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. Continue reading

Money flies out of Spain, regions pressured

The unraveling of Europe is set to accelerate. Will Germany come to the rescue in exchange for sovereignty?

Spaniards alarmed by the dire state of their banks are squirreling money abroad at the fastest rate since records began, figures showed on Thursday, and the credit ratings of eight regions were cut.

Bank of Spain data showed a net 66.2 billion euros ($82.0 billion) was sent abroad last month, the most since records began in 1990. The figure compares to a 5.4 billion net entry of funds during the same month one year ago.

Full article: Money flies out of Spain, regions pressured (Reuters)

Spain’s economy plunges into recession

Spain’s jobs-scarce economy plunged back into recession in the first quarter of 2012 as employment slumped even further, the Bank of Spain said Monday.

Barely two years after emerging from the last downturn, Spain slid into recession again with two consecutive quarters of economic contraction, the central bank said in a report.

Full article: Spain’s economy plunges into recession (Channel New Asia)