Official figures show that the debt burden of the 17 European Union countries that use the euro have hit all-time highs in the first quarter despite austerity measures designed to return public finances to health.
Eurostat, the EU's statistics office, said on Monday that government debt as a proportion of the total annual gross domestic product of the eurozone pushed up to a record 92.2 per cent in the first quarter of 2013 from 90.6 per cent the previous quarter.
Though a number of countries are pushing through spending cuts and tax rises, many remain mired in recession - shrinking economies can make the debt dynamics look less favourable.
The highest debt-to-GDP ratio in the eurozone was Greece's 160.5 per cent, followed by Italy's 130.3 per cent.
Source: http://finance.ninemsn.com.au/newsbusiness/aap/8693805/eurozone-debt-burden-hits-all-time-high
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