Europe in debt to nearly 100 percent of GDP

The total debt of EU governments at the end of Q3 2020 was as high as €12,036,166,000,000. This [...] https://www.pinterest.com/pin/1085437947660215829/

The total debt of EU governments at the end of Q3 2020 was as high as 12,036,166,000,000 euros. These are the official figures provided by Eurostat. Of this, 11.1 trillion euros (over 92 percent) fell on the countries of the eurozone. Europe is getting massively indebted Further analysis of the data is even more frightening. In the third quarter alone the public debt increased by 162 billion euro. In turn, the debt to GDP ratio in the euro area amounted to 97.3 per cent. It is possible that it will soon reach 100 per cent. (we have to wait a bit longer for the data from the end of the year). Which countries are most heavily indebted today? According to Eurostat data, they include 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). Only that the jump in the debt-to-GDP ratio was observed across the EU. "Relative to Q3 2019, the largest increases in the public debt-to-GDP ratio were observed in Cyprus (+22.9 percentage points), Greece (+17.3 percentage points), Italy (+17.4 percentage points) and Spain (+16.6 percentage points) and France (+16.5 percentage points). The smallest increases in the debt-to-GDP ratio were experienced by Ireland, Sweden and Bulgaria. But in the third quarter alone, a reduction in the debt burden was achieved by the authorities in Austria (-3.4 p.p.), Finland (-1.7 p.p.), the Czech Republic (-1.5 p.p.), Belgium (-0.9 p.p.) and Ireland (-0.7 p.p.). These examples show that it is possible to conduct a responsible fiscal policy even in the face of lockdowns and deep recession," Bankier.pl enumerates. - enumerates bankier.pl. Poland Poland is also getting more indebted, with the debt-to-GDP ratio rising by 9.7pps. At the end of September, public debt amounted to 56.7% of GDP. We do not yet know the figures for the end of 2020, but we may risk a thesis that we have already exceeded the constitutional barrier of 60 percent of GDP. How will we all repay this debt? There is a fear that politicians are thinking of deliberately raising inflation, which will help devalue the debt. However, in the process, it will also hit the pockets of frugal citizens. Tags Europe inflation EU