Palma.Every hour that goes by of the 365 days in 2013, the Balearic government will be paying 92'260 euros to banks in interest and amortisation charges, more than the President José Ramón Bauzá is paid for the whole year .
In fact the amount that the regional government will be paying off in debt is the second highest figure of the 2013 budget, following only behind the amount of money which has to be paid to local authorities to cover their costs.
The Balearic government will therefore be paying a total of 808.2 million euros (22.6% of the total year's budget) for debt next year, 28.7 million more than in 2012. The financial commitment has been made even though there is less money in the budget for 2013 compared to 2012. The banks will be the beneficiaries of one in every four euros of public spending. Debt has been blamed on the high spending programme of the former Balearic government.
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