Eurozone debt hits a record
According to the Monday release from the EU's official statistics agency, Eurostat, the debt burden in the 17 eurozone member countries that use the euro hit an all-time high at the end of the first quarter of the year, according to official figures released on Monday. Government debt as a proportion of the area’s GDP hit a record 92.2 percent, up from 90.6 percent in the previous quarter and 88.2 percent a year ago.
Greece (160.5% of GDP), Italy (130.3% of GDP) and Portugal (127.2% of GDP) are the leaders of the debt rating. Only two of the 17 euro-zone countries, Germany and Estonia, reported falling levels of debt as a proportion of their economy.