Oct 4, 2013, 12:49 pm EST
It was an embarrassing confession for Spain’s economic ministry.
Just days after it released an estimate of size of its national debt, the Spanish government retracted the figure, calling it an error. The government first said that its debt would be 99.8% of the nation’s GDP in 2014. The real figure was $1.53 trillion, or 98.9% of all economic output, AFP notes.
The variance between the two figures translates into $14.5 billion. Spain, the eurozone’s fourth largest economy, has struggled with a weak economy and rising debt for several years. Read
Oct 4, 2013, 11:20 am EST
If Congress fails to increase the borrowing of the U.S. government — in effect, telling its creditors that it will not pay back on loans that it has already borrowed — the effects could be rapid and drastic.
But what will happen if the US defaults on its loans? Here is a look at what goes on in the next few weeks if Congress does not vote to increase the debt ceiling (via Reuters).
On OCT. 17 Read