Eurozone debt hits 90 percent of economy's worth

BRUSSELS (AP) ? The debt burden of the 17 countries that use the euro rose to 90 percent of the value of its economy at the end of the second quarter, in spite of efforts by many of the countries to cut back on their spending.

The rise reported Wednesday by Eurostat, the EU's statistics office, from the previous quarter's 88.2 percent provides further evidence that stalling economic growth is making it harder for eurozone countries to handle their debts.

The debt problems are getting worse for many euro countries, including Italy, Spain, Ireland and Portugal.

Greece saw the biggest quarterly increase in its debt burden to 150.3 percent of its national income from 136.9 percent. The country's deep recession, which appears headed for a sixth year, is making the debt mountain more burdensome.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-24-Europe-Financial%20Crisis/id-19f9af6a5ea4400ea54f0fb8a2689be5

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