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Spain's Public Debt Exceeds 90 Percent of GDP

August 16, 2013

Spain's public debt rose to 943.7 billion euros (12.5 trillion dollars) in June, or 90.2 per cent of its gross domestic product (GDP), the central bank said Friday.

In May, the debt had amounted to 89.6 per cent of GDP.

Spain's public debt was below 40 per cent of GDP before the global financial crisis hit the country in 2008.

But ballooning budget deficits and a 40-billion-euro bank rescue have increased debt levels, making it difficult for the government to meet a debt target of 91.4 per cent of GDP for all of this year, analysts said.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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