Eurozone Public Debt Hits 88.8% of GDP
Debt levels rose in the second quarter as France and Italy strained the bloc's finances.
Macroeconomics Editor: Fabricio Marcilio 1 min read
Public debt across the 21 eurozone nations reached 88.8% of Gross Domestic Product in the second quarter. This figure surpassed the 87.3% level recorded during the same period last year.
Official data show that Italy is rapidly approaching Greece's debt levels. The gap between the two countries has narrowed to less than one percentage point.
France also faced a worsening fiscal scenario. The country's debt level climbed to 119.1% while borrowing costs exceeded the 5% mark.
European Union rules state that member state debt should not exceed 60% of GDP. Recurring failure to meet these limits creates challenges for regional financial stability.
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