take. At least 90% of the €65 billion ($85.7 billion) fund has been invested in increasingly risky Spanish debt, according to official figures, and the government has begun withdrawing cash for emergency payments."