Despite the recession and the austerity measures, the Greek public debt increased in the third quarter of 2013, with a 19.5% total increase in a year.
According to Eurostat, Greece is the champion of debt as far as Gross Domestic Product (GDP) is concerned. In absolute value the debt increased only 5.7%, from 300.1 billion to 317.3 billion Euros. However, the continuous recession reducing the GDP, turns Greece into the country with the biggest debt among others in debt countries.
On an annual basis, in the third quarter Cyprus’ debt had the biggest increase (25.3%, 18.4 billion Euros or 109.6% of GDP), while in third place is Spain with a debt of 93.4% of GDP and a 14.3% increase.
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