Eurozone fails to trim debt
Source: Agencies |
January 24, 2013, Thursday
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Print Edition
THE euro area failed to reduce its overall government debt in the third quarter of last year, despite efforts by several of the bloc's 17 countries to improve their finances by cutting spending and raising taxes, according to official data released yesterday.
Total government debt for the 17 European Union countries that use the euro, relative to its annual economic output, was barely changed at 90 percent of gross domestic product in the third quarter of 2012 compared with 89.9 percent for three months earlier, the EU's statistics office Eurostat reported. It was up from 86.8 percent of GDP a year earlier.
"One has to be prepared that the debt level will rise further," said analyst Christoph Weil of Germany's Commerzbank. "Several economies are in recession and growth is slow in others, so the peak debt level won't be reached before this or next year," he added.
Government debt across the entire 27-nation EU totaled 85.1 percent at the end of September, compared with 85 percent in June, Eurostat said. The European debt levels compare with about 110 percent in the US, 88 percent in Canada, or 240 percent in Japan, the International Monetary Fund said.
"Compared to the US or Japan, Europe's average debt level looks excellent," Weil said. "But the eurozone is not one entity guaranteeing all of its member states' debt. The problem is the unequal distribution."
Total government debt for the 17 European Union countries that use the euro, relative to its annual economic output, was barely changed at 90 percent of gross domestic product in the third quarter of 2012 compared with 89.9 percent for three months earlier, the EU's statistics office Eurostat reported. It was up from 86.8 percent of GDP a year earlier.
"One has to be prepared that the debt level will rise further," said analyst Christoph Weil of Germany's Commerzbank. "Several economies are in recession and growth is slow in others, so the peak debt level won't be reached before this or next year," he added.
Government debt across the entire 27-nation EU totaled 85.1 percent at the end of September, compared with 85 percent in June, Eurostat said. The European debt levels compare with about 110 percent in the US, 88 percent in Canada, or 240 percent in Japan, the International Monetary Fund said.
"Compared to the US or Japan, Europe's average debt level looks excellent," Weil said. "But the eurozone is not one entity guaranteeing all of its member states' debt. The problem is the unequal distribution."
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