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Spain’s public debt soars to record high

Spain’s public debt soars to record high

17 March 2012 09:54 (UTC +04:00)

Baku â€“ APA-economics. Spain’s public debt soared to a record high at the end of 2011, Bank of Spain figures showed Friday, as Madrid struggled to slash costs and escape the eurozone debt crisis, AFP reported.

Public debt amounted to 734.96 billion euros ($960 billion), equal to 68.5 percent of annual economic output at the end of 2011 -- up from 66 percent three months earlier and 61.2 percent at the end of 2010.

The accumulated debts breached the European-Union agreed limit of 60 percent of gross domestic product (GDP) but was still below the eurozone average, which approached 90 percent in the third quarter last year.

It was the highest public debt ratio recorded in Spain since statistics in the current format were first published in 1995.

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