BROKEN EUROPE: Each Spaniard would have to work 378 days IN A ROW to pay off public debt

Friday, September 23, 2016
By Paul Martin

THE shocking state of Spain’s broken economy was laid bare today as experts revealed every Spaniard would have to work almost 400 days in a row to pay back the country’s national debt.

Fri, Sep 23, 2016

Madrid’s finances are in crisis with the nation plunging further into the red than at any time since 1910 last June, owing a whopping 100.5 per cent of its GDP to international lenders.

That figure has spiralled by at least 65 per cent since the country’s credit bubble was popped by the contagion of the global banking crisis of 2008.

Now, in a bid to prove the scale of the debt, experts have revealed each Spaniard would have to work an average of 378 days straight to fix the problem.

Spain is already the sixth most indebted economy in the EU, behind Greece, Italy, Portugal, Cyprus and Belgium.

Under EU rules, countries are required to keep their deficits below three per cent.

Spain must now find a way to make massive savings to move from a deficit of 5.1 per cent of GDP in 2015, to 4.6 per cent this year, to 3.1 per cent next year and 2.2 per cent in 2018.

So far it has been spared a fine of up to €2million (£1.7m) but could have €1.3m (£1.1m) of European Commission financial support frozen if it fails to meet its targets.

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