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Debt of Spanish Banks to ECB rises by 1.7 pct in May

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(Globalpost/GlobalPost)

MADRID, June 13 (Xinhua) -- The total debt of Spanish banks to the European Central Bank (ECB) rose by 1.7 percent in May in comparison with April, according to provisional data published on Friday by the Bank of Spain.

The Bank reported that Spanish banks owed a total of 185.514 billion euros (250.894 billion U.S. dollars) to the ECB in May, which meant 3.171 billion euros more of debt than in April.

This was the first time Spanish banks' debt to the ECB has risen on a month-on-month basis since August 2012, when the debt had peaked at 388.736 billion euros. Meanwhile, the debt fell by 27.2 percent on a year-on-year basis.

The debt to the ECB represented 29.5 percent of the total Eurozone debt in May, which was disproportionally high when it is compared with Spain's GDP contribution to the Euro zone's GDP. (1 euro = 1.35 U.S. dollars)

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140613/debt-spanish-banks-ecb-rises-17-pct-may