Public debt reaches 90 percent of GDP after growing €6.4bn in June

Spanish public debt continued to climb in June with 6.368 billion more added to the books, the Bank of Spain revealed Friday.

The increase puts the total amount owed by Spain's public administrations at 943.702 billion, an amount equivalent to 90.3 percent of gross domestic product, according to the central bank, which put GDP last year at 1.045 trillion euros.

Spain has gone from having one of the lowest levels of public debt in the European Union - 36.3 percent of GDP - to an above average rate since the start of the crisis. The main explanation is to be found in its huge budget discrepancies, which reached their height in 2009 under the Socialists, with a deficit above 11 percent that led to a notable spike in debt that year.

Despite a drop in the budget deficit, a similar rise was recorded in the ruling Popular Party's first year in power (2012) because of the financing of different operations to provide liquidity to regional and local governments and the taking on of a 40-billion European bailout for the banking sector. And the debt has only gone on rising this year - by around 50 billion - as a result of more measures to help the public administrations, but also because the Treasury has brought forward its placements of debt in the market to take advantage of a recent fall in Spain's risk premium.