As compared with the fourth quarter of last year, fifteen euro area members registered an increase in their debt to GDP ratio and twelve registered a decrease. The highest increases were recorded in Belgium, Italy and Croatia while the largest decreases were registered in Greece, Latvia and Lithuania.
One year ago, the public debt of the Eurozone member states accounted for 91.9 percent of GDP and in the first quarter of 2015, the debt reached an unprecedented milestone of 92.9 percent of total GDP.
The new debt to GDP ratio is more than 50 percent higher than the maximum allowed level determined by the Stability and Growth Pact, which according to Eurostat is of 60 percent.
Patricia Fernández Ruiz.