Why is that? Gee, I wonder if Spanish politicians cannot get spending under control.
Particular focus rested on Spain’s regional governments, many of whom are struggling with burgeoning debt loads after a decade of reckless spending. Analysts fear control over regions’ debt loads is slipping out of the central government’s grasp.
. . .
“Regional governments’ finances may prove difficult to control due to structural spending pressures, particularly in the healthcare sector,” Moody’s said in a release.