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Reply #5


Response to Demeter (Original post)

Sat Sep 14, 2013, 09:07 AM

5. Spanish public debt reaches record level

http://www.bbc.co.uk/news/business-24077728

The figure has risen to 942.8bn euros (792.5bn; $1.3 trillion), equal to 92.2% of the country's entire economic output, the bank said.

This is nearly 15% higher than the same period last year and above the Spanish government's target limit of 91.4%, despite severe public spending cuts.

Austerity measures have led to street protests as unemployment now tops 26%.

Prime Minister Mariano Rajoy's government is aiming to reduce public spending by 150bn euros between 2012 and 2014, but rising unemployment and the consequent benefit payments, is making this target difficult to reach.

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