Eurozone debt burden hits all-time high in Q1

BRUSSELS (AP) — Official figures show that the debt burden of the 17 European Union countries that use the euro have hit all-time highs in the first quarter despite austerity measures designed to return public finances to health.

Eurostat, the EU’s statistics office, says Monday that government debt as a proportion of the total annual gross domestic product of the eurozone pushed up to a record 92.2 percent in the first quarter of 2013 from 90.6 percent the previous quarter.

Though a number of countries are pushing through spending cuts and tax rises, many remain mired in recession — shrinking economies can make the debt dynamics look less favorable.

The highest debt-to-GDP ratio in the eurozone was Greece’s 160.5 percent, followed by Italy’s 130.3 percent.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s