Brussels, 01/08/2012 (Agence Europe) - Regional authorities in Europe are building up dangerously high levels of debt, according to Standard and Poors. A report published by the ratings agency on 30 July predicts that Western European regions will borrow €276.6 billion in 2012, 27% more than in 2011, taking local authorities' debt to €1,500 billion by the end of the year.
Standard and Poors examined 102 regional budgets from 12 Western European countries (Germany, Spain, United Kingdom,...