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June 16th, 2013 
FAKE NEWS for the Zionist agenda The data released by the government on Friday showed that the country’s public debt reached USD 1.2 trillion in the early months of this year.
This is equivalent to 88 percent of Spain’s gross domestic product (GDP).
The Spanish economy, the fourth biggest in the EU bloc, had its public debt level standing at 84.1 percent of GDP at the end of 2012.
Economists consider the increase as an extension of the worsening economic problems with which the EU member state has been struggling for years.
The Spanish government expects the country’s public debt level to rise even further to 90.5 percent of GDP at the end of 2013.
This is while, the country’s unemployment rate stands at 27 percent and is the second highest in the European Union after Greece.
Among the youth, the number is even worse with a staggering 56.4 percent of young Spaniards being unemployed.
The high number of jobless youths has led many of them to move to other countries in search of work.
Analysts say that even if the country comes out of recession next year, job creation could lag until much later.
On May 3, credit rating agency, Fitch Ratings, said it predicted Spain’s unemployment rate to peak at 28.5 percent in the first quarter of 2014 as government measures such as wage-setting reforms take effect and a contraction in industrial output reaches its limit.
Deteriorating economic situation in Europe has created growing discontent among the European public, with many nations across the continent grappling with teetering economies.
The European financial crisis began in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland, and Spain.
MAM/SS
Source Article from http://www.presstv.ir/detail/2013/06/15/309181/spains-public-debt-hits-record-high/
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