Michel Sapin

Spain had its public debt at the level of 68.5% of GDP in 2011, and then at 85.9% in 2012, and now Prime Minister Mariano Rajoy believes that this year Spain will end with the debt of 94.2% of GDP. Spain is definitely a big problem for the EU.

Spain has definitely become a time bomb. The official GDP is predicted to decline 2% in each of the two following years pushing unemployment probably over 28% and public debt from 88% to 110% of GDP.