Certificados de Aforro

I just watched a commercial em Spain, promoting the sale of Spanish bonds to Spanish nationals. This is a cheaper and safer bond sale, as the liabilities stay in the country, in the hands of "not very sophisticated" investors. And I can't help but recall the mess the previous Portuguese Government did 3 years ago, changing the cash flow rules of "Certificados de Aforro" (Portuguese National bonds that were sold to the consumer) in the middle of the return period - yes, changing the money investors were expecting to receive. The marginal benefit that was reaped then, was quickly burnt in "limited value added investments", and the credibility of such bonds was destroyed. It would be incredibly invaluable now, to be able to count on this instrument to gather Portuguese investors savings, keeping liabilities in Portuguese hands - at a cheaper price than selling similar bonds to foreigner organized investors. Bravo...