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Many of Spain's provincial and municipal town hall's have kept debts hidden and not included in the official accounts, which could amount to as much as 26.4 billion euros, the Financial Times reported today, citing a report by Freemarket Corporate Intelligence.
The report detailed how the levels of public debt across the Autonomous Regions has doubled over the last 3 years, reaching to 115 billion euros, however, local levels of debt arising from individual municipalities and provinces has risen to 35 billion euros and the debt from central government stands at 488 billion euros.
Furthermore, local and regional government own a number of public companies which also have significant levels of debt which, according to EU guidelines, are not required to be reported in official accounts.
The FT concluded that the levels of debt that are unaccounted for are likely to be brought to light by any changes of administrations resulting from next week's local and regional elections.