EPIC UPDATE: EUROZONE GOV’T DEBT RISES TO 88.2% BY END OF Q1

[epicresearch]

The eurozone’s government debt rose to 88.2 percent of its gross domestic product (GDP) by the end of the first quarter this year from 87.3 percent at the end of the fourth quarter last year, the statistics office of the European Union (EU) said Monday.
In the 27-nation EU, the ratio at the end of the first quarter this year increased from 82.5 percent to 83.4 percent on a quarterly basis, according to a statement of the website of Eurostat.
The highest debt-to-GDP ratio at the end of the first quarter was recorded in Greece at 132.4 percent, followed by Italy at 123.3 percent, Portugal at 111.7 percent and Ireland at 108.5 percent, while Estonia, Bulgaria and Luxembourg saw the lowest at 6.6 percent, 16.7 percent and 20.9 percent, respectively.
Greece is also the EU country which saw the biggest decrease in the debt-to-GDP ratio, from 165.4 percent at the end of 2011, which Eurostat attributed to a 53.5-percent haircut on the Greek government debt held by private investors.
In terms of the forms of debt, securities other than shares accounted for 78.3 percent of the eurozone’s and 79.3 percent of the EU’s general government debt by the end of third quarter in 2011, while loans made up 17.8 percent and 15.6 percent, respectively