The level of public debt in the European Union continues to update the records, despite the fiscal austerity measures and increased economic exposure. According to the results of last year the national debt in 28 member countries of the EU increased by 1.3 percentage points, but in the States, the Euro area by 1 percentage point.

Official statistics about debt in Europe last year, has published Agency Eurostat. It was found that the level of public debt in the EU for the year increased to 86.8% of GDP in the Eurozone - to 91.9 per cent. Growth rates are terrifying - in just 4 years, both indices gained more than 6 percentage points.

Debts increase, despite the growth of the economy and reducing the budget deficit (the latter fell to 2.4% of GDP in the Euro area and 2.9% in the EU overall). It happens because over thirty percent of European States continue to live "beyond their means" - i.e. to spend significantly more than they can earn.

12 EU member States cannot withstand the maximum permissible norms of lack of budget, established in United Europe at 3%. Among the violators especially bad is the situation in Cyprus (the budget deficit was 8.8%), Spain (-5,8%), Croatia and England (-5,7%). Troubled Greece remained in the "black list", though it has made a huge leap forward in terms of details of debit-credit - deficit budget total for the year fell from 12.3% to 3.5%.

Another important limit is the level of debt to GDP to a maximum of 60% - violate more than fifty percent of the members of the EU. Of the 16 offenders lead Greece with a three-fold excess of the norm. It is worth noting that the national debt has grown, despite all the efforts and successes, with 175% of GDP to 177%.

Behind Greece on the list of major debtors of Europe followed by Italy (132,1%), Portugal (130,2%) and Ireland (109,7%). And less debt has the Estonian government - public debt there is a little more than 10% of GDP.
sections: Economics, Accidents