Spanish regions’ debt burden surged to a record in the second quarter as administrations struggled to rein in spending amid a slump in tax revenue.
The 17 semi-autonomous regions’ outstanding debt burden rose to 133.2 billion euros ($183.7 billion), or 12.4 percent of gross domestic product, from 11.6 percent in the first quarter, the Bank of Spain said on its website today. The overall public- sector debt load amounted to 65.2 percent of GDP, compared with the government’s year-end forecast of 68.7 percent.
