Euro zone debt levels rise in Q2
Play
Berlin - The debt level in the eurozone ballooned out again in the second quarter this year despite years of tough fiscal austerity and a pickup in the region's economy, figures released Wednesday showed.
Though, the German government on Wednesday raised its 2014 growth forecast for Europe's biggest economy, from 1.6 per cent to 1.7 per cent.
"The economic momentum will accelerate significantly next year," said German Economics Minister Philipp Roesler said upon releasing the government's latest economic forecasts.
The combined debt for the 17-member currency bloc stood at 93.4 per cent of gross domestic product (GDP) in the three months to the end of June compared with 92.3 per cent in the first quarter, the European Union's statistics Eurostat said.
Debt levels for nations at the centre of the eurozone financial crisis continued to climb in the second quarter with Greece having the highest debt ratio of 169.1 per cent compared with 160.5 per cent in the first three months of the year.
The region's second-quarter debt ratio was well above the 60 per cent that is required under the fiscal rules for euro member states.
The eurozone's debt ratio stood at 89.9 per cent in the second quarter last year.
