THE Spanish government’s debt has reached €1.12 trillion.
According to data from the Bank of Spain, the debt has risen for a fourth consecutive month in March, and is now more than 100% of its GDP.
The debt has been hovering around 100% since the middle of 2014, breaching European Union fiscal rules requiring it to be below 60%.
Spanish Prime Minister Mariano Rajoy has set a government target to reduce the debt to 98.6% this year.
The recovery is well underway lol.
Spanish economy is finished. The sooner they leave the EU and get the peseta back the better for everyone, we have a whole lost generation here.
Not that bad compared with the €2.10 trillion british debt, no?
Spain has endemic corruption, and a massive brain drain. The UK attracts the big guns like Google, whilst Spain languishes. London has its financial center too of course. Spain’s problem is that it cannot pay off such debts. Vastly different scenarios.