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.