Remember Spain’s Problems?

The Spanish economy is continuing the rapid implosion. Unemployment is on fire, the public debt taking new highs while the politicians continue their charades. People are angry to put it mildly, and the protests in Madrid are back. From El Pais.

Spanish Economy Minister Luis de Guindos on Friday said the government would make “important announcements in the next few days” in the area of structural reforms. He also insisted that Europe would not make fresh demands on Spain in exchange for a bailout other than those to which the country has committed itself to reduce the public deficit.

De Guindos, who was speaking to reporters before entering a meeting of the Eurogroup in Cyprus, did not give any details of the planned reforms.

His comments coincided with a statement by the Bank of Spain that Spain’s public debt in the second quarter surpassed 800 billion euros for the first time ever. The figure was equivalent to 75.9 percent of GDP, three points more than last year, and the highest ratio since 1913 when it stood at 77 percent.

Of total debt of 804.388 billion euros, 617.504 billion was central government debt, equivalent to 58.3 percent of GDP, an increase of 2.6 points in the quarter. Regional debt amounted to 150.578 billion euros, with the debt/GDP ratio rising to 14.2 percent from 13.8 percent.

For our Spanish speaking readers, full video from Madrid, click here.