A positive spin

In the second quarter of this year, the Valencia debt reached 29,235 million euros, 13.63% higher than last year, making it the second most indebted autonomy behind Catalonia. In relative terms. the highest debts were Valencia (29.4%), followed by Castilla-La Mancha (28.9%), Catalonia ( 26.2%) and Balearic Islands (22.1%).

According to data released yesterday by the Bank of Spain, the total debt in the second quarter of the year was 942.758 million euros which represents 92.2% of GDP  and grew by 17.16% over the same period in 2012.

After learning this information, the Consell  tried to put a positive spin on the figures by noting that Valencia is the only Spanish autonomy that has reduced  its borrowing in the first six months of 2013.They also point out that this reduction contrasts with the increase of 8,747 million debt that has been experienced by the other Spanish autonomous communities.

The Consell say that there was a 0.7% decrease in debt for the Region during the first half of the year compared to an average of  4.7% rise experienced by all of the autonomies and increases which were close to 15 percent for some of them. As for the debt / GDP ratio in the Region, that remains at 29.4%.

However much spin they put on the situation, the fact is that Valencia is still very much in the mire. The austerity measures that have been put in place are working but the progress is very slow.