Spanish public debt tops one trillion euros

Spain’s public debt has topped one trillion euros ($1.3 trillion) for the first time, the central bank announced Thursday, despite years of government-imposed austerity.

The nation’s accumulated public debt mushroomed to 1.007 trillion euros at the end of June from 996 billion euros a month earlier, the Bank of Spain said in a report.

Prime Minister Mariano Rajoy’s government has struggled to contain annual deficits by raising taxes, freezing public salaries and curbing spending on services such as education and health care despite angry street protests.

The trillion-euro public debt figure is equal to 98.5 percent of Spain’s 2013 gross domestic product, an AFP calculation showed. The Bank of Spain has yet to release GDP figures for the second quarter of 2014.

Spain’s public debt is expected to top 100 percent of GDP next year — far above the 60 percent ceiling agreed among European Union members.

Full article: Spanish public debt tops one trillion euros (France 24)

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