The problem of increasing Spanish debt

New figures from the Bank of Spain show that for the first half of 2012, public debt comes in at 75.6% of Gross Domestic Product – the highest it has been in a hundred years. It’s not good news for those affected by the rafts of budget cuts and tax increases brought in by Prime Minister Mariano to address the economic crisis, which have caused thousands to take to the streets in protest.   While President Mariano still hasn’t confirmed it will be necessary, economists believe Spain will soon request that the European Central Bank purchase its bonds.Today the government to attend an informal meeting to discuss the details of such a rescue, and negotiating hard to try and ensure European does not demand it makes more cuts.
Meanwhile Andalucia is preparing to ask the FLA for a rescue of around €2.4 billion, and the Junta (Andalucia’s Regional Government) is said to be requesting the conditions of a bailout before it makes a formal request.The Spanish government has promised its regions will meet their public deficit target of 1.5% of total economic output this year.“The regions are on track to meeting the public deficit agreed by all of them,” said budget minister Cristobal Montoro.

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