15/06/12 17:35 CET
| updated xx mn ago
| updated at xx
Spain’s total debt has risen nearly five percent over the course of a year, another cause for concern after the country agreed a 100 billion euro bailout for its banks over the weekend. In addition, Spain’s borrowing rate remains dangerously close to seven percent – a level deemed unsustainable in the long-run by analysts.
The lastest figures show debt was 72.1 percent of GDP for the first quarter of this year, up up from 68.5 percent for the same period in 2011.
The government expects the rate to hit 80 percent by the end of the year, but is giving some regions loans to deal with their debts.
Speaking at a press conference, Deputy Prime Minister Soraya Saenz de Santamaria outlined the details.
“The government has authorized 14 autonomus regions to borrow an amount of over seventeen and a half billion euros. This represents the amount of debt that these autonomous communities have to pay according to the bills that they’ve given us,” she said.
The 14 regions allowed to borrow from the central government have all committed to austerity measures, with the aim of slashing their budget deficits.
- 1Incredible scenes in the Turkish parliament
- 2Denmark extends controls on German border, EU set to allow more Schengen exceptions
- 3Three Earth-like planets found outside the Solar System
- 4Palestinians condemn Eurovision Song Contest for flag ban
- 5Rebels launch surprise attack on Aleppo – Syrian state TV
Latest world news
“Life was better then” – Serbs commemorate death of Marshal Tito
Kasich crashes out of race leaving Trump unchallenged for Republican nomination
End of May Hong Kong sale to feature world’s biggest green diamond
Papa Wemba buried in Kinshasa
Israeli authorities discuss a halt on returning attackers’ bodies
Wires > News
- 18:55 CET U.S., allies to do more to combat Islamic State – Carter
- 18:52 CET ‘Nasty’ wildfire spurs evacuation of 88,000 in Canadian city
- 18:43 CET NATO approves Israeli representation to its headquarters
- 18:38 CET U.S. Navy SEAL killed in Iraq was part of ‘quick reaction force’
- 18:36 CET Russia’s FSB says arrests group planning attack in Moscow region -…
- 18:29 CET Syria withholds aid to thousands, risks new siege in Aleppo – U.N.
- 17:33 CET Russia warns of retaliation if NATO makes more deployments in…
- 17:25 CET Al Qaeda in Yemen poses growing threat to shipping – naval force