Artur Mas, president of the Spanish region of Catalan, said the area’s planned third round of budget cuts worth 1.5 billion euros ($1.9 billion) is necessary to avoid “total collapse.”

Speaking to the region’s lawmakers, the leader of the region that contributes the most to Spain’s economy, said Catalonia is paying 2 billion euros more a year in interest compared with two years ago, according to an e-mailed statement released by his office today.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net