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China details $3-trillion local public debt risk

BEIJING (Reuters) - China's local governments have published separate audit reports detailing their combined public debt of $3 trillion for the first time ever, to increase transparency and quell investor concerns. The audits showed China's wealthiest eastern provinces are the most indebted, though repayment burdens are more onerous in poorer areas such as the southwestern province of Guizhou, where the ratio of debt to GDP is the highest, at 79 percent.

Spain's debt hits new record high

Madrid, Dec 13 (EFE).- Spain's public debt climbed to 954.9 billion euros ($1.3 trillion) in the third quarter, equivalent to a new record high of 93.4 percent of gross domestic product, the central bank said. Public debt rose 16.73 percent compared to the third quarter of last year, according to Bank of Spain figures released Friday. The central government's debt rose the fastest, climbing 19.53 percent compared to the third quarter of 2012 to 831.3 billion euros (some $1.13 trillion), or 81.3 percent of GDP.

Spain's public debt hits new record in third quarter

Spain's public debt, which has risen unchecked for the past five years of economic crisis, hit a new record of 93.4 percent of gross domestic product in the third quarter, the Bank of Spain said Friday. Spain's centre-right government, which last month announced it would ease its austerity reforms over the coming two years since the economy appears to be emerging from recession, has set a year-end debt-to-GDP target of 94.2 percent. It sees the debt-to-GDP ratio peaking at 101.13 percent in 2015 before easing slightly to 101.09 percent in 2016.

A quick look at Canada's federal debt-to-GDP ratio

Prime Minister Stephen Harper is urging his fellow G20 leaders to work on cutting their debt-to-GDP ratios as a way to bolster economic stability. He has promised Canada will cut its ratio to 25 per cent by 2021, but his call for others to follow seems to fall on deaf ears amid other international concerns. However, the federal debt-to-GDP ratio has been part of his government's domestic budget concerns for years.

Japan reports slower-than-expected growth in 2nd quarter

Tokyo, Aug 12 (EFE).- The Japanese economy grew more slowly than forecast in the second quarter, increasing the pressure on Prime Minister Shinzo Abe as he ponders whether to raise taxes to bring down the enormous public debt or boost measures to consolidate economic recovery. Though the world's No. 3 economy grew for the third consecutive quarter, the annualized rate of expansion between April and June of 2.6 percent fell short of analysts' expectations of a 3 percent growth.

Italy business lobby sees deeper recession

By Antonella Cinelli ROME (Reuters) - Italy's economy will contract more than expected this year and its debt and joblessness rates will continue to rise, industry body Confindustria said on Thursday, slashing its forecasts. Confindustria said gross domestic product would shrink 1.9 percent in 2013, against a previous estimate of a 1.1 percent decline, and saw public debt rising as the government of Prime Minister Enrico Letta juggles tight finances and a pledge to coax growth from a economy in its longest post-war recession.

UPDATE 3-Bank of Italy sees gloom deepening for economy

* Central bank cuts 2013 GDP view to -1.0 pct from -0.2 * Expects only 0.7 pct economic growth in 2014 * Sees 2012 budget deficit at about 3 pct of GDP * Bad news for PM Monti, highlights challenges for next govt By James Mackenzie ROME, Jan 18 (Reuters) - Italy's central bank cut its forecast for the country's shrinking economy on Friday, as tight credit conditions and a gloomy international backdrop darken the domestic outlook before a national election in February.

CORRECTED-UPDATE 1-Bank of Italy sees gloom deepening for economy

(Corrects paragraph 3 to show recession began in third quarter 2011, not first quarter) * Central bank slashes 2013 GDP view to -1.0 pct from -0.2 * Expects only 0.7 pct economic growth in 2014 * Report highlights economic challenges facing next government
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