Greece’s Debt Hits 160.5% of GDP

Greece’s Debt Hits 160.5% of GDP

BEB11432D16E0F3FDD2CACEE42664125Figures from the European Union’s statistics agency Eurostat showed that Greece’s public debt rose to 160.5 percent of Gross Domestic Product (GDP) in the first quarter of the year, an indicator that the economy is not getting better as the government said.

Greek debt was 24.1% higher than in the first quarter of 2012 and 3.7% higher than in the fourth, the biggest increase in the EU, which saw debt jump in 24 out of its 27 members.

Overall, the public debts of 17 countries of the Eurozone have risen to 92.2% of GDP in comparison to 90.6% in the last quarter and 88.2% in last year’s first quarter, while for the European Union the ration has risen to 85.9% from 85.2% and 83.3% respectively.

Greece, is followed by Italy with 130.3%, Portugal with 127.2% and Ireland with 125.1%. Estonia has the least debt as it reaches just 10% of its economic output.

Greek Prime Minister Antonis Samaras has been touting what he sees as an economic recovery beginning next year as part of what he called a “success story” under the coalition government of his New Democracy Conservatives and the PASOK Socialists, who are imposing more austerityu measures on the orders of international lenders.

  • Anastasi

    Revolution is the only option now.

  • The maverik

    In any case, Greeceis not capable to repay its debts, so it doesn’t matter if its 160 or more…

  • Alithia

    As long as they keep giving us money, everything is fine. The minute they stop, we don’t pay. They know it, we know it, the world knows it.

    So the dance continues………until the music stops.

  • Revolution starts in the mind.

    Firstly, I hope a united revolution of minds…..

    Wake up Greeks, stops endlessly blaming whatever parties and repeating your sad political history.

    You do realise, united you can rewrite the laws which bind you all to misery.

    Unite, against all current parties, once and for all, bring real meaningful change and hope for a better future.

    Stop falling into the trap of retaliation and returning the violence.

    It’s what they wan’t, and is always used against you.

  • Greek

    Please…stop the music

  • Greek

    The money is lent so we can repay the money that is lent.
    It’s all designed so previous and current lenders, get as much returning profit on their lending (investment) as possible before we all inevitably return to the ‘Drachma’.
    Along with the current ruling powers refusal and delay tactics to initiate the obvious required reforms and face the truth and eventual prosecutions.
    Its’ still cover up after cover up. Greek style.
    This is why we are still in the EU and it continues to drag on year after year, despite that it should be obvious to you all by now that
    repayments don’t even meet the interest repayments.
    Hence … ‘Greece’s Debt Hits 160.5% of GDP’

    Is that simple enough for you all?

  • pk

    all you greeks can enjoy watching britain go through your pain when our ponzi economy finally crashes