Debts and deficits in Europe

European Central Bank boss Jean-Claude Trichet

Reuters

By Molly Guinness

The EU’s Growth and Stability Pact forbids countries from having public debt higher than 60 per cent of Gross Domestic Product. The public deficit of eurozone members, or new borrowing per year, cannot be higher than three per cent of GDP. Greece is not the only eurozone member with problems. Here’s how other European countries were peforming according to figures available in early 2010:

Greece: Public deficit: 12.7 % of GDP (in 2009); Public debt: More than 300 billion euros, or 125% of GDP (2010 forecast); Unemployment rate: 9.7%.

Germany: Public deficit: 5.5 % (2010 forecast); Public debt: 76 %; Unemployment rate: 8.6 %.

United Kingdom: Public deficit: 12.7 % (2009); Public debt: 80.3% (2010 forecast); Unemployment rate: 7.8%.

Spain: Public deficit: 11.4 % (2009); Public debt: 66.3% (2010 forecast); Unemployment rate: 19.5 %.

Portugal: Public deficit: 9.3 %; Public debt: 84.6% (2010 forecast); Unemployment rate: 10.4%.

Italy: Public deficit: 5.3 % (2010 forecast); Public debt: 115.8 %; Unemployment rate: 10 %.

Ireland: Public deficit: 14.7 % (2010 forecast); Public debt: 82.9% (2010 forecast); Unemployment rate: 13.3%.

France: Public deficit: 8.2 % (2010 forecast); Public debt: 83.2 % (2010 forecast); Unemployment: 10 % (fourth quarter 2009).