Spain’s public debt climbed sharply in September to a new record high of 954.863 billion euros, casting doubt about the government’s ability to meet its target for the end of the year. Even finance minister Cristobal Montoro acknowledged that “there are concerns about the pace of the increase,” adding that this meant bringing down the public deficit even more of a priority. As El Pais reports, according to figures released Friday by the Bank of Spain, the state’s outstanding obligations climbed 10.181 billion euros in the month from August to a level equivalent to 93.4 percent of GDP. The government’s target for the full year is 94.2 percent, a figure that has already been revised upward. The central bank estimated GDP in the 12 months to September at 1.022 trillion euros.
But, apart from that, Spanish bond spreads near pre-crisis lows…
Yep – makes perfect sense…
     |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ZRPM6b7U3i0/story01.htm Tyler Durden