Spain public debt hits record high

Spain's accumulated public debt soared to a record high at the end of June, the Bank of Spain says, shattering government targets despite a relentless austerity squeeze.

Spain, which boasts the eurozone's fourth largest economy, had racked up an unprecedented public debt of 942.8 billion euros ($A1.36 trillion) by mid year, the bank said on Friday.

The figure was equal to 92.2 per cent of the nation's total annual economic output - up 14.7 percentage points from the same period last year.

With just half of the year gone, Spain had already missed its target of limiting the public debt to 91.4 per cent of gross domestic product in 2013, the figures showed.

Prime Minister Mariano Rajoy's conservative government is battling to rein in the soaring public debt by curbing spending.

The ensuing budget cuts have sparked angry street protests as Spaniards endure a two-year recession which pushed the unemployment rate to 26.26 per cent in the second quarter of this year.

High unemployment leads to lower tax income and bigger social security bills for the state, making it even harder to plug the hole in Spain's public accounts.

Rajoy's Popular Party government says it is determined to pursue austerity measures to help the country save 150 billion euros between 2012 and 2014.

It aims to curb the annual public deficit from 7.0 per cent of economic output last year to 6.5 per cent in 2013, on the way to finally bringing it below the European Union-agreed ceiling of 3.0 per cent by 2016.

The Bank of Spain also revised up the first-quarter figures to show the public debt amounted to 90.1 per cent of gross domestic product rather than 88.2 per cent, in line with recent downward revisions of Spain's economic growth.

source: bigpondnews.com

Marian Rivera Meets Grandparents For The First Time

MANILA, Philippines - Marian Rivera visited her birthplace Spain recently, which allowed for a happy reunion with his father who then facilitated a first time meeting between her daughter and her grandparents.

“Na-meet ko ang lola’t lolo ko na ‘di ko na-meet before. So, nagkaroon kami ng maliit na reunion sa Spain; kasama sila papa tapos lolo’t lola ko, yung mga uncle ko. Nagkaroon ng bonding at pag-uusap na ang saya-saya. Parang feeling ko sobrang kumpleto na lahat," said Rivera.

She excitedly related that her father is planning to visit the Philippines next year.

Rivera last saw her father, Spanish restaurateur Francisco Javier Alonzo Gracia in 2010. Prior, they were estranged for seven long years.

Rivera was born in Madrid, Spain. Javier Gracia separated with Rivera's mother, Amalia when the former model was just a child. Rivera grew up with relatives on her mother's side in Cavite, occasionally visiting her dad in Spain during school breaks. The number of visits waned when Rivera became too busy with her college studies as well as having to juggle time as ramp and commercial model.

Rivera was in tears when her father greeted her during a birthday concert in 2008, admitting that it was an unexpected surprise. It eventually allowed for the two to renew their bond culminating with Rivera visiting his father in 2010.

In a separate interview, Marian's boyfriend, Dingdong Dantes, denied that he had asked Gracia's blessing to marry his daughter during the visit. Rivera likewise denied the matter, insisting that she wouldn't try to hide it if it were the case.

According to Rivera, the visit was part of a long-planned vacation that she and Dantes thought necessary after having spent a great deal of time working together in the recently concluded GMA-7 series, "My Beloved."

source: mb.com.ph