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Europe's Debt Crisis Exacerbated by Sacrosanct Pensions
The New York Times; subscription may be required 
Sept. 30, 2012
"[P]ension expenditures represent the single biggest line item in the Spanish government's budget, at nearly 40 percent of public spending and 9 percent of Spanish gross domestic product.... The fact that Spanish public pensions are not only off limits to the budget knife but also are being enhanced, is a reminder of one reason that European debt and deficit problems have proved so difficult to resolve."
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