Spanish public debt hits record high

The Spanish public debt rose by 14.2 percent in 2011 to stand at a record high of 68.5 percent of Spain's economic output, Bank of Spain (BOE) said on Friday. The debt level breached the limit of 60 percent established by the European Union, BOE added. It was the highest since the statistics began to be recorded in the current format in 1995, up from 61.2 percent a year ago. The main reason for that increase is the rise in the amount of money owed by Spain's Autonomous Communities. The amount of money owed by the 17 regions rose by 17.3 percent during 2011, reaching over 140 billion euros (183.4 billion U.S. dollars). Meanwhile the debts of the central administration amounted to 559 billion euros, rising by 14.6 percent over the past year. Spain's public administration ended 2011 with a deficit of 91.34 billion euros, equivalent to 8.51 percent of the country's GDP, well above the 6 percent target which the country previously set.