Reuters reports: The Bank of Spain Governor Miguel Angel Fernandedz-Ordoñez has caused needless alarm and misled Spaniards by saying their social security system could soon enter deficit, Spain’s deputy prime minister told a newspaper.

According to Spanish media on Sunday, The opposition leader, Mariano Rajoy, will take the controversy to parliament next Wednesday and will ask the head of state, José Luis Rodríguez Zapatero for an explanation on the “contradictory” opinion of Fernández Ordóñez and the Minister of Employment, Celestino Corbacho. The PP agrees with the comments from the head of the Bank of Spain.

In the meantime Jose Luis Rodriguez Zapatero slams Fernandez Ordoñez’s comments, “… they have no responsability in anything that occurs”.

‘You shouldn’t pay too much attention to what the research departments of central banks say because their criticisms are usually based on very superficial analyses,’ Zapatero told the party’s federal committee during a closed-door meeting, El Pais reported.

The situation raises a lot of questions and several Spanish blogger have already questioned Spain’s future and a possible bankruptcy like in the case of Iceland.