The debt of companies, government and families comes up to 2,7 trillions

The financial situation in Spain does not happen in his best moment. To keep the expense level gone until now the economic agents have had to resort to an excessive indebtedness. This way, the families have a debt of 904.614 millions, composed especially by mortgages, although the credits to the consumption also suppose an important part.

For his part, the companies owe more than 1,3 trillions, and the public sector 450.000 millions. This amount amounts jointly to 2,7 trillions and supposes 250 % of the Spanish GDP. Also, the public deficit might finish the year overcoming 12 % of the Gross National Product, as has affirmed the International Monetary Fund. This is framed in an European situation in which the criteria of Maastrich assumed by Spain have not to overcome 3 %.

The companies, on the other hand, have seen his benefits limited and have had to reduce his margins and to look for liquidity to almost any price. This way they owe more than 1,3 trillion euros. Only the real estate operations it overcomes the trillion euros (60 per cent correspond to the families and 40 per cent to still unpaid real estate operations). According to the last information, the value of the unpaid real estate operations overcomes 470.000 million euros, what supposes an increase of these credits from 2003 until middle of 2009 of 47 per cent. This implies that the companies have a big debt proportion as regards his own funds, that is to say, they are much "apalancadas", with the risk that this bears.

The families, in a complicated situation for the high unemployment valuation, are indebted at the price of 904.614 millions, especially for mortgage loans. Fortunately, the euribor is in historical minimums and is allowing to vent a little the situation of the Spanish hearths. Unfortunately, this situation will not last very much since the European economy seems to begin recovering (before the Spaniard) and the interest rates will rise again, paying the Spanish hearths the consequences turn of major mortgage interests.

Finally, the Public administrations, which had enjoyed a comfortable surplus in last years, already have in his against 450.000 million euros, after expressing debt to attend on his most immediate expenses, and fundamentally the plans of fiscal stimulus along with the helps to the unemployed men and to the sectors most affected by the crisis. For the above mentioned reasons, the public debt has gone on from 432.000 millions in 2008 to 561.000 millions, coming at levels that can become worrying and possibly destabilize the economy.

Image subject to license creative commons of bachmont

Related posts:

1. The valuation of saving of the families increases in Spain