Spanish FinMin “Concerned” As Public Debt Surges To New Record

SpanishFinMin "Concerned" As PublicDebt Surges To New Record

Spain’spublicdebtclimbedsharplyinSeptemberto a new recordhighof 954.863 billion euros, casting doubt about the government’s ability to meet its target for the end of the year. Even financeministerCristobalMontoroacknowledgedthat "there are concernsaboutthe pace oftheincrease," adding that this meant bringing down the public deficit even more of a priority. As El Paisreports, according to figures released Friday by the Bank of Spain, thestate’soutstandingobligationsclimbed 10.181 billion euros inthemonthfromAugustto a levelequivalentto 93.4 percentofGDP. Thegovernment’stargetforthefullyearis 94.2 percent, a figure that has alreadybeenrevisedupward. The central bankestimatedGDPinthe 12 monthstoSeptemberat 1.022 trillion euros.

But, apart from that, Spanish bond spreads near pre-crisis lows…

Yep – makes perfect sense…

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