The last 2 years have seen the clearest indication of the health of Spain deteriorate at its fastest rate on record. In spite of constant reassurances from Rajoy et al. that recovery is here [5], as we noted here, it's not just unemployment that is dogging Spain [6]; and now - having risen at a stunning 25.8 percentage points in the last 2 years, as Reuters reports, Spain's debt-to-GDP has hit 93.4% - the highest level in more than a century. Of course, we should not worry... Spain has reassured investors that sees the debt-to-GDP ratio peaking at 101% in 2015 and 2016, then it's plain-sailing to nirvana.. (and do not contradict them! [7])
[8]
Chart: Bloomberg