Estonia’s gross debt/GDP ratio of 6.1% is the lowest of all European countries covered by the latest publication of official Eurostat figures – but the stricken economies of Portugal, Ireland, Italy and Greece are still still well off the eurozone and EU 27 averages.
According to the figures – tabled below – Greece’s debt burden amounts to over 170% of its GDP. And considering the official Eurostat report that the country’s deficit hit 9.4% in the past year, then the figures again reinforce the view that there is very little room to spare for adjustments to the country’s path to austerity.
Ireland’s overall debt load is slightly better, but it’s deficit in the past year hit 13.4%.
What the figures also show is that while there is a clear divide between the nominally better off northern versus southern European economies, there are exceptions.
Bulgaria, Romania and the Czech Republic are among the better performing economies on this measure, alongside the Baltic States, and Sweden.
In generaly, however, the imbalances between the eurozone members are vividly outlined in the latest figures.
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