Monday, February 6, 2012

European Debt Is Not Manageable Until 2030; Rises To 82.2% of Output

The World Bank had said last month that Europe's debts may not reach manageable levels until 2030. Today, Eurostat said that the European Union's total government debt rose to 82.2% of economic output in Q3 2011.

Estonia had a debt-to-GDP ratio of 6% in the third quarter, compared with 159.1% in Greece!

Interestingly, while all the news and media has been focused on Europe, this figure is lower than the United States

For the 17 country euro zone, total government debt fell slightly to 87.4% of GDP (U.S. debt-to-GDP was  100% in 2011).
Only 13 EU members had debts below the 60% set by the European Commission (that the bloc judges to be the maximum for a healthy economy), with only four of those countries being members of the 17-nation single currency area.

France and Britain both had a level of 85.2% and Germany was at 81.8% in the July to September period.

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