The story of our adventure in Spain

In October 2002 we purchased a holiday flat in Guardamar on Spain's Costa Blanca - not far from Alicante and Torrevieja and we try to spend a good part of the year in Spain.

This blog hopefully will contain our thoughts and impressions of Spain - the good and the bad and lots and lots of photographs of not only Guardamar but the rest of Spain as we eventually get to explore it.


Saturday, 14 September 2013

Spanish Debt

Public debt in Spain for June reached a record high - 942.8bn euros equal to 92.2% of the country's entire economic output.

Worrying times - any further austerity measures are likely to make the high unemployment rates even worse. Unemployment now stands at 26% of the population.

The government of Mariano Rajoy is aiming to reduce public spending between 2012 and 2014 by 150bn euros.

The only good news is that Spanish banks are now borrowing less from the European Central Bank.