globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / Sunday, February 17, 2013 1:21 PM
Proof there is no rebalancing in Europe is easy to find. For example, El Pais reports Spanish Debt Grows by €146 Billion.
What follows is a Mish-modified translation of the above Google-translation.
- The public debt exceeded €882 billion at the end of 2012
- Debt Grew by €146 Billion in one year
- The increase in the first year of Prime Minister Mariano Rajoy is the largest ever recorded
- Debt-to-GDP is highest since 1910
- Interest expense is at record high
The Government and the Bank of Spain debt figures are chilling. Government debt broke records in 2012. In the first year of the Government of Mariano Rajoy, debt skyrocketed to €882 billion, a one year increased of €146 Billion. Never in the economic history of Spain’s general government debt had increased so much in a single year. In five years, the debt has increased by €500 Billion, Debt is one of the major drags on the recovery of the Spanish economy.
Debt to GDP
Thanks to BrotherJohnF