ADVERTISEMENT

Greece debt level spikes, but Italy's dips

The figures underline how Greece's debt continues to spiral up despite massive spending cuts

Sony Corp. President and Chief Executive Officer to be Kazuo Hirai, left, listens to current CEO Howard Stringer
Sony Corp. President and Chief Executive Officer to be Kazuo Hirai, left, listens to current CEO Howard Stringer

The EU's statistics office says Greece's debt spiked to 159.1 percent of gross domestic product in the third quarter of 2011.

That's up from 138.8 percent a year earlier, 154.7 percent in the second quarter and by far the highest level in the eurozone.

Monday's figures underline how Greece's debt continues to spiral up despite massive spending cuts.

Eurostat says Italy, which has the second highest debt, managed to bring its borrowings down to 119.6 percent of GDP from 121.2 percent in the second quarter. That is up only marginally from 119.1 percent a year earlier.

Overall debt in the 17-country eurozone also dipped, to 87.4 percent of GDP from 87.7 percent the previous quarter.

Eurostat released quarterly figures for the first time amid growing concern about the economy.