Spain's public debt surged to a staggering 109% of GDP in Q1 2024, marking an all-time high of EUR 1.61 trillion, according to the Bank of Spain. This 5.1% year-on-year increase underscores the growing financial strain within the Eurozone, where bureaucratic inefficiencies and socialist economic policies hinder recovery efforts.

Spanish state debt alone jumped 6.9% year-on-year, hitting EUR 1.46 trillion. Meanwhile, regional debt rose by 2% to EUR 328.74 billion, and local debt saw a slight 0.5% increase to EUR 23.18 billion. Social Security debt also surged by 9.4% to EUR 116.17 billion. This mounting debt puts pressure on the European Central Bank to lower interest rates and provide more robust financial support.