Spanish Pension Fund Profits From Draghi as Rajoy Raids Reserves

Spanish Pension Fund Profits From Draghi as Rajoy Raids Reserves

Denis Doyle/Bloomberg

Spain’s state-run social security system, also in charge of unemployment benefits, stopped registering surpluses in 2011. Recession is crimping contributions paid by workers and their employers. At the same time spending has increased due to a record jobless rate.