We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Euro notes via Shutterstock
Debt Ratio

Good news! Eurozone governments are paying off their debts

Eurostat says the decline in government debt is the first since 2007.

DEBT HELD BY Eurozone governments has fallen for the first time since 2007.

Data released by the EU statistics office Eurostat shows that the third quarter on 2013 saw a drop of 0.7 per cent in terms of debt-to-GDP.

In quarter two of last year, it had stood at €8.875 trillion, 93.4 per cent of GDP. In quarter two, that was down €8.842 trillion, 92.7 per cent.

The improvement was felt across most of Europe, with Ireland’s ratio dropping from 125.4 per cent to 124.8 per cent. This is despite the value of Ireland’s debt climbing to €204.6 billion.

Germany’s debt fell to 78.4 per cent of GDP. Estonia, which is currently experiencing an economic boom, has a debt to GDP ratio of just 10 per cent.

Bailout nations Greece and Portugal hold ratios of 171.8 per cent and 128.7 per cent respectively, while Italy held a 132.9 per cent ratio.

Across the EU, however, public debt climbed by 0.1 per cent.

Eurostat says that the overall decline is the first since 2007.

Read: “We apologise sincerely”: All Bank of Ireland accounts back to normal after duplicate debit glitch

Read: Forget flashing the cash…we’re all paying with plastic these days

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.