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Spain's public debt hit record high at end of 2012

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March 15, 2013 07:27 AM EST | AP


MADRID — Spain's central bank says the country's debt burden rose to a record 84.1 percent of its annual gross domestic product at the end of 2012.

It says Friday that the country's debt mountain at the year-end was (EURO)884.4 billion ($1.14 trillion), up 20.1 percent on the previous year's total.

Catalonia remained the most indebted of the country's 17 regions with debts of (EURO)51 billion, followed by Valencia with (EURO)29 billion.

The Spanish government has said it expects its debt burden to rise to 90.5 percent in 2013.

The country is battling to emerge from its second recession in just over three years. It has 26 percent unemployment.