SPAIN'S DEFICITS are literally skyrocketing (emphasis mine just to point out something important after the quote):

Spain's current account deficit widened in January to EUR 4.15 billion, the Bank of Spain said.

The balance of payments on the current account is the main measure of the difference between all transaction flows into and out of a country.

The Spanish central bank said in a statement that the trade deficit had widened to EUR 4.67 billion from EUR 2.98 billion in January 2004, reflecting a strong increase in imports, up 13.1 percent on the year.

Growth in exports marked a "substantial slowdown" meanwhile, rising by just 1.1 percent, while the surplus in services widened to EUR 1.43 billion from 1.29 billion.

The surplus in tourism remained virtually unchanged at EUR 1.59 billion, compared with EUR 1.58 billion a year earlier.

What's conspicuosly absent from this report is previous data on the current account deficit. You know, to compare and all that.

Well, according to this link in Spanish, the current account deficit January this year is a whopping 413.6% bigger. Even worse, the aggregated current account and capital deficits rose from €633 million in Jan 04 to a stratospheric €3.7 billion!

No wonder EFE -a government-run news agency where the report comes from- wanted to hide that!