European Union in Deepest Debt Since Creation
The ratio of government debt as a percentage of gross domestic product in the European Union reached a record high in 2010, climbing to 85.4% of the entire region’s economic output. The figure represents the highest such measurement since the EMU was founded over a decade and a half ago.
A breakdown of the data shows that Greek debt numbers, already deep in the red following a significant credit crisis which has rocked the entire region, were highest at a whopping 144.9% of GDP. Eastern European countries like Bulgaria and Romania had the lowest numbers, while most Western European nations were close to the average. EMU heavyweight Germany clocked in at 83.2, a rise of nearly 10% from last year.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.