Spanish public debt surges to 13-year high

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Spanish public debt surged to a 13-year high in the first quarter of 2011, breaking through a key European Union ceiling, Bank of Spain figures showed Friday.

Spain's accumulated public debt mounted to 63.6 percent of annual gross domestic product in the first quarter, breaching an EU agreement to keep public debts below 60 percent of GDP, the central bank said.

A year earlier, Spain's public debt amounted to just 55 percent of gross domestic product.

© 2011 AFP

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