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.

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