The Spanish government was Friday expected to
announce the closure of 27 public companies as part of its attempts
to trim the budget deficit, as the country's public debt rose to
record levels, according to dpa.
The companies to be shut down include the Public Renting Society,
which acts as an intermediary between potential landlords and
tenants, and the lottery company SEVLAE, according to media reports.
The government was also expected to wrap up earlier proceedings to
eliminate 14 others from a total of 140 public companies.
Spain is trying to cut its budget deficit from 8.5 per cent of
gross domestic product in 2011 to the 5.3 per cent agreed with the
Spanish public debt rose by 14.2 per cent to 68.5 per cent of GDP
in 2011, well above the European Union limit of 60 per cent, the Bank
of Spain said Friday.
In that total, debts run by Spain's 17 semi-autonomous communities
increased by 17.3 per cent to 13.1 per cent of GDP.