15.6 C
Manchester
October 2, 2022
Image default
Bitcoin

Europe is indebted to nearly 100 percent. GDP –

The total debt of EU governments at the end of the third quarter of 2020 amounted to EUR 12,036,166,000,000. These are official data provided by Eurostat. Of this, EUR 11.1 trillion (over 92%) was allocated to the euro area countries.

Europe is indebted to power

Further data analysis scares even more. In the third quarter alone, public debt increased by EUR 162 billion. In turn, the debt-to-GDP ratio in the euro area was as high as 97.3%. It is possible that it will soon be 100 percent. (we have to wait a while for the data from the end of the year).

Which countries have the most debt today? According to Eurostat data, these are Greece (as much as 200 percent of GDP), Italy (154 percent), Portugal (131 percent), Cyprus (120 percent), France and Spain (117 and 114 percent respectively).

However, a jump in the debt-to-GDP ratio was observed throughout the EU.

“Compared to the third quarter of 2019, the highest increase in the ratio of public debt to GDP was recorded in Cyprus (+22.9 percentage points), Greece (+17.3 percentage points), Italy (+17.4 percentage points .) and in Spain (+16.6 pp) and France (+16.5 pp). The smallest increase in the debt-to-GDP ratio was recorded in Ireland, Sweden and Bulgaria.

But in the third quarter alone, the reduction of the debt burden was achieved by the authorities of Austria (-3.4 percentage points), Finland (-1.7 percentage points), the Czech Republic (-1.5 percentage points), Belgium ( -0.9 percentage points) and Ireland (-0.7 percentage points). These examples show that even in the face of lockdowns and deep recession it is possible to conduct a responsible fiscal policy “

– he lists bankier.pl.

Poland

Poland is also in additional debt and the level of debt relative to GDP has increased by 9.7 percentage points. At the end of September, the public debt was 56.7%. GDP. We do not know the data from the end of 2020 yet, but we can risk the thesis that we have even exceeded the constitutional barrier of 60 percent.

How will we all pay off this debt? There is a concern that politicians are thinking about deliberately raising inflation, which will help in debt devaluation. By the way, however, it will also hit the pockets of thrifty citizens.

Related posts

Inflation is falling … but are you sure? – Blocksats

Aparnna Hajirnis

3 reasons to buy Bitcoin – Bitcoin Radio # 30 –

Aparnna Hajirnis

Bitcoin bounces back strongly with a $ 30 billion eviction that shakes U.S. stock futures

Anupreet Kaur

Leave a Comment