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Spain’s public debt rose above 100% in the first quarter of 2016 to its highest level in 20 years, the central bank said, as Madrid faces threat of European Union sanctions for public overspending. Debt as a proportion of economic output hit 100.5% in the first quarter, up from 99.2% at the end of 2015, the bank said in a statement. Spain’s public debt stood at 1.09 trillion euros ($1.23 trillion) at the end of March. The debt, as well as Spain’s public deficit, are contentious issues as general elections approach at the end of June, particularly after acting Prime Minister Mariano Rajoy promised tax cuts.
Read the full story on Rappler Business.
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