The savings rate for more than 6,640 Spanish families was negative in 2012 as spending levels surpassed income levels following widespread revoking and denial of loans.
This trend has lowered the level of personal debt, which is one of the main problems plaguing Spanish society throughout the crisis. But lowering the nation?s debt level brings some serious consequences. The differnece between contributions to pension plans and the national bailout plans is 58 million euros. These figures prove that the private sector has done its job to get Spain out of the crisis, but the public sector needs to enact many more reforms and cutbacks.
