Japan halts last nuclear reactor at Ohi

September 16, 2013•3 Minutes
RTC Director RTC Director

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Spain’s public debt reached a record high in June, the country’s central bank said.

The figure has risen to 942.8bn euros (£792.5bn; $1.3 trillion), equal to 92.2% of the country’s entire economic output, the bank said.

This is nearly 15% higher than the same period last year and above the Spanish government’s target limit of 91.4%, despite severe public spending cuts.

Austerity measures have led to street protests as unemployment now tops 26%.

Prime Minister Mariano Rajoy’s government is aiming to reduce public spending by 150bn euros between 2012 and 2014, but rising unemployment and the consequent benefit payments, is making this target difficult to reach.

The bank believes public debt could top 100% of gross domestic product over the next three years, its highest level in more than a century, as the government struggles to revive the country’s flagging economy.

The government has been under pressure to tighten safety standards to allay public fears.

Analysts say it will take around six months to clear all of the safety checks and legal hurdles involved in a restart.

So far, power companies have applied to restart about a dozen of Japan’s 50 reactors.

Prime Minister Shinzo Abe wants to see the reactors back on line, as they are a vital part of his plan to turn the economy around.

Since the Fukushima disaster, Japan has been forced to import huge amounts of coal, liquid natural gas and other fuels.

Mr Abe’s government blames these imports for the huge trade deficits posted by Japan since 2011.

The average household electricity bill has risen by 30% since Fukushima, denting the government’s attempts to boost consumer spending. 

But continuing problems at the Fukushima plant have hampered the government’s attempts to win public support for a return to nuclear.

In the latest setback, operator Tokyo Electric Power Co (Tepco) said earlier this month that radiation levels had risen around tanks used to store water that has been flushed through the damaged reactor buildings.

Tepco had earlier said highly contaminated water had leaked from a storage tank.