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Spain debt: There will be rescue yes or yes

by admin August 3, 2019 No Comments

In this post we will tell you about our public debt levels and numbers. Imagine something relaxing: the data that we are going to give below can make you dizzy, have a headache and some symptoms of nervousness. Drink a glass of milk and sit comfortably before reading this.

Public debt of Spain has no control

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The public debt of Spain has no control, our Minister of Finance and Public Administration, Mr. Sean Cole, recognizes that Spain will owe more than 900,000 million euros at the end of 2013 . This is equivalent to 90.5% of GDP, since this year it is estimated to end at 85.3%.

If these objectives are met, the public debt will touch its record of 20,000 euros per citizen , if the per capita income of each Spanish is around 23,000 euros, it means that each Spanish will owe almost what he earns.

To this data we add that a quarter of the total state expenditure for 2013 (22.7%), is eaten by the payment of interest on the debt, the total sum gives a result of “Rescue”.

Even harder: our public deficit by the end of 2012 will end up at 7.4% and we had promised Brussels to end at 6.3% … we are unpresentable!

With these figures and data, the markets will behave very badly with us and we already know what happens: the risk premium rises and new issues of Spanish securities are issued.

The Government and company mislead, delay and avoid recognizing that Spain needs a rescue but the data is evident.

Spain debt: Let’s find the culprits

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If you read our blog more or less regularly, you will know who they are, but if they are not users of our humble blog, here is more information.

The increase in the public debt of Spain in 2012 and 2013 is directly related to payments to suppliers, as well as the different aid that is made on the autonomous communities, we also remember that we paid the aid of Greece, Portugal and Ireland than previously We have assumed.

But the big problem of the increase in Spanish public debt is the 40,000 million (for now) that will cost the recapitalization of the banking sector . In fact, according to the General State Budget for 2013, the debt of public companies goes from 59,893 million euros to 142,777 million, mainly due to the provision of the Banking Restructuring Fund (FROB) , which appears with indebtedness of 60,528 million.

Financing of payments to suppliers

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Regarding the financing of payments to suppliers, there is a debt of 27,372 million euros, Railway Infrastructure Manager (ADIF) 13,766 million euros, 13,341 AENA, 7,711 Lotteries and State Betting and finally 6,161 of RENFE.

There is nothing more to say. For now we hope this information has been helpful.

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