The southern European countries have not managed to pay off their mountains of debt despite low interest rates and a number of good economic years. The now expected increase in interest rates in Europe will hit these countries massively.
At 87 percent of annual economic output, the national debt ratio for the entire EU is slightly above that of 2012, but there are very different developments.
Ireland, Germany and Denmark have done their homework, while Greece’s debt ratio has risen from 162 to 185.7 and Italy’s from 126.5 to 147.9 percent. Portugal, Spain and France have also piled up debts, Agenda Austria has found. They will soon have to pay significantly more back to their creditors. Austria’s national debt ratio is almost unchanged at 80 percent.
Source: Nachrichten
