Staff Reporter
SPAIN´S public debt is now worth more than the value of its economy.
The Bank of Spain revealed Wedensday that its public debt stockpile had reached €1.09 trillion in the first quarter of this year.
Considering the country´s GDP is €1.08 trillion, the debt represents 101% of the economy.
Its debt has risen consistently since the economic crisis and double dip recession following the 2008 crash.
The government estimates that the debt ration will fall to 99.1% at the end of the year.
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“The government estimates that the debt ration will fall to 99.1% at the end of the year.”
Everything’s ok then.
‘Admitted’ unemployment – 24.1% / ‘admitted’ youth unemployment – 45%. EU caution for overstepping permitted deficit.
Spain’s doing great – right.
Doesn’t that suggest Spain is technically bankrupt?
Marion, not to worry, the UK is not far behind with 90%.
Yes Marion, financially and morally.