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Spanish public debt reaches record level
Spain's public debt reached a record high in June, the country's central bank said. The figure has risen to 942.8bn euros (£792.5bn; $1.3 trillion), equal to 92.2% of the country's entire economic output, the bank said. This is nearly 15% higher than the same period last year and above the Spanish government's target limit of 91.4%, despite severe public spending cuts. Austerity measures have led to street protests as unemployment now tops 26%. Prime Minister Mariano Rajoy's government is aiming to reduce public spending by 150bn euros between 2012 and 2014, but rising unemployment and the consequent benefit ... (full story)
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