Spain regional debt up 22 percent to $176 billion

[December 16, 2011]  MADRID (AP) -- Spain's central bank says the debt levels of the country's 17 semiautonomous regions has soared by 22 percent over the past year.

Bank of Spain quarterly figures released Friday said regional debt rose to euro135.2 billion ($176.02 billion) in September from euro110.72 billion in the same month last year.

A near two-year recession after a real estate bubble collapse has left Spain with swollen regional and national deficits, a stalled economy and 21.5 percent unemployment.

Many regions face severe liquidity problems and are applying cutbacks.

The bank says Spain's national debt rose nearly 15 percent on the year to euro706.34 billion in the third quarter, representing 66 percent of GDP.

A new government under the conservative Popular Party is to take office later December.

[Associated Press]

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