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Spain’s Public Debt at 99%
World Economy

Spain’s Public Debt at 99%

Spanish public debt stood at 99.26% of gross domestic product at the end of 2016 according to provisional data, a treasury source said, Reuters reported. That compared to 99.77% of GDP at the end of 2015 and government targets of 99.4% for 2016 and 99% for this year. The Bank of Spain said in December the debt-to-GDP ratio stood at 100.3% at the end of the third quarter. Spain is slowly recovering from the throes of the global financial crisis, but Spaniards still have painful memories of that time. “We were walking in the street and the shops were closed and with a tag saying ‘rent’, but no one was buying anything.” Although that’s not the case anymore, there are still some problems that have persisted since then—including high unemployment.  “It’s still tough for young people—most with temporary jobs in the service sector such as waiters or hotel workers—so life is still pretty hard for them.”

 

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