This is the slow but steady decline of Europe over the last decade. Spain has felt much of the brunt. Not long ago the country was knocking on first tier European status. No longer. But at least Spaniards can find some (cold) comfort in the fact that “Europe” doesn’t end at the Pyrenees as the French used to say anymore. Now it ends, it seems, at the Belgian border.
The bank said Wednesday that Spain’s public debt stockpile stood at 1.09 trillion euros ($1.23 trillion) in the first quarter of the year. That represents 101 percent of the country’s annual GDP — 1.08 trillion euros — in 2015.