Europe Local Authorities Have 1.5 Trillion-Euro Debt,Figaro Says

Local governments in 12 European countries will have 1.5 trillion euros ($1.83 trillion) in debt by the end of the year, Le Figaro reported, citing an estimate by Standard & Poor’s.

Local authorities financing needs will rise 27 percent this year to 268 billion euros, including 71 billion euros in Spain’s autonomous regions, the newspaper said, citing S&P.

Local authorities in Italy need to borrow 6.5 billion euros and in the U.K. 25 billion euros, Figaro said.

To contact the reporter on this story: James Kraus in London at jkraus2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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