Pension Reform Approved, But Debt Could Hit 123% of GDP

The government has successfully passed pension reform, but the Independent Authority for Fiscal Responsibility (Airef) has cautioned that this will lead to a significant increase in public spending, potentially raising the national debt to 123% of GDP. This situation may affect investor sentiment through the channel of risk appetite, as concerns over rising debt levels could lead to increased volatility in the bond markets. Sovereign bonds, particularly those of the Spanish government, are most exposed due to the implications for fiscal sustainability and credit ratings. Traders will closely watch upcoming economic data releases, particularly GDP growth figures, to assess the impact of these reforms on economic performance and debt dynamics.

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