It has been reported that Spain is looking forward of selling of the state lottery with the hope of boosting the public funds. The auction was supposed to have begun today for 30% of the state lottery but because of the serious criticism from the Center-right People’s Party (CPP) it couldn’t have been initiated.

It has been informed that if the selling of state lottery is given a green signal then the government would be able to raise as much as US$12 billion. Moreover, the sale will prove to be the biggest IPO of Spain. Following the debt crisis it has become necessary for the country to take serious steps to bring a nice momentum in the economy of the country.

With the pursuit of fight economic crisis in the country, the state worked quite hard to bring in the austerity plans. But till now, the debt ridden economy has not been able to catch up with the global challenges.

While providing reason for the cancellation of sales, the Economy Ministry said that during the global crisis it is hard to bring in the desired money. Therefore, there was a risk that the state lottery might have been sold on lower than the expected prices.