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Debt Swallows Everything in Spain

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One of every three euros that the Spanish government plans to spend in 2013 will go to servicing the public debt. The debt is swallowing everything in its wake. The debt servicing payments are nearly equivalent to the combined budget for all of the cabinet ministries, which totals 39.7 billion euros (some 51 billion dollars). The drastic austerity measures adopted in the last few months did not even make a dent in the soaring borrowing costs, which have been driven up by the growing lack of confidence in the government's ability to meet its obligations.

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