Public debts of many eurozone countries exceed their GDP

The largest public debt in the EU is held by: Greece – 182 percent in relation to GDP, Italy – 150 percent, Portugal – 123 percent, Spain – 116.1 percent, reported Spanish media on Friday, recalling that the European Commission is recommending "fiscal consolidation", which means raising taxes or reducing budget spending.

The size of the debt of two other EU member states exceeded their GDP – France (113 percent) and Belgium (108 percent). According to EU criteria, the level of public debt should not exceed the threshold of 60 percent of GDP.

Spain's public debt exceeded €1.5 trillion in September and will further increase by €70 billion in 2023, Secretary General of the Treasury Carlos Cuerpo announced on Thursday. 

“In addition, the interest the state will have to pay to investors who decide to buy bonds will be significantly higher than last year. The cost of issuing debt will continue to rise" in 2023,” Cuerpo stressed.

(PAP)